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Asia

Fitch Affirms ENN Natural Gas' Long-Term Foreign-Currency Issuer Default Rating at BBB

Fitch Ratings affirmed ENN Natural Gas' (SHA:600803) long-term foreign-currency issuer default rating at BBB on the benefits of stake ownership in ENN Energy (HKG:2688), strong geographic diversification, gas purchase advantages, and healthy finances.ENN Natural Gas owns a 34.26% stake in ENN Energy.Fitch expects retail gas sales volume to rise in low single digits in the 2026-2029 period after registering a 1.5% retail growth in 2025, the debt watcher said in a note Tuesday.The natural gas company expects higher margins from its platform gas sales amid the effects of the war in Iran, while ENN Energy's gas distribution division could only see mild pressure on dollar margins.ENN Natural Gas also faces greater price and volume risks compared with city-gas distribution, Fitch said.

HKG:2688SHA:600803
Asia

ENN Natural Gas Abandons $12 Billion ENN Energy Privatization Plan

ENN Natural Gas (SHA:600803) abandoned its proposed privatization of ENN Energy (HKG:2688), ending a nearly $12 billion buyout plan after failing to secure key regulatory approvals for the deal, according to a Friday Hong Kong bourse filing.The proposal, announced in March last year, would have seen ENN Natural Gas acquire the ENN Energy shares it did not already own.The company also said it will not proceed with the secondary Hong Kong listing application it submitted in December 2025.ENN Natural Gas said approval-in-principle from the Hong Kong Stock Exchange for the listing, as well as certain approvals and filings from Chinese regulators, including the China Securities Regulatory Commission, remained outstanding.It added that the timetable for satisfying all conditions remained uncertain.ENN Natural Gas said it decided not to seek a further extension after considering the regulatory delays, macroeconomic conditions, and the business and development plans of both companies.The company said it still intends to increase its shareholding in ENN Energy through its offer vehicle.

HKG:2688SHA:600803
Asia

Market Chatter: ENN Energy's Largest Shareholder ENN Natural Gas Considering Cancellation of Buyout Plans

ENN Energy Holdings' (HKG:2688) largest shareholder, ENN Natural Gas (SHA:600803) is mulling scrapping plans for a $12 billion take-private offer, Bloomberg reported Friday, citing people familiar with the matter.ENN Natural Gas could opt not to extend a deadline to satisfy pre-conditions for the transaction, the report said, citing the sources.The Shanghai-listed shareholder first agreed to extend a March 13 deadline to June 12, according to Bloomberg. It has not yet made a final decision, according to the news outlet.ENN Natural Gas owns 34% of ENN Energy through Xinneng (Hong Kong) Energy Investment.ENN did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:2688SHA:600803
Asia

ENN Natural Gas' Q1 Profit Slides 33%

ENN Natural Gas' (SHA:600803) attributable profit fell 33% to 655 million yuan in the first quarter from 976.4 million yuan in the year-ago period, according to a Thursday filing with the Shanghai bourse.Earnings per share at the gas engineering company decreased 34% to 0.21 yuan from 0.32 yuan in the prior-year period.Operating revenue declined 7.7% year over year to 31.1 billion yuan from 33.7 billion yuan.

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