<SEC-DOCUMENT>0001104659-25-047599.txt : 20250513
<SEC-HEADER>0001104659-25-047599.hdr.sgml : 20250513
<ACCEPTANCE-DATETIME>20250513082728
ACCESSION NUMBER:		0001104659-25-047599
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250513
DATE AS OF CHANGE:		20250513

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NaaS Technology Inc.
		CENTRAL INDEX KEY:			0001712178
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RETAIL STORES, NEC [5990]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90386
		FILM NUMBER:		25937334

	BUSINESS ADDRESS:	
		STREET 1:		NEWLINK CENTER, AREA G, BLDG. 7,HUITONG
		STREET 2:		TIMES SQUARE, NO.1 YAOJIAYUAN SOUTH RD,
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100024
		BUSINESS PHONE:		861085511066

	MAIL ADDRESS:	
		STREET 1:		NEWLINK CENTER, AREA G, BLDG. 7,HUITONG
		STREET 2:		TIMES SQUARE, NO.1 YAOJIAYUAN SOUTH RD,
		CITY:			CHAOYANG DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RISE Education Cayman Ltd
		DATE OF NAME CHANGE:	20170718

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Timeswell LLC
		CENTRAL INDEX KEY:			0002052559
		ORGANIZATION NAME:           	
		EIN:				814747087
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2905 STENDER WAY, SUITE 36
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054
		BUSINESS PHONE:		626-525-8616

	MAIL ADDRESS:	
		STREET 1:		2905 STENDER WAY, SUITE 36
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-25-004282</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Timeswell LLC -->
          <cik>0002052559</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class A Ordinary Shares, par value $0.01 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001712178</issuerCik>
        <issuerName>NaaS Technology Inc.</issuerName>
        <issuerCusip>62955X102</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>NEWLINK CENTER, AREA G, BLDG.</com:street1>
          <com:street2>7,HUITONG, TIMES SQUARE, NO.1</com:street2>
          <com:city>Beijing</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>100024</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Timeswell LLC</reportingPersonName>
      <citizenshipOrOrganization>CA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>348260000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>348260000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>348260000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.25</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>Notes to Rows 5, 7 and 9: This represents 348,260,000.00 Class A ordinary shares in the form of 1,741,300 ADSs directly held by Timeswell LLC. Timeswell LLC is a limited liability company incorporated under the laws of the state of California and its registered business address is 2905 Stender Way, Suite 36, Santa Clara, CA 95054.

Notes to Row 11: The percentage of the class of securities is based on a total of 4,802,246,843 ordinary shares issued and outstanding of the Issuer as of March 28, 2025 as a single class, including 3,494,699,071 Class A ordinary shares, 195,969,844 Class B ordinary shares and 1,111,577,928 Class C ordinary shares, as learned from the Issuer, which exclude (a) Class A ordinary shares issued to the Issuer's depositary bank for bulk issuance of ADSs reserved for future issuances (i) upon any sale of ADSs offered at the market (At-the-Market Offering) and (ii) upon the exercising or vesting of awards granted under the Issuer's share incentive plans; (b) ADSs issuable upon conversion of the convertible note issued to LMR Multi-Strategy Master Fund Limited (LMR) on October 16, 2024, pursuant to a convertible note exchange agreement dated October 4, 2024; and (c) ADSs that remain issuable as of the date hereof under the Share Subscription Facility Agreements dated December 16, 2024, and December 23, 2024, respectively.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Chunyu Bao</reportingPersonName>
      <citizenshipOrOrganization>F4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>348260000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>348260000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>348260000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.25</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Notes to Rows 5, 7 and 9: This represents 348,260,000.00 Class A ordinary shares in the form of 1,741,300 ADSs held by Timeswell LLC, which is wholly owned by Mr. Chunyu Bao.

Notes to Row 11: The percentage of the class of securities is based on a total of 4,802,246,843 ordinary shares issued and outstanding of the Issuer as of March 28, 2025 as a single class, including 3,494,699,071 Class A ordinary shares, 195,969,844 Class B ordinary shares and 1,111,577,928 Class C ordinary shares, as learned from the Issuer, which exclude (a) Class A ordinary shares issued to the Issuer's depositary bank for bulk issuance of ADSs reserved for future issuances (i) upon any sale of ADSs offered at the market (At-the-Market Offering) and (ii) upon the exercising or vesting of awards granted under the Issuer's share incentive plans; (b) ADSs issuable upon conversion of the convertible note issued to LMR Multi-Strategy Master Fund Limited (LMR) on October 16, 2024, pursuant to a convertible note exchange agreement dated October 4, 2024; and (c) ADSs that remain issuable as of the date hereof under the Share Subscription Facility Agreements dated December 16, 2024, and December 23, 2024, respectively</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>NaaS Technology Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>NEWLINK CENTER, AREA G, BLDG. 7,HUITONG, TIMES SQUARE, NO.1 Beijing, F4, 100024</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Each of the followings is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:

(1) Timeswell LLC

(2) Chunyu Bao</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The business address of each of the Reporting Persons is c/o 2905 Stender Way, Suite 36, Santa Clara, CA 95054</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(1) Timeswell LLC is organized under the laws of State of California, United States of America.

(2) Mr. Chunyu Bao is a citizen of People's Republic of China.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>348,260,000

This represents 348,260,000.00 Class A ordinary shares in the form of 1,741,300 ADSs directly held by Timeswell LLC. Timeswell LLC is wholly owned by Mr. Chunyu Bao.</amountBeneficiallyOwned>
        <classPercent>7.25%

The percentage of the class of securities is based on a total of 4,802,246,843 ordinary shares issued and outstanding of the Issuer as of March 28, 2025 as a single class, including 3,494,699,071 Class A ordinary shares, 195,969,844 Class B ordinary shares and 1,111,577,928 Class C ordinary shares, as learned from the Issuer, which exclude (a) Class A ordinary shares issued to the Issuer's depositary bank for bulk issuance of ADSs reserved for future issuances (i) upon any sale of ADSs offered at the market (At-the-Market Offering) and (ii) upon the exercising or vesting of awards granted under the Issuer's share incentive plans; (b) ADSs issuable upon conversion of the convertible note issued to LMR Multi-Strategy Master Fund Limited (LMR) on October 16, 2024, pursuant to a convertible note exchange agreement dated October 4, 2024; and (c) ADSs that remain issuable as of the date hereof under the Share Subscription Facility Agreements dated December 16, 2024, and December 23, 2024, respectively.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>348,260,000</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0.00</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>348,260,000</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0.00</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Not applicable</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Timeswell LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chunyu Bao</signature>
        <title>Chunyu Bao/Chief Executive Officer</title>
        <date>05/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Chunyu Bao</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chunyu Bao</signature>
        <title>Chunyu Bao</title>
        <date>05/13/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
