Significant Dealings in Bright Smart Securities & Commodities Group Limited Shares by Morgan Stanley & Co., International plc

Key Points from the Public Disclosure

• Date of Disclosure: 5 March 2026
• Relevant Party: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley.
• Securities Involved: Ordinary shares of Bright Smart Securities & Commodities Group Limited
• Nature of Dealings: Hedging of Delta 1 products, which was driven wholly by unsolicited client orders.
• Mandatory General Offer Context: Disclosure made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, indicating a possible mandatory general offer situation.

Details of the Dealings

On 4 March 2026, Morgan Stanley & Co., International plc reported the following transactions in ordinary shares of Bright Smart Securities & Commodities Group Limited:

• Purchase: 168,000 shares were acquired at a total cost of \$1,197,320.00. The highest price paid was \$7.34 per share, and the lowest was \$7.02 per share.
• Sale: 22,000 shares were sold for a total amount of \$161,280.00. The highest price received was \$7.39 per share, and the lowest was \$7.28 per share.
• Purpose of Dealings: All trades were hedges related to Delta 1 products, and were made as a result of wholly unsolicited client-driven orders (i.e., not initiated directly by Morgan Stanley for its own investment purposes).

Important Considerations for Shareholders

• Potential Price Sensitivity: The involvement of a major financial institution like Morgan Stanley & Co., International plc in notable volumes of share dealings could influence market perception and trading liquidity of Bright Smart Securities & Commodities Group Limited.
• Mandatory General Offer: The disclosure falls under the Hong Kong Code on Takeovers and Mergers, suggesting ongoing or imminent corporate activity that may result in a mandatory general offer. Such developments are typically price sensitive and may significantly impact the company’s share value.
• Nature of Trades: These were hedging transactions rather than speculative buys or sells by Morgan Stanley itself. However, the size and execution prices of these trades could set short-term trading ranges and affect investor sentiment.
• Ownership Structure: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley, a global financial powerhouse, and is classified as a Class (5) associate in connection with the Offeror, indicating a close relationship to any ongoing takeover or merger activity.

Potential Impact on Share Price

The disclosure of significant share dealings by Morgan Stanley & Co., International plc—especially in the context of a possible mandatory general offer—could be a catalyst for increased trading activity and heightened volatility in the shares of Bright Smart Securities & Commodities Group Limited. Investors should monitor further disclosures and be aware of the potential for corporate actions that may materially affect share value in the near term.

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 investment decisions. The information provided is based on a public disclosure and may be subject to further updates or clarifications by the relevant parties.

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