Significant Dealings in ENN Natural Gas Co., Ltd. Shares by Morgan Stanley Bank, N.A.

Privatisation Scheme and Recent Transaction Details

On 26 February 2026, a public disclosure was made in connection with the privatisation of ENN Natural Gas Co., Ltd. by way of scheme of arrangement. The disclosure pertains to securities dealings as required under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

Key Transaction Highlights

• Party Involved: Morgan Stanley Bank, N.A., identified as a Class (5) associate connected with the Offeror, and ultimately owned by Morgan Stanley.
• Date of Transaction: 25 February 2026
• Nature of Dealings: Unsolicited client facilitation resulting in the sale of derivatives linked to ENN Natural Gas Co., Ltd. A shares.
• Type of Product: Derivatives (other types of products)
• Volume: 9,300 reference securities (A shares)
• Maturity/Closing Out Date: 8 July 2029
• Reference Price: RMB 19.8923 per share
• Total Amount Paid/Received: RMB 184,997.9994
• Resultant Balance: 0 – indicating Morgan Stanley Bank, N.A. no longer holds the relevant derivatives after the transaction.
• Currency: All dealings were made in RMB.

Implications for Shareholders and Potential Price Sensitivity

• Privatisation Context: The transaction occurs amid a privatisation process via a scheme of arrangement, which can be a price-sensitive event.
• Sale of Derivatives: The complete sale (resultant balance zero) by a major financial institution such as Morgan Stanley Bank, N.A. could signal a shift in sentiment or position regarding ENN Natural Gas Co., Ltd. shares.
• Potential Impact: Such disclosures are closely monitored by investors, as actions by significant market participants during a privatisation process may influence market perception and share price movement.
• Transparency: The report confirms that these dealings were made for Morgan Stanley Bank, N.A.’s own account and not on behalf of clients, which is important for assessing the motivation and potential impact of the transaction.
• Connection to Offeror: Morgan Stanley Bank, N.A. is directly associated with the offeror, which may further affect shareholder interpretations of the transaction’s relevance to the ongoing privatisation.

Investor Considerations

Shareholders should note that the sale of derivatives tied to ENN Natural Gas Co., Ltd. A shares by a related party during the privatisation process is a noteworthy event. The resultant zero balance means Morgan Stanley Bank, N.A. has exited its derivative position in ENN Natural Gas, which could be viewed as a signal regarding the expected outcome or valuation of the privatisation scheme.

Such events may be price sensitive, especially as the company undergoes structural changes. Investors are advised to monitor further disclosures and market reactions closely.

Disclaimer: The information provided in this article is based on public disclosures and is intended for informational purposes only. It does not constitute investment advice. Investors should conduct their own research and consult with professional advisors before making any investment decisions related to ENN Natural Gas Co., Ltd. or related securities.

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