Significant Securities Dealings in ENN Energy Holdings Limited Disclosed

Date: 24 February 2026

Subject: Public Disclosure of Dealings in ENN Energy Holdings Limited Shares
Context: Privatisation by way of scheme of arrangement

Key Points for Investors

• Disclosure of Significant Share Transactions: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror (the party proposing the privatisation), reported significant dealings in ENN Energy Holdings Limited shares on 23 February 2026.
• Nature of Dealings: The transactions were primarily related to hedging of Delta 1 products, which were created as a result of wholly unsolicited client-driven orders. This means the trades were not initiated by Morgan Stanley for proprietary purposes but were to hedge exposures resulting from client activities.
• Purchase and Sale Volumes:
  • Purchase: 398,400 ordinary shares of ENN Energy Holdings Limited were purchased for a total consideration of \$27,484,710.10. The price per share ranged from \$68.70 (lowest) to \$69.90 (highest).
  • Sale: 800 ordinary shares were sold for a total amount of \$55,780.00 with sale prices ranging from \$68.75 (lowest) to \$69.90 (highest).
• Potential Price Sensitivity:
  • The sizable purchase of nearly 400,000 shares at prices close to \$70 per share could be interpreted as indicative of strong demand or hedging activity at these price levels. This may signal to the market a potential floor for the share price in the short term, especially during a period of privatisation activity.
  • The involvement of Morgan Stanley & Co., International plc—a significant financial institution and a party connected with the Offeror—may be seen by investors as an important indicator of institutional activity and sentiment around ENN Energy Holdings Limited during the privatisation process.
• Nature of Party Involved: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley, a major international financial services company. The disclosed trades were made for its own account, not on behalf of external clients.

Key Considerations for Shareholders

• Privatisation Developments: The context of these transactions is the ongoing privatisation of ENN Energy Holdings Limited by way of scheme of arrangement. Shareholders should closely monitor further disclosures and announcements related to the privatisation process, as these could substantially affect share valuation and liquidity.
• Market Impact: Large-scale institutional dealings, especially at or near the proposed transaction prices, can have a direct influence on market perception and share price volatility. Such activity may also impact the outcome of the privatisation scheme, particularly if further significant dealings are disclosed.
• Regulatory Oversight: The disclosure was made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, underscoring the regulatory scrutiny and transparency requirements during takeover and privatisation activities.

Summary

The disclosure of these dealings by Morgan Stanley & Co., International plc is a material event for investors and shareholders of ENN Energy Holdings Limited. The scale of the transactions, the connection to the Offeror, and the timing in the midst of a privatisation process all make this a potentially price-sensitive development. Investors should remain vigilant for further disclosures and assess how such institutional activity might impact their investment decisions.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Investors are advised to conduct their own research and consult with professional advisors before making any investment decisions. The information herein is based on public disclosures and may be subject to further updates.

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