On June 16, ENN Energy fell 3.2% in regular trading, trading at 43.9 HKD/share, with turnover of 86.37 million HKD. The stock dropped nearly 6% in the prior session and selling pressure persists today.

On the news front, parent company ENN Natural Gas formally announced on June 12 the termination of its approximately $12 billion privatization proposal for ENN Energy, as key regulatory approvals from the China Securities Regulatory Commission and the Hong Kong Stock Exchange Listing Committee remained outstanding after nearly a year. Arbitrage funds have been unwinding positions since the deal lapsed.

Citi downgraded ENN Energy from Buy to Neutral and slashed its target price 31% from 72 HKD to 50 HKD, citing weak retail gas sales growth, declining new household connections, and falling integrated energy revenue. The bank noted no near-term positive catalysts remain. Daiwa and JPMorgan maintain positive ratings, citing a dividend yield of approximately 6% and parent company plans to incrementally increase its stake, which may limit further downside.

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