Key Disclosure: ENN Natural Gas Co., Ltd. – Securities Dealings by Morgan Stanley Bank, N.A.

Privatisation Scheme and Significant Securities Dealings

On 11 March 2026, a public disclosure was made concerning the privatisation of ENN Natural Gas Co., Ltd. by way of a scheme of arrangement. The disclosure, in accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers, details notable securities dealings by Morgan Stanley Bank, N.A., which is a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley.

Key Points in the Report

• Morgan Stanley Bank, N.A. executed two major derivative transactions in A shares of ENN Natural Gas Co., Ltd.:
  • Transaction 1: On 10 March 2026, an unsolicited client facilitation purchase of 300 derivatives relating to ENN Natural Gas shares, with a maturity date of 28 April 2026, at a reference price of RMB 20.9933, amounting to RMB 6,297.9999.
  • Transaction 2: On the same day, a further unsolicited client facilitation purchase of 1,600 derivatives relating to ENN Natural Gas shares, with a maturity date of 29 December 2026, at a reference price of RMB 21.0081, amounting to RMB 33,613.0000.
• Both transactions resulted in a zero resultant balance, indicating these were client facilitation trades rather than proprietary positions held by Morgan Stanley Bank, N.A.
• The dealings were made for the account of Morgan Stanley Bank, N.A., which is connected to the Offeror and is ultimately owned by Morgan Stanley. The trades were conducted in RMB and involved A shares of ENN Natural Gas Co., Ltd.

Important Shareholder Information

Potential Price Sensitivity:

• The disclosure of these derivative dealings is significant as they were performed by a party connected with the Offeror during the period of a proposed privatisation. This could indicate active facilitation or hedging related to the takeover process, which may influence market sentiment and the share price of ENN Natural Gas Co., Ltd.
• The fact that Morgan Stanley Bank, N.A. is a Class (5) associate of the Offeror and is conducting such trades could be interpreted as a signal of underlying demand or strategic activity relating to the privatisation.
• Investors should pay close attention to such disclosures during privatisation transactions, as they can foreshadow further corporate actions or reflect insider confidence in the outcome of the scheme of arrangement.
• The trades were executed at prices close to RMB 21, which may serve as a reference point for any upcoming offer price or valuation assessments.

Summary for Investors

The disclosed dealings by Morgan Stanley Bank, N.A. are potentially price sensitive, especially given their association with the Offeror during an ongoing privatisation process. While the resultant balance after these trades is zero, the presence of such transactions and their timing could be interpreted by the market as evidence of continued activity and interest in ENN Natural Gas Co., Ltd. shares. Investors should monitor further disclosures and developments closely as they could impact the share price and the outcome of 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 herein is based on public disclosures and may not reflect the full context of the privatisation transaction or other corporate actions.

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