Key Disclosure: Securities Dealings in ENN Energy Holdings Limited Amid Privatisation Bid

Date of Public Disclosure: 23 February 2026

Context: ENN Energy Holdings Limited is currently undergoing privatisation by way of a scheme of arrangement. This process is governed by the Hong Kong Code on Takeovers and Mergers, which requires disclosure of all relevant securities dealings. The latest disclosure, received by The Executive, details significant transactions conducted by Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror.

Key Points Investors Should Know

• Nature of Dealings: All reported transactions involve derivatives and other types of products, specifically unsolicited client facilitation purchases and sales. These are not typical open market trades but are related to derivative products.
• Transaction Details:
  • Purchases:
    • 1,100 derivatives purchased, maturity date 31 December 2027, at \$69.15 per unit, total \$76,065
    • 1,200 derivatives purchased, maturity date 13 November 2026, at \$68.7958 per unit, total \$82,554.99
    • 379,300 derivatives purchased, maturity date 25 March 2027, at \$68.9712 per unit, total \$26,160,793.61
  • Sales:
    • 84 derivatives sold, maturity date 14 August 2026, at \$68.8374 per unit, total \$5,782.34
    • 100 derivatives sold, maturity date 29 November 2027, at \$69.15 per unit, total \$6,915
    • 200 derivatives sold, maturity date 29 November 2027, at \$69.15 per unit, total \$13,830
    • 316 derivatives sold, maturity date 1 June 2027, at \$68.8375 per unit, total \$21,752.65
    • 500 derivatives sold, maturity date 31 December 2027, at \$69.09 per unit, total \$34,545
    • 10,500 derivatives sold, maturity date 10 December 2027, at \$68.8914 per unit, total \$723,359.70
• Resultant Balance: All transactions resulted in a zero balance, indicating these were facilitation trades rather than proprietary positions held by Morgan Stanley & Co., International plc.
• Connection to Offeror: Morgan Stanley & Co., International plc is classified as a Class (5) associate, meaning it is directly connected with the Offeror in the privatisation process. It is ultimately owned by Morgan Stanley.
• Significant Value: The largest single purchase was 379,300 derivatives at a reference price of \$68.9712, amounting to over \$26 million in notional value. Such large-scale transactions could reflect major institutional activity and may be relevant for share price movements.

Potential Price Sensitivity and Shareholder Considerations

• Privatisation Process: The ongoing privatisation scheme is a highly price-sensitive event. Any large-scale activity in derivatives related to ENN Energy Holdings Limited may signal shifts in expectations about the outcome or terms of the privatisation.
• Derivative Transactions: The facilitation of unsolicited client trades, especially of significant notional size, could indicate institutional interest or hedging related to the privatisation. Investors should monitor further disclosures and market activity closely.
• Zero Resultant Balance: While Morgan Stanley facilitated these trades, it did not retain exposure, suggesting these were purely client-driven transactions. However, the scale and nature of these trades could impact liquidity and perceived value.

Detailed Transaction Table

Conclusion

The disclosed securities dealings by Morgan Stanley & Co., International plc, in connection with the privatisation of ENN Energy Holdings Limited, involve significant derivative activity. While these were client facilitation trades with zero resultant proprietary balance, the sheer size and timing of these transactions around the privatisation process could be considered price sensitive for investors. Shareholders should remain vigilant for further disclosures and developments relating to the privatisation scheme, as institutional activity in derivatives may reflect shifting sentiment or hedging strategies in anticipation of the outcome.

Disclaimer

This article is intended for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisers before making any investment decisions. The information is based solely on public disclosures and may not reflect the full scope of market activity or intentions of involved parties.

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