Key Developments in ENN Natural Gas Co., Ltd.: Morgan Stanley’s Share Dealings Disclosed

Summary of the Disclosure

• Date of Disclosure: 26 February 2026
• Relevant Securities: Ordinary shares of ENN Natural Gas Co., Ltd.
• Disclosing Party: Morgan Stanley & Co., International plc
• Transaction Date: 25 February 2026
• Nature of Dealings: Hedging of Delta 1 products created as a result of wholly unsolicited client-driven orders
• Transaction Type: Purchase
• Total Shares Involved: 11,800 A shares
• Total Amount Paid: RMB 233,520
• Price Range: Highest price paid at RMB 20.00, lowest price paid at RMB 19.73

Details and Implications for Investors

Morgan Stanley & Co., International plc, a Class (5) associate connected to the Offeror in the ongoing privatisation by way of scheme of arrangement for ENN Natural Gas Co., Ltd., disclosed the purchase of 11,800 A shares on 25 February 2026. These purchases were made as part of hedging activities related to Delta 1 products, resulting from wholly unsolicited client-driven orders. The total transaction value was RMB 233,520, with the share prices ranging between RMB 19.73 and RMB 20.00.

Potential Price Sensitivity

• Connection to Privatisation: These dealings are directly connected to the ongoing privatisation of ENN Natural Gas Co., Ltd. via a scheme of arrangement. Any significant trading activity by a major institution like Morgan Stanley during such corporate actions could be price-sensitive and may influence sentiment in the market, especially as it is classified as a connected associate.
• Nature of Transactions: The transactions were not proprietary trading for speculation, but rather hedging as a result of client orders. This may indicate significant client interest or positioning around ENN Natural Gas shares during the privatisation process.
• Share Price Range: The recorded share price range for these transactions (RMB 19.73 to RMB 20.00) could serve as a near-term reference point for investors tracking the privatisation price and market sentiment.
• Potential Market Impact: Although the total volume is moderate relative to the company’s total shares, the involvement of Morgan Stanley & Co., International plc, and the disclosure under the Hong Kong Code on Takeovers and Mergers, are noteworthy. Investors should monitor further disclosures and trading activity, particularly any changes in the pattern or size of dealings by connected parties.

What Shareholders Should Watch

• Any further disclosures of trading by Morgan Stanley or other associates, as these may signal shifts in market positioning or expectations regarding the privatisation outcome.
• Potential impact on the share price near the disclosed price range, especially if additional large trades occur around the privatisation timeline.
• Updates from ENN Natural Gas Co., Ltd. or regulatory announcements regarding the progress or terms of the privatisation scheme.

Conclusion

The disclosed dealings by Morgan Stanley & Co., International plc, while made for hedging purposes in response to client-driven orders, are relevant for ENN Natural Gas Co., Ltd. shareholders in the context of the ongoing privatisation. Active monitoring of further trading and regulatory disclosures is recommended, as these could influence the share price and signal institutional sentiment around the privatisation process.

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 author assumes no responsibility for any actions taken based on the information provided herein.

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