Invesco, the colossal asset management company, has increased its stake in NaaS Technology Inc (NAAS:NASDAQ) with an additional investment of over 2 million shares, according to the latest holding data disclosed on Invesco's official website. As of December 29, 2023, the Invesco WilderHill Clean Energy ETF (code: PBW) now holds a total of 3.52 million shares in China's leading charging service company, NaaS.
This strategic move positions NaaS as a prominent constituent, accounting for 1.13% of the Invesco WilderHill Clean Energy ETF's portfolio. The market value of NaaS within the ETF exceeds $5.35 million.
The Invesco WilderHill Clean Energy ETF currently encompasses stocks from 74 listed companies across six major global clean energy sectors. Notably, the sector of optional consumption, where NaaS is positioned, commands a considerable allocation of 16.03%, ranking it as the third-largest weighted segment within the ETF.
Headquartered in Atlanta, USA, Invesco operates globally with branches in over 25 countries. As of November 30, 2023, Invesco's assets under management surpassed $1.54 trillion, further solidifying its position as a New York Stock Exchange-listed company and a constituent stock of the MSCI World and S&P 500 indices.
NaaS Technology Inc, the first charging service provider listed in the United States, offers a comprehensive range of services covering the entire charging industry chain. This includes charging station site selection consultation, hardware and software procurement, EPC engineering, operation and maintenance, energy storage, photovoltaics, and automatic charging robots.
As of the third quarter of 2023, NaaS has successfully connected 767,000 charging guns and covered 73,000 charging stations. The quarterly charging volume reached 1.383 billion kilowatt-hours, constituting 21.8% of the national public charging volume. The company's robust energy solutions business facilitated a historic high in net income, reaching 171 million yuan in Q3, reflecting a remarkable year-on-year increase of 536%.
With the continuous expansion of the connected charging network, NaaS's charging service revenue also continues to grow. In the first three quarters of 2023, the company achieved charging service revenue of 81.5 million yuan, a year-on-year increase of 35%, with Q3's single-quarter charging service revenue exceeding 30.5 million yuan for the first time. Starting from Q3 2023, NaaS began to introduce the whole-station operation model, using artificial intelligence algorithms to select potential charging stations based on massive operational data, combined with its strong refined operational capabilities, fully tapping into its business potential to enhance the efficiency of charging station operations and achieve excess returns.
The company's impressive growth trajectory has attracted institutional attention, particularly from Invesco. NaaS was included in the WilderHill Clean Energy Index in the second quarter of 2023, resulting in significant buying activity from the Invesco WilderHill Clean Energy ETF, which briefly held NaaS as its largest holding.
Recent recognitions, such as inclusion in Germany's Solactive Electric Vehicle Charging Infrastructure Index, further underscore NaaS's global influence. Various domestic and foreign index companies, including CSI, Wind, BITA, and others, have also incorporated NaaS into their respective indices.
Amidst the global shift from oil to electricity and the consensus on carbon neutrality, NaaS stands to benefit from favorable policy developments. In 2023, China issued the "Guiding Opinions on Further Building a High-Quality Charging Infrastructure System," providing essential policy support for the new energy vehicle and charging infrastructure industries.
According to data from the China Association of Automobile Manufacturers, the production and sales of new energy vehicles experienced a substantial year-on-year increase of 34.5% and 36.7%, respectively, from January to November 2023. The market share reached 30.8%, with both production and sales surpassing the million-unit mark in November.
NewLink Research Institute predicts that by 2030, the stock of new energy vehicles in China will be close to 145 million vehicles. China Insights Consultancy (CIC) estimates that by the same year, the number of public charging piles will reach 26.3 million, accompanied by 1.32 million to 2.6 million charging stations. This signals a cumulative investment scale of nearly 3 trillion yuan, highlighting substantial development opportunities in the new energy service market.