ENN receives inquiry on privatization plan from Shanghai Exchange

ENN Ecological Holdings (SSE:600803) announced it has received an inquiry letter from the Shanghai Stock Exchange concerning its proposed major asset purchase plan, specifically the privatization of ENN Energy Holdings. The Exchange is seeking further clarification on several aspects of the deal, including the pricing of ENN Energy shares at HKD 80.00, the rationale behind the valuation compared to ENN's A-share price, and potential insider trading by directors and supervisors. Further questions relate to the funding structure, the impact of the cash component on the company's financial health, and risks associated with the repayment arrangements. The company also needs to provide more details on the progress and timeline of pending regulatory approvals for the privatization and the Hong Kong listing. ENN Ecological Holdings is required to respond to the inquiry and amend its initial filing within ten trading days.