Key Highlights from the Disclosure

• Date of Disclosure: 27 February 2026
• Nature of Dealings: UBS AG, an exempt principal trader connected with ENN Natural Gas Co Ltd, reported multiple transactions involving ordinary shares of the company.
• Transaction Types: The dealings consisted of purchases and sales related to hedging of Delta 1 products (created as a result of wholly unsolicited client-driven orders) and dealings in derivatives referencing baskets or indices that include ENN shares.
• Total Volumes: Significant volumes were traded, including both direct purchases/sales and derivative-related transactions.
• Prices: The trades occurred within a narrow price range, with the highest price paid/received noted at RMB 19.87 and the lowest at RMB 19.68.
• UBS AG Status: UBS AG acts for its own account, is connected with the Offeree company, and ultimately owned by UBS Group AG.
• Currency: All transactions were conducted in RMB.
• Privatisation Context: The disclosure is part of a privatisation process by way of a scheme of arrangement under the Hong Kong Code on Takeovers and Mergers.

Detailed Transaction Breakdown

Potential Price Sensitivity & Shareholder Considerations

• Privatisation Impact: The disclosure is part of an ongoing privatisation process. Investors should remain alert to any future developments regarding the scheme of arrangement, which could materially affect share value.
• UBS AG Trading Activity: Large volumes traded by an exempt principal trader may signal changing sentiment or increased liquidity in ENN Natural Gas shares. While trades were made for hedging and derivative purposes, the sheer size and frequency could be interpreted by the market as significant.
• Price Range: The stability of the trading price in a tight band around RMB 19.70–19.87 may indicate a floor or resistance level, possibly relevant to the privatisation pricing or ongoing market activity.
• Derivative Dealings: UBS AG’s dealings in derivatives referencing baskets or indices including ENN shares (though less than 1% of the class in issue and less than 20% of the value in the basket) are noteworthy, as they may have an indirect impact on price discovery and liquidity.
• Regulatory Transparency: Compliance with Rule 22 of the Hong Kong Code on Takeovers and Mergers ensures transparency in the context of the privatisation, giving investors insight into principal trading activity.

Conclusion

The disclosed trading activity by UBS AG, particularly in connection with the privatisation of ENN Natural Gas Co Ltd, is potentially price sensitive. The volume, nature, and price bands of these trades may influence investor sentiment and share price movements in the near term. Shareholders should closely monitor further regulatory disclosures and updates on the privatisation scheme.

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

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