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.