Significant Derivative Dealings in ENN Energy Holdings Limited Shares Disclosed

Date: 25 February 2026

Event: Privatisation by way of scheme of arrangement; Public Disclosure of Dealings in ENN Energy Holdings Limited

Key Points from the Disclosure

• Type of Securities: Derivative products linked to ENN Energy Holdings Limited shares.
• Disclosing Party: Morgan Stanley & Co., International plc, a Class (5) associate connected with the offeror (potentially involved in the privatisation process).
• Nature of Dealings: Multiple significant transactions involving both purchases and sales of derivatives, all classified as “unsolicited client facilitation.”
• Transaction Volume and Value:
  • Purchases: 100 units (maturing 29 Nov 2027) at \$68.60 for \$6,860; 100 units (maturing 13 Nov 2026) at \$68.45 for \$6,845; 5,200 units (maturing 10 Feb 2027) at \$68.7367 for \$357,430.90.
  • Sales: 147 units (maturing 14 Aug 2026) at \$68.7643 for \$10,108.35; 200 units (maturing 30 Oct 2026) at \$68.525 for \$13,705; 200 units (maturing 29 May 2026) at \$68.55 for \$13,710; 553 units (maturing 1 Jun 2027) at \$68.7643 for \$38,026.65; 3,500 units (maturing 31 Mar 2026) at \$68.6733 for \$240,356.55; 3,600 units (maturing 31 Dec 2027) at \$68.622 for \$247,039.30.
• Resultant Balance: All transactions resulted in a net zero balance, indicating positions were likely closed out or transferred.
• Ownership Structure: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.

Implications for Shareholders

The disclosed transactions are significant for several reasons:

• Privatisation Process: The disclosure is linked to the ongoing privatisation of ENN Energy Holdings Limited via a scheme of arrangement. Activity by a major financial institution connected with the offeror could signal increased activity or developments in the privatisation, which can be highly price sensitive.
• Large Transaction Sizes: The scale of the derivatives transactions, especially the larger trades (e.g., 5,200, 3,500, and 3,600 unit blocks), suggests significant institutional interest or hedging related to the underlying shares. Such size may impact market sentiment or liquidity, especially in the context of an imminent corporate event.
• Reference Prices: The reference prices for these derivatives are all tightly clustered around HKD 68.45 – 68.76, which may give some indication of institutional pricing expectations or fair value assessments during this period.
• Unsolicited Client Facilitation: All trades were unsolicited and for client facilitation, indicating clients (potentially large investors) are actively positioning around the privatisation event.

Potential Impact on Share Price

Given the privatisation context, the level of activity by Morgan Stanley & Co., International plc, and the aggregate value of these transactions, this disclosure may be of material interest to shareholders and could influence share price expectations. Investors should monitor further disclosures and market developments closely, as increased institutional activity often precedes significant price movement, especially around major corporate actions such as privatisations.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult a professional advisor before making investment decisions. The reported transactions may not fully reflect all market dynamics or the intentions of the parties involved.

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