On June 15, ENN Energy fell 5.57% in regular trading, trading at 47.06 HKD/share, with turnover of HKD 129 million. The decline came as arbitrage funds exited and market sentiment weakened on the first trading day following the official lapse of the privatization proposal.

ENN Natural Gas (the parent company) formally announced on June 12 the termination of its plan to privatize ENN Energy and delist it, citing failure to obtain approvals from the China Securities Regulatory Commission and the HKEX Listing Committee after nearly a year of pursuit. The preconditions for the transaction were not met, and the final deadline was not extended. Concurrently, ENN Natural Gas stated it intends to increase its stake in ENN Energy through its wholly-owned subsidiary, with specific pricing, timing, and volume to be determined based on market conditions.

JPMorgan previously noted that even if the privatization offer lapsed, ENN Energy still offers value at current levels, citing a 5.8% dividend yield that could limit downside, and maintained an Overweight rating with a target price of HKD 68. The stock has declined approximately 25% year-to-date amid weak natural gas demand, rising international gas prices, and restructuring uncertainty.

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