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SHANGHAI - Smart Share Global Limited (NASDAQ:EM), China’s largest mobile device charging service provider, announced Friday it has received a preliminary non-binding acquisition proposal from Hillhouse Investment Management, Ltd. offering $1.77 per American Depositary Share (ADS) or $0.885 per ordinary share in cash. The offer comes as the stock trades near its 52-week high of $1.19, having delivered an impressive 62.5% return year-to-date, according to InvestingPro data.
The new offer comes just two weeks after Energy Monster disclosed on August 1 that it had entered into a definitive merger agreement with Trustar Capital and the company’s management team, including CEO Mars Guangyuan Cai and other executives.
Hillhouse’s proposal is subject to the acceptance of similar rollover arrangements by Energy Monster’s management members as outlined in the existing merger agreement with Trustar Capital.
The special committee of independent directors, initially formed in January 2025 following the first acquisition proposal from Trustar Capital and management, will continue evaluating all options with assistance from independent financial and legal advisors. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 3.17, indicating robust liquidity to meet short-term obligations.
In its announcement, Energy Monster cautioned shareholders that no decisions have been made regarding Hillhouse’s proposal, and there is no guarantee that any definitive agreement will be executed or that the proposed transaction will be approved or completed.
As of December 31, 2024, Energy Monster operated 9.6 million power banks across nearly 1.28 million points of interest in more than 2,200 counties and county-level districts throughout China.
The company’s business model allows users to access mobile charging services by scanning QR codes on Energy Monster’s cabinets to release power banks at various locations including entertainment venues, restaurants, shopping centers, and public spaces.
This information is based on a press release statement from Smart Share Global Limited.
In other recent news, Smart Share Global Limited has been downgraded by Citi from a "buy" to a "neutral" rating. This change follows a preliminary non-binding going private proposal that the company received. In response to this proposal, Smart Share Global has established a special committee to review the offer. Additionally, Citi has adjusted its price target for Smart Share Global, increasing it from $1.00 to $1.25 per American Depositary Share. These developments reflect the ongoing evaluation of the company’s strategic options.
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