Disclosure of Dealings in ENN Natural Gas Co., Ltd. Shares: Morgan Stanley Transaction Update

Key Points from the Public Disclosure Form

• Date of Disclosure: 5 March 2026
• Subject: Privatisation by way of scheme of arrangement for ENN Natural Gas Co., Ltd.
• Disclosure Requirement: Made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers
• Relevant Party: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror

Transaction Details

• Date of Transaction: 4 March 2026
• Securities Involved: Ordinary shares of ENN Natural Gas Co., Ltd.
• Nature of Dealings: Hedging of Delta 1 products created as a result of wholly unsolicited client-driven orders
• Type of Transaction: Sale
• Number of Shares Sold: 1,500
• Total Amount Received: RMB 33,107.0000
• Price Range: Highest price paid/received: RMB 22.0900; Lowest price paid/received: RMB 22.0400
• Currency: All dealings were conducted in RMB

Important Information for Shareholders

• Potential Price Sensitivity: The reported sale by Morgan Stanley & Co., International plc, a major institutional associate connected to the Offeror, may be considered price sensitive. Notably, these dealings were made for Morgan Stanley’s own account in the context of hedging activities related to Delta 1 products, which are typically used for managing market exposure and are often client-driven.
• Context of the Dealings: The disclosure comes during an ongoing privatisation process of ENN Natural Gas Co., Ltd. by way of scheme of arrangement. The presence of active trading by significant associates during a sensitive period could influence investor sentiment and the share price, particularly as such dealings might be interpreted as reflecting expectations or hedging strategies regarding the outcome of the privatisation.
• Ownership and Connection: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley and is classed as a Class (5) associate, directly connected with the Offeror in the privatisation bid. This connection underscores the importance of transparency and the potential price sensitivity of such dealings.
• Shareholder Takeaway: Investors should closely monitor further disclosures and developments regarding the privatisation scheme, as ongoing trading and hedging activities by connected parties may impact share price volatility and signal underlying market expectations.

Summary for Investors

The disclosure of share dealings by Morgan Stanley & Co., International plc in ENN Natural Gas Co., Ltd. highlights ongoing market activity by a key associate during a pivotal period for the company. The sale of 1,500 A shares in the context of hedging for Delta 1 products, executed at prices between RMB 22.0400 and RMB 22.0900, may influence investor perception and share price performance, especially as the privatisation process unfolds. Shareholders are advised to stay alert to further disclosures and market movements in the coming days.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Investors should conduct their own research or seek professional advice before making investment decisions. The information provided is based on the latest disclosed data and may be subject to change.

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