Public Disclosure: Dealings in ENN Energy Holdings Limited Shares

Key Points from the Latest Regulatory Filing

On 20 February 2026, a public disclosure was made regarding dealings in the shares of ENN Energy Holdings Limited in connection with a proposed privatisation by way of a scheme of arrangement. The disclosure, submitted under Rule 22 of the Hong Kong Code on Takeovers and Mergers, details significant trading activity by Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror.

Details of Share Dealings

• Date of Transaction: 16 February 2026
• Party Involved: Morgan Stanley & Co., International plc (a wholly owned subsidiary of Morgan Stanley)
• Nature of Securities: Ordinary shares of ENN Energy Holdings Limited
• Transaction Details:
  • Purchase: 9,100 shares acquired via hedging of Delta 1 products resulting from wholly unsolicited client-driven orders.
    Total Amount Paid: \$627,062.10
    Price Range: Highest price paid was \$69.80 per share; lowest was \$68.60 per share.
  • Sale: 22,100 shares disposed of, also for Delta 1 product hedging from unsolicited client orders.
    Total Amount Received: \$1,518,872.10
    Price Range: Highest price received was \$68.90 per share; lowest was \$68.15 per share.
• Purpose of Dealings: The trades were executed for Morgan Stanley & Co., International plc’s own account as a result of hedging activities related to Delta 1 products, which are derivative instruments that closely track the underlying share price.

Implications for Shareholders

Shareholders should note the following price-sensitive elements:

• The disclosed dealings are directly connected to the ongoing privatisation proposal for ENN Energy Holdings Limited. Such transactions can indicate active market making or hedging by associates of the Offeror during a sensitive period.
• Price Ranges: The trades occurred within a relatively narrow band of approximately \$68.15 to \$69.80, which may signal the current trading range and liquidity points influenced by institutional activities.
• Hedging Activity: The nature of these dealings (Delta 1 hedging) suggests that Morgan Stanley is actively managing its exposure in ENN Energy shares, which could impact short-term supply and demand dynamics in the market.
• As Morgan Stanley is a connected associate with the Offeror, its activities may be closely watched by the market for any indications of the likely outcome or valuation of the privatisation scheme.

What Investors Should Watch

Investors should monitor further disclosures from parties connected to the privatisation offer, as additional trading or notable shifts in shareholding could precede announcements that may have a material impact on ENN Energy’s share price. The disclosed trading prices may serve as reference points for evaluating potential offer prices or market sentiment around the transaction.

Conclusion

This filing highlights active trading and hedging by a major institution closely associated with the privatisation process. Shareholders and investors should remain alert for further updates and consider the potential influence of such activities on ENN Energy’s share price and overall market dynamics.

Disclaimer: The above article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a professional advisor before making investment decisions. The information is based on public disclosures available as of 20 February 2026.

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