Disclosure of Dealings in ENN Energy Holdings Limited Shares by Morgan Stanley Capital Services LLC

Date: 26 February 2026

Event: Privatisation by way of scheme of arrangement

Key Points from the Disclosure

• Party Involved: Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, has reported dealings in derivatives referencing the shares of ENN Energy Holdings Limited.
• Nature of Dealings:
  • Morgan Stanley Capital Services LLC engaged in both purchases and sales of derivatives referencing ENN Energy shares on 25 February 2026.
  • All dealings were unsolicited client facilitation transactions, meaning they were conducted to facilitate client transactions rather than for proprietary trading.
• Details of Transactions:
  • Purchase Transactions:
    • 200 derivatives (other products) referencing ENN shares, maturing 29 November 2027, at a reference price of \$68.65 per share, for a total value of \$13,730.00.
    • 4,746 derivatives (other products) referencing ENN shares, maturing 1 June 2027, at a reference price of \$68.6403 per share, for a total value of \$325,767.07.
  • Sale Transactions:
    • 200 derivatives (other products) referencing ENN shares, maturing 29 November 2027, at a reference price of \$68.65 per share, for a total value of \$13,730.00.
    • 4,746 derivatives (other products) referencing ENN shares, maturing 1 June 2027, at a reference price of \$68.6403 per share, for a total value of \$325,767.07.
  • Resultant Balances: Following these transactions, Morgan Stanley Capital Services LLC holds no remaining positions in these derivatives.
• Ownership and Association:
  • Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley.
  • The disclosed dealings were conducted for its own account, not on behalf of clients.

Implications for Shareholders

• Privatisation Context: The transactions are disclosed as part of the ongoing privatisation of ENN Energy Holdings Limited by way of a scheme of arrangement. Any activity by associates of the Offeror could be closely watched by the market during such a sensitive period.
• Potential Price Sensitivity:
  • The exact motivation behind Morgan Stanley Capital Services LLC’s matched buying and selling of derivatives is not stated, but the fact that all positions have been closed and the resultant balance is zero suggests these were facilitation trades rather than speculative positions.
  • No net exposure was retained by Morgan Stanley Capital Services LLC after these transactions, which may signal that these trades were not intended to influence the outcome of the privatisation or the market price for ENN Energy Holdings Limited shares.
  • However, the involvement of a major international financial institution and an associate of the Offeror in transactions of sizeable notional value could still be of interest to investors, as it demonstrates ongoing activity and liquidity in the derivatives market for ENN Energy shares during the privatisation process.
• No Direct Impact on Share Price Noted: Based on the details provided, there does not appear to be any directional bet or accumulation/disposal of a significant underlying position that could immediately impact the share price of ENN Energy Holdings Limited.

Summary

The disclosure by Morgan Stanley Capital Services LLC of its dealings in ENN Energy Holdings Limited derivatives—specifically, the purchase and sale of a total of 4,946 derivatives on 25 February 2026—comes at a crucial time as the company is undergoing privatisation by way of a scheme of arrangement. Although the firm ended with no open positions from these trades, such activity by an Offeror associate remains of interest to shareholders and market participants, who are monitoring all movements closely during the privatisation process.

Disclaimer: The above article is for informational purposes only and is not intended as investment advice. Investors should conduct their own research or consult their financial advisor before making investment decisions. The information is based on public disclosures and may not represent all underlying factors affecting ENN Energy Holdings Limited or its share price.

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