ENN Energy Holdings Limited: Key Disclosure on Securities Dealings by Morgan Stanley & Co., International plc

Overview

On 26 February 2026, a public disclosure was made regarding significant dealings in the shares of ENN Energy Holdings Limited (stock code: 2688.HK) by Morgan Stanley & Co., International plc. This disclosure is made in accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers, as ENN Energy Holdings Limited is currently undergoing a privatisation by way of scheme of arrangement.

Key Points of the Report

• Disclosing Party: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror in the privatisation process, and ultimately owned by Morgan Stanley.
• Date of Dealings: 25 February 2026
• Nature of Dealings:
  • Unsolicited client facilitation – including both purchases and sales of derivative products related to ENN Energy shares.
• Summary of Transactions:
  • Purchase of derivatives relating to 200 shares at a reference price of \$68.65 (maturity: 29 November 2027), total value \$13,730.00.
  • Sale of derivatives relating to 100 shares at \$68.20 (maturity: 22 November 2027), total value \$6,820.00.
  • Sale of derivatives relating to 1,654 shares at \$68.6263 (maturity: 14 August 2026), total value \$113,507.93.
  • Sale of derivatives relating to 2,800 shares at \$68.6393 (maturity: 31 March 2026), total value \$192,190.05.
  • Sale of derivatives relating to 4,746 shares at \$68.6403 (maturity: 1 June 2027), total value \$325,767.07.
• Resultant Balance: All dealings resulted in a zero balance, indicating these were proprietary client facilitation trades, not long-term position building.

Important Information for Shareholders

• Connection to Privatisation: The dealings were made by a party connected to the Offeror during an ongoing privatisation process. Such activity is closely scrutinised as it may influence the terms, fairness, and eventual outcome of the scheme of arrangement.
• Potential Price Sensitivity: The size and timing of these derivatives transactions, especially if interpreted as signals of institutional expectations or hedging, could impact market sentiment and share price volatility during the privatisation process.
• No Long-Term Position: The resultant balance after all transactions is zero, suggesting these were not speculative positions but client-driven facilitation, which may temper the direct impact on share value.
• Reference Prices: All derivative transactions were executed at prices in the range of \$68.20 to \$68.65 per share, offering insight into the current fair value as assessed by a major investment bank during the privatisation process.

Potential Impact on Share Price

The disclosure of these dealings is noteworthy for investors because it:

• Highlights active trading and facilitation by a major financial institution connected to the Offeror, which may be interpreted by the market as a signal regarding the fair value of ENN Energy shares during the privatisation process.
• May lead to increased trading activity or volatility as shareholders and market participants react to the perceived intentions and strategies of connected parties in a major corporate event.

Investors are advised to monitor further disclosures and official announcements as the scheme of arrangement progresses.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions. The information herein is based on public disclosures and may be subject to change without notice.

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