On June 9, ENN Energy rose 3.07% in regular trading, trading at HK$52.0/share, with trading volume of HK$172 million.

On the news front, BOCI published a research report reaffirming a Buy rating on ENN Energy, with the target price revised down from HK$76.7 to HK$70.28, still implying approximately 35% upside from the current price. The bank noted that ENN Energy has declined around 25% year-to-date, with sluggish natural gas sales growth and rising international gas prices being the primary headwinds. Following consecutive sessions of weakness, the positive investment bank endorsement combined with restructuring expectations catalyzed a rebound in the share price.

BOCI further noted that while the company's recent restructuring progress has been slow, sparking speculation the deal might collapse, extending the transaction deadline before June 12 would help restore market confidence. Even in a scenario where the deal is ultimately cancelled, the company's elevated dividend yield could provide downside support.

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