Significant Derivative Dealings in ENN Energy Holdings: Morgan Stanley Activity Disclosed

Date: 24 February 2026
Subject: Privatisation by scheme of arrangement – Disclosures in ENN Energy Holdings Limited

Key Points for Investors

• The Executive has received a public disclosure of substantial dealings in the shares of
  ENN Energy Holdings Limited, in accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers.
• Morgan Stanley & Co., International plc (a subsidiary ultimately owned by Morgan Stanley) has engaged in a series of significant derivative transactions relating to ENN Energy’s shares.
• These transactions were executed as unsolicited client facilitation trades and involved both purchases and sales of derivatives linked to ENN Energy’s shares.

Detailed Summary of Disclosed Dealings

Morgan Stanley & Co., International plc, acting as a Class (5) associate connected with the Offeror, reported the following notable transactions:

• Purchase:
  – 800 derivative contracts purchased on 23 February 2026, maturing 13 November 2026, at a reference price of \$69.7250, totaling \$55,780.00.
• Sales:
  – Multiple sales of derivative contracts ranging from 100 to 368,300 units, with maturity/closing dates spanning from 29 May 2026 to 31 December 2027.
  – The reference prices for the sales ranged from \$68.8001 to \$69.0857.
  – The largest single transaction was the sale of 368,300 derivative contracts (maturing 25 March 2027) at \$68.9930, amounting to \$25,410,121.90.
• Aggregate Activity:
  • The cumulative value of transactions disclosed runs into tens of millions of dollars, all executed for Morgan Stanley’s own account.
  • Every transaction resulted in a zero resultant balance, indicating these were facilitation trades rather than positions retained on Morgan Stanley’s books.

Potential Price Sensitivities for Shareholders

• Market Activity: The scale and timing of these derivative trades, especially the very large notional value of sales, may be interpreted by the market as signals of significant institutional activity around ENN Energy’s shares. Such activity often precedes or accompanies material corporate actions, particularly in takeover or privatisation scenarios.
• Privatisation Context: These disclosures are specifically linked to the ongoing privatisation by way of a scheme of arrangement. Shareholders should be aware that such large-scale derivative transactions could influence both the underlying share price and the perception of the likelihood of success or terms of the privatisation offer.
• Potential Impact: Large unsolicited client facilitation trades by a major financial institution suggest heightened institutional interest and could lead to increased volatility in ENN Energy’s share price.

Other Important Details

• Associate Status: Morgan Stanley & Co., International plc is specifically identified as a Class (5) associate connected with the Offeror, meaning its activities are closely linked to the outcome of the privatisation process.
• Ownership: All dealings were made for Morgan Stanley’s own account.

Conclusion

The disclosure of these significant derivative dealings by Morgan Stanley is a material development for ENN Energy Holdings shareholders. It highlights both the scale of institutional involvement in the stock and the ongoing strategic actions related to the privatisation scheme. Shareholders should monitor further disclosures and market movements carefully, as these activities could materially impact the share price and the privatisation process.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult professional advisors before making investment decisions. The information presented is sourced from public disclosure forms and may be subject to further updates or clarifications.

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