Disclosure of Securities Dealings: ENN Natural Gas Co., Ltd. – Potential Share Price Implications

Date: 17 April 2026

Key Points from the Report

• Privatisation by Scheme of Arrangement:
  The disclosure relates to the proposed privatisation of ENN Natural Gas Co., Ltd. by way of a scheme of arrangement.
• Disclosure of Dealings:
  The Hong Kong Code on Takeovers and Mergers requires public disclosure of dealings in the shares of ENN Natural Gas Co., Ltd. under Rule 22.
• Involved Party:
  Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, has reported dealings in the company’s securities.

Detailed Transaction Summary

• Date of Transactions: 16 April 2026
• Type of Securities: Derivatives (Other types of products) related to A shares of ENN Natural Gas Co., Ltd., denominated in RMB.
• Nature of Dealings:
  • Unsolicited client facilitation – Purchase of 100 shares at a reference price of RMB 20.6500 per share, totaling RMB 2,065.00, with a maturity/closing out date of 26 February 2027. The resultant balance after this transaction is zero.
  • Unsolicited client facilitation – Sale of 100 shares at the same reference price and amount, with the same maturity/closing out date, also resulting in a zero balance.
• Resultant Position: Following these transactions, Morgan Stanley Capital Services LLC holds no resultant balance in these securities.

Implications for Shareholders

• Price Sensitivity: The reported dealings are related to derivatives facilitating client transactions, with no net position retained by Morgan Stanley Capital Services LLC. This could signal activity or interest around the privatisation process, but the zero resultant balance suggests no directional bet by the associate.
• Transparency and Regulatory Compliance: This disclosure ensures transparency in the context of the ongoing privatisation, letting investors monitor potential market-moving activities by associated parties.
• Nature of Dealings: Since these are client facilitation trades, there is no direct accumulation or disposal of shares by Morgan Stanley Capital Services LLC for its own proprietary interest, reducing the likelihood of these specific trades directly impacting the share price.
• Ownership Structure: Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley, which may be relevant for tracking institutional interests around the privatisation event.

Investor Takeaway

While this disclosure provides visibility into market activity around ENN Natural Gas Co., Ltd.’s shares during a significant corporate event (privatisation), the specific trades reported are not likely to have a direct impact on the share price due to their client facilitation nature and zero net position. However, investors should remain attentive to further disclosures and market movements as the privatisation process continues.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a professional advisor before making any investment decisions. The information is based on public disclosures as of 17 April 2026 and may be subject to change.

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