We are advising Trustar Capital as a member of the acquiring consortium

Davis Polk is advising Trustar Capital as a member of a consortium which will acquire Smart Share Global Limited (a/k/a Energy Monster) in a going-private transaction implying an equity value of Energy Monster of approximately $327 million. The consortium consists of an affiliate of Trustar Capital and certain directors and executive officers of Energy Monster. If completed, this transaction would result in Energy Monster becoming privately held and Energy Monster’s ADSs delisted from Nasdaq.

Energy Monster is a leading provider of mobile device charging service in China, with an extensive network of partners powered by its own service platform. The company provides mobile device charging service through its shared power banks, placed in points of interest (POIs) such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. As of December 31, 2024, the company had 9.6 million power banks in 1,279,900 POIs across more than 2,200 counties and county-level districts throughout China.

Trustar Capital is a leading private equity firm in Asia, with the most established buyout platform in China. With offices in China, Japan and the United States, Trustar Capital has built a global track record of investing in companies which demonstrate the potential to capitalize on the growth and productivity of the Chinese economy.

The Davis Polk corporate team included partner Miranda So, counsel – registered foreign lawyer Xi Shi and registered foreign lawyer Lucy Cai. All members of the Davis Polk team are based in the Hong Kong office.

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