Key Disclosure: Dealings in Bright Smart Securities & Commodities Group Limited Shares

On 20 February 2026, a public disclosure was made regarding securities dealings in the shares of Bright Smart Securities & Commodities Group Limited, pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers.

Key Points from the Disclosure

• Morgan Stanley Capital Services LLC—a Class (5) associate connected with the Offeror—executed two separate derivative transactions involving Bright Smart Securities & Commodities Group Limited shares.
• Both transactions occurred on 16 February 2026 and were categorized as “Unsolicited client facilitation” purchases and sales, indicating that these transactions were initiated on behalf of clients, not by proprietary trading.
• The derivative products referenced a total of 2,000 shares for both the purchase and sale, with a maturity/closing date set for 29 May 2026.
• The reference price for these derivatives was \$9.20 per share, with a total amount paid or received of \$18,400 for each transaction.
• After the completion of these transactions, the resultant balance for Morgan Stanley Capital Services LLC in Bright Smart Securities & Commodities Group Limited shares is 0 shares—meaning they do not hold a position in the stock following these dealings.
• It is noted that Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley and that all dealings were made for their own account.

Implications for Shareholders and Potential Price Sensitivity

• Class (5) Associate Status: The involvement of Morgan Stanley Capital Services LLC as a Class (5) associate connected with the Offeror signals that these transactions may be related to a possible mandatory general offer. Shareholders should be alert to the possibility of a takeover or merger activity, which is often price sensitive and can significantly affect share values.
• Zero Resultant Balance: The fact that Morgan Stanley Capital Services LLC currently holds no shares after these derivative transactions may indicate positioning around a potential corporate action, such as a takeover bid, and could affect market sentiment.
• Derivative Activity: The use of derivatives at a set price (\$9.20) and the maturity date (29 May 2026) could imply anticipated volatility or a planned event within this timeframe, which may affect the share price of Bright Smart Securities & Commodities Group Limited.
• Potential Takeover or Merger Activity: As the disclosure was made under the Hong Kong Code on Takeovers and Mergers, investors should closely monitor further announcements for any developments regarding a mandatory general offer. Such events typically result in sharp share price movements.

What Investors Should Watch For

• Further disclosures or announcements from Bright Smart Securities & Commodities Group Limited, Morgan Stanley, or related parties regarding any mandatory general offer or merger activity.
• Market reaction to the disclosure, especially given the involvement of a major financial institution and the possibility of significant corporate actions.
• Trading activity around the \$9.20 reference price and the period leading up to 29 May 2026.

Conclusion

This disclosure highlights the potential for significant corporate activity involving Bright Smart Securities & Commodities Group Limited, with Morgan Stanley Capital Services LLC acting as a connected party. The possibility of a mandatory general offer or similar event is a material development that could impact share values. Investors are strongly advised to remain vigilant and monitor official announcements closely.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with professional advisors before making any investment decisions. The information provided is based on publicly disclosed data as of 20 February 2026.

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