Investor Update: ENN Natural Gas Co., Ltd. – Public Disclosure of Share Dealings

Date: 25 February 2026

Key Points from the Disclosure Report

• The Executive has received a disclosure of securities dealings in the shares of ENN Natural Gas Co., Ltd., pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers.
• The disclosure relates to a privatisation by way of scheme of arrangement, which is a significant corporate event that can materially affect the company’s share price and shareholder interests.
• Morgan Stanley Bank, N.A. executed a transaction involving derivatives linked to ENN Natural Gas Co., Ltd. A shares.
• The transaction was performed as unsolicited client facilitation – Sale, indicating that the bank was facilitating a client’s request, not acting on its own trading strategy.
• A total of 11,100 reference securities were involved, with a reference price of RMB 19.5647 per share, amounting to a total value of RMB 217,168.0035.
• The maturity date for these derivatives is 31 August 2027.
• After the transaction, the resultant balance for Morgan Stanley Bank, N.A. (and any person with whom there is an agreement or understanding) is zero, meaning they no longer hold these derivatives.

Important Information for Shareholders

• Privatisation Event: The company is undergoing privatisation via a scheme of arrangement. This process typically involves the company being taken private, which may require shareholders to sell their shares or convert them under the terms set by the scheme. Such events can significantly affect the share price, liquidity, and future prospects of the company.
• Sale of Derivatives: The disclosure details the sale of derivatives rather than direct equity. However, these derivatives are linked to the performance of ENN Natural Gas Co., Ltd. A shares, and substantial transactions in these products can influence share price movements, especially in the context of a privatisation.
• No Remaining Position: Morgan Stanley Bank, N.A. has cleared its position in these derivatives. The fact that a major institutional player is no longer holding these products may be interpreted as a reduction in exposure to ENN Natural Gas Co., Ltd., potentially reflecting their view on the company’s outlook or risk profile during the privatisation process.
• Class (5) Associate: Morgan Stanley Bank, N.A. is identified as a Class (5) associate connected with the Offeror, suggesting a relationship to the party proposing the privatisation. This connection may be relevant to shareholders considering the motivations behind these dealings.
• Currency: The dealings were made in RMB, which is the currency of ENN Natural Gas Co., Ltd. A shares.

Potential Price Sensitive Implications

Given the ongoing privatisation scheme and the institutional sale of derivatives, investors should be aware of the following:

• The privatisation arrangement could lead to a change in the company’s status, affecting share liquidity, future dividends, and governance.
• Significant institutional transactions, especially by parties connected to the Offeror, may signal changes in sentiment regarding the company and its share price.
• The disclosure of no remaining derivative position by Morgan Stanley Bank, N.A. may indicate shifting risk or confidence levels among key stakeholders.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with professional advisors before making any investment decisions. The information provided is based on public disclosures and may be subject to change or interpretation.

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