UBS AG Discloses Significant Dealings in ENN Natural Gas Co Ltd Shares Amid Privatisation Scheme

Key Highlights for Investors

• Date of Disclosure: 25 February 2026
• Context: Disclosure made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers as part of the privatisation of ENN Natural Gas Co Ltd by way of a scheme of arrangement.
• Key Party Involved: UBS AG, an exempt principal trader connected with ENN Natural Gas Co Ltd, and ultimately owned by UBS Group AG.
• Type of Securities: Ordinary A shares of ENN Natural Gas Co Ltd (dealt in RMB).

Detailed Dealings and Potential Price Sensitivity

On 24 February 2026, UBS AG engaged in a series of significant transactions involving ENN Natural Gas Co Ltd’s ordinary shares. These activities were carried out as part of hedging for Delta 1 products created from wholly unsolicited, client-driven orders, as well as dealings in derivatives linked to baskets or indices. Below are the details:

• Hedging Activities in Ordinary Shares:
  • Purchases:
    • 269,700 shares purchased for a total of RMB 5,248,121.08 (Highest: RMB 19.9283, Lowest: RMB 19.2200)
    • 457,400 shares purchased for a total of RMB 8,937,206.87 (Highest: RMB 19.7900, Lowest: RMB 19.2800)
  • Sales:
    • 243,400 shares sold for a total of RMB 4,795,788.03 (Highest: RMB 19.9746, Lowest: RMB 19.3347)
    • 735,742 shares sold for a total of RMB 14,531,675.51 (Highest: RMB 19.9550, Lowest: RMB 19.2941)
• Derivative-Related Dealings (Basket/Index):
  • Purchase: 3,100 shares for RMB 61,721.00 at RMB 19.9100 per share
  • Sale: 32,900 shares for RMB 650,577.00 (Highest: RMB 20.0000, Lowest: RMB 19.2800)

What Shareholders Need to Know

• Significant Volumes Traded: The total volume of both purchases and sales by UBS AG is material, with several large block trades executed on a single day. Such activity, especially by a principal trader connected to the offeree, could indicate active positioning or hedging in the context of the privatisation scheme.
• Price Ranges: The shares traded in a relatively narrow but active range, with highs near RMB 20.00. This could reflect increased market attention or volatility associated with the ongoing privatisation process.
• Potential Price Sensitivity: Large trades by connected parties during a privatisation process may be closely monitored by the market. Investors should consider the impact of such trades on share liquidity and potential price trends, particularly as they may relate to the outcome of the scheme of arrangement.
• Hedging and Derivative Activity: The disclosure notes that many trades were conducted as part of hedging for Delta 1 products and derivatives, which may affect price formation in the short term, especially if further client-driven order flows occur.

Conclusion

The disclosure of substantial dealings in ENN Natural Gas Co Ltd’s shares by UBS AG, amid the privatisation process, is noteworthy for investors. The heightened trading activity and the involvement of a connected principal trader may influence share price volatility and market sentiment during this critical period. Shareholders and market participants should stay alert to further disclosures and updates related to the scheme of arrangement.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a qualified financial advisor before making any investment decisions. The information presented is based on public disclosures as of the date specified and may be subject to change.

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