Significant Disclosure of Securities Dealings in ENN Natural Gas Co., Ltd. Amidst Privatisation Efforts

Key Points for Investors

• Date of Disclosure: 20 April 2026
• Transaction Parties: Morgan Stanley Capital Services LLC
• Context: Privatisation by way of scheme of arrangement for ENN Natural Gas Co., Ltd.
• Type of Securities: Derivatives based on A shares of ENN Natural Gas Co., Ltd.
• Nature of Dealings: Both unsolicited client facilitation purchase and sale transactions occurred.
• Transaction Details:
  • Date of Dealings: 17 April 2026
  • Number of Reference Securities: 2,300 shares for both purchase and sale
  • Maturity/Closing Date: 26 February 2027
  • Reference Price: RMB 20.7791 per share
  • Total Amount Paid/Received: RMB 47,791.93 for each transaction (purchase and sale)
  • Resultant Balance: 0 (no net position held post-transactions)
• Ownership & Association:
  • Morgan Stanley Capital Services LLC is a Class (5) associate connected with the Offeror.
  • It is ultimately owned by Morgan Stanley.
  • Dealings were made for its own account.

Investor Implications & Potential Price Sensitivity

The disclosed dealings are particularly relevant because they coincide with the ongoing privatisation process of ENN Natural Gas Co., Ltd. via a scheme of arrangement. The fact that a major institutional player, Morgan Stanley Capital Services LLC, facilitated both unsolicited purchase and sale transactions of derivatives linked to ENN Natural Gas’s A shares at identical volumes and prices, but ended with a zero net position, may signal a neutral stance or hedging activity rather than directional trading.

While no net position remains, the disclosure is important for shareholders as it provides transparency about institutional activity connected to the privatisation process. Such disclosures can impact market sentiment, especially if perceived as validation of fair value or absence of arbitrage opportunities. Additionally, the transactions were conducted in RMB, underscoring the relevance for domestic investors and those monitoring currency exposure.

Shareholders should closely monitor further disclosures and any developments related to the privatisation, as institutional actions often precede or reflect underlying shifts in market outlook. The privatisation process itself is inherently price-sensitive and may affect share values, depending on the terms and execution.

Additional Details

• The dealings were reported under Rule 22 of the Hong Kong Code on Takeovers and Mergers, ensuring regulatory compliance.
• The transactions involved “other types of products” (unspecified in the disclosure), possibly indicating complex derivative structures.
• The zero resultant balance suggests these trades were likely client-driven or part of a hedging strategy, rather than Morgan Stanley Capital Services LLC seeking to accumulate or divest a position.

Conclusion

The disclosure serves as a reminder to investors to stay vigilant during corporate actions such as privatisation. While the disclosed trades do not indicate a directional bet by Morgan Stanley Capital Services LLC, their connection to the Offeror and involvement in derivatives trading could be interpreted as part of broader market mechanics surrounding the privatisation. Shareholders are advised to monitor further updates for any actionable signals.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making any investment decisions. All information is accurate as of the date of disclosure but is subject to change.

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