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Nomura Holdings, Inc. (NMR) filed a Form 6-K detailing its share buyback activity for June 2025.

鈥� Program parameters: Board resolution dated April 25, 2025 authorises repurchase of up to 100 million shares (鈮�3.2 % of shares outstanding) or 楼60 billion between May 15 and Dec 30 2025, excluding blackout periods.

鈥� June execution: 25,670,300 shares were repurchased across 16 trading days for a total consideration of 楼22,903,332,570. The implied average price is roughly 楼892 per share.

鈥� Cumulative progress: Since program launch the company has bought back 47,590,200 shares for 楼41,932,504,490鈥�47.6 % of the volume target and 69.9 % of the monetary limit. The purchases represent about 1.5 % of the 3,163,562,601 shares outstanding.

鈥� Treasury stock: Nomura now holds 210,688,559 shares in treasury, equal to approximately 6.7 % of total shares. Dispositions were minimal; 151,800 shares (楼80.5 million) were issued via stock-option exercises.

Investment takeaways: Rapid utilisation of the buyback budget signals management confidence and provides near-term EPS support. However, with 70 % of funds already deployed midway through the authorised period, future flexibility is reduced, and the large treasury balance raises questions about eventual cancellation policies.

NaaS Technology Inc. (NASDAQ: NAAS) has filed its FY-2024 Form 20-F. The Cayman-incorporated holding company operates its electric-vehicle (EV) charging and energy-solutions platform exclusively through wholly owned subsidiaries in mainland China and no longer relies on a VIE structure. Reported net loss has narrowed for a third consecutive year鈥�RMB 5.64 bn in 2022, RMB 1.31 bn in 2023, and RMB 0.91 bn (US$ 125 m) in 2024鈥攔eflecting rapid top-line expansion (figures not disclosed here) and cost optimisation initiatives.

Capital structure remains complex. As of 31 Dec 2024 the company had 1.33 bn Class A, 214.6 m Class B and 1.21 bn Class C ordinary shares outstanding. Two ADS ratio changes were executed:

• 13 Jun 2024 鈥� 1 ADS : 200 Class A shares
• 28 Apr 2025 鈥� 1 ADS : 800 Class A shares

Regulatory discussion dominates the filing. Management emphasises:

• Full compliance with current PRC licensing; no cybersecurity review required because user-data holdings are <1 m individuals.
• Potential future obligations under the 2023 CSRC overseas-listing filing regime.
• HFCAA status: auditor inspections by PCAOB were restored in 2022, so NAAS is not currently a Commission-Identified Issuer.

Liquidity & cash-flow constraints: As a PRC-based business, dividend upstreaming remains subject to SAFE clearance and statutory reserve requirements; no dividends have been paid to date. The company expects continued investment and operating losses in the near term and will likely seek additional external financing.

Key risks highlighted include sustained operating losses, intense competition in China鈥檚 EV-charging market, evolving PRC cybersecurity/data-security regulations, HFCAA delisting risk, multi-class share governance that limits minority voting power, and potential dilution from future capital raises.

NaaS Technology, a Chinese electric vehicle charging infrastructure company, disclosed in a Form 6-K that it received a notification from Nasdaq regarding minimum market value deficiency. The company, headquartered in Beijing's Chaoyang District, has incorporated this report into its Form F-3 registration statement (File No. 333-273515).

The filing was signed by CFO Steven Sim on June 20, 2025, and includes a press release (Exhibit 99.1) detailing the Nasdaq notification. This development could potentially impact the company's listing status, though specific details of the deficiency and any compliance plan are contained in the referenced press release.

The company confirms it will continue filing annual reports under Form 20-F rather than Form 40-F, indicating its status as a foreign private issuer remains unchanged. This notification regarding market value requirements represents a significant regulatory development that investors should monitor closely.