On October 1st, Smart Share Global Ltd (NASDAQ: EM), known as the "first shared power bank stock," filed a 13E3 document with the U.S. Securities and Exchange Commission (SEC). The company announced that its board of directors has formally rejected the premium privatization offer made by Hillhouse Capital in August and decided to continue advancing the original privatization plan with a consortium formed by CICC Capital (under CITIC Capital) and management.

Public information shows that Hillhouse Capital issued a preliminary non-binding privatization proposal on August 15th, offering $1.77 per ADS, approximately 40% higher than the $1.25 per ADS offer previously signed by Smart Share Global's management consortium with CICC Capital. Influenced by this development, Smart Share Global's stock price has risen noticeably since mid-August and currently maintains above $1.30.

In January this year, CICC Capital joined hands with Smart Share Global's management to launch a privatization offer of $1.25 per ADS. Notably, this price is significantly lower than the cash asset value of approximately $1.63 per ADS disclosed in Smart Share Global's 2024 annual report, and represents a decline of over 85% from the company's IPO price of $8.50.

As of now, Smart Share Global's board has not provided detailed disclosure or explanation regarding why it rejected the higher offer.