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

Key Highlights

• Date of Disclosure: 10 March 2026
• Nature of Transaction: Privatisation by way of scheme of arrangement, with disclosure made under Rule 22 of the Hong Kong Code on Takeovers and Mergers.
• Party Involved: Morgan Stanley Bank, N.A., a Class (5) associate connected with the Offeror, acting for its own account and ultimately owned by Morgan Stanley.
• Relevant Securities: A shares of ENN Natural Gas Co., Ltd., with all dealings conducted in RMB.

Details of Dealings

Analysis and Implications for Shareholders

• Privatisation Process: The disclosure is made in the context of a potential privatisation of ENN Natural Gas Co., Ltd. by way of a scheme of arrangement. This is a major corporate action that could significantly affect share value, as privatisation schemes frequently involve a premium offer to current shareholders.
• Dealings by Connected Parties: Morgan Stanley Bank, N.A., as a connected party, engaged in both buying and selling the company’s shares on 9 March 2026. The transactions were for the bank’s own account and related to hedging Delta 1 products, which are typically linked to derivative exposures.
• Significant Price Range: The prices for the trades ranged from RMB 21.4600 to RMB 22.5900 per share. Investors should monitor these price levels as they may reflect active trading and hedging by major financial institutions during a sensitive period.
• Nature of Transactions: The dealings were a result of wholly unsolicited client-driven orders, indicating that the transactions were not the result of proprietary trading or active position taking by Morgan Stanley Bank, N.A., but rather to hedge exposure from client orders.
• Potential Impact: Although these trades were described as hedging activity, any dealings by connected associates during a potential takeover or privatisation process can be price-sensitive. Investors should be aware of the implications, as such activities could influence market sentiment and share price movements.
• Further Developments: As the privatisation scheme proceeds, further disclosures may be expected, which could provide more clarity on the offer price and the timetable for the scheme. Shareholders should stay alert for additional announcements.

What Shareholders Should Watch

• Further updates on the privatisation scheme’s terms, particularly any premium to be offered.
• Ongoing disclosures of dealings by connected parties, as these may give signals about sentiment and possible price trends.
• Market reactions, as transactions by major institutions during corporate action periods can impact liquidity and volatility.

Conclusion

The disclosure of Morgan Stanley Bank, N.A.’s dealings in ENN Natural Gas Co., Ltd. shares is significant due to the ongoing privatisation process. While the reported transactions were hedging activities related to client-driven orders, the involvement of a connected party during a critical period is notable and potentially price-sensitive. Investors should closely monitor further disclosures and market developments as the privatisation progresses.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence or consult with a professional advisor before making investment decisions. The information is based on publicly disclosed documents and may be subject to change.

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