Smart Share Global Limited (Nasdaq: EM), operating as Energy Monster, received a decisive 92.8% approval from shareholders at an extraordinary general meeting held on December 31 2025. The vote, which represented 79.0% of the company’s outstanding ordinary shares, cleared the company’s definitive merger agreement with Mobile Charging Merger Limited, a wholly‑owned subsidiary of Mobile Charging Investment Limited and ultimately a unit of Mobile Charging Group Holdings Limited.
Under the terms of the agreement, Smart Share Global will become a wholly‑owned subsidiary of MidCo, the parent of Mobile Charging Merger Limited. The transaction values the company at approximately US$327 million and offers shareholders US$1.25 per American Depositary Share (ADS). The deal will also result in the delisting of Smart Share Global’s ADSs from the Nasdaq Capital Market, ending its public listing and allowing the company to operate as a privately held entity.
The merger comes after a competitive bidding process that began with a non‑binding proposal from Hillhouse Investment Management on August 15 2025, which offered US$1.77 per ADS. Management rejected Hillhouse’s higher bid and accepted the MidCo proposal, citing a stronger alignment with the company’s long‑term strategy and the ability to execute a smoother transition to private ownership. The premium offered by the MidCo deal represents a substantial return to shareholders relative to the company’s recent trading price of around US$1.17 per share.
Smart Share Global has faced significant financial challenges in recent years. Revenue has stagnated for three consecutive years, and the company has posted negative earnings per share and zero operating, net, and gross margins. Cash flow has been negative, although the balance sheet shows more cash than debt. The merger is therefore seen as a strategic move to relieve the company from the pressures of public market scrutiny, provide management with greater flexibility to invest in growth initiatives, and potentially reposition the business for future profitability.
The transaction also consolidates the company’s two main segments—mobile device charging and photovoltaic (PV) services—under a single ownership structure. While the mobile charging segment remains the dominant revenue generator, the PV business offers a complementary, high‑margin opportunity that management believes can be accelerated once the company is no longer constrained by public‑market reporting requirements. The private‑ownership structure is expected to enable more agile decision‑making and a longer‑term focus on building a sustainable, high‑margin business model.
Overall, the shareholder approval marks a pivotal shift for Smart Share Global, moving it from a publicly traded company with limited growth prospects to a privately held entity that can pursue strategic investments and operational improvements without the constraints of quarterly earnings pressure. The deal’s premium, the rejection of a higher competing bid, and the company’s financial context underscore the significance of this transition for investors and stakeholders alike.
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