UBS AG Discloses Significant Dealings in ENN Natural Gas Co Ltd Shares Amid Privatisation Scheme

Date: 20 April 2026

Key Points from the Disclosure

• Context: The disclosure follows the privatisation of ENN Natural Gas Co Ltd by way of a scheme of arrangement, a transaction that is already a significant market event and can be price sensitive for investors.
• Party Involved: UBS AG, an exempt principal trader connected with the Offeree company, ENN Natural Gas Co Ltd.
• Nature of Dealings: The dealings were conducted under Rule 22 of the Hong Kong Code on Takeovers and Mergers and included both purchases and sales of ordinary shares, largely for hedging Delta 1 products created from wholly unsolicited client-driven orders.
• Dealings Summary (17 April 2026):
  • Purchase of 33,800 shares at a total value of approx. RMB 700,788.9985, with the highest price paid at RMB 20.9600 and lowest at RMB 20.7000.
  • Sale of 56,000 shares for approx. RMB 1,172,944.9963, with the highest price at RMB 21.0038 and lowest at RMB 20.7100.
  • Sale of 2,100 shares related to a derivative referenced to a basket or index (ENN shares represent less than 1% of the class in issue, and less than 20% of the basket value), for approx. RMB 43,973.0000. The prices ranged between RMB 20.8900 and RMB 21.0000.
  • Large purchase of 416,900 shares totaling approx. RMB 8,734,235.8823, with prices between RMB 20.7457 and RMB 21.0300.
  • Sale of 250,100 shares valued at approx. RMB 5,242,659.9769, with prices from RMB 20.7343 to RMB 21.0200.
• UBS AG’s Role: UBS AG is ultimately owned by UBS Group AG and has acted for its own account in these transactions.
• Currency: All dealings were made in RMB and involved “A shares” of ENN Natural Gas Co Ltd.

Important Details for Shareholders

• Hedging Activities: The majority of transactions were linked to hedging for Delta 1 products, which are typically used for risk management in structured equity products. These activities were driven by unsolicited client orders, not proprietary trading by UBS AG.
• Market Impact: The scale of the trades, especially the large purchase and sale blocks (e.g., the purchase of 416,900 shares and the sale of 250,100 shares in a single day), could have a notable impact on the liquidity and short-term price movements of ENN Natural Gas Co Ltd’s shares.
• Privatisation Event: The context of the privatisation by scheme of arrangement is a material, price-sensitive event. Any significant activity by connected parties, such as UBS AG, will be closely watched by the market for signals regarding the likely success or terms of the privatisation.
• Transparency: The disclosure is required under the Hong Kong Code on Takeovers and Mergers, ensuring transparency during material corporate events.

Potential Price Sensitivity

• Investors should note the high volume of trades—both purchases and sales—by a connected principal trader, which can provide insights into liquidity, supply-demand dynamics, and expectations regarding the privatisation outcome.
• The disclosed price ranges (from approx. RMB 20.70 to RMB 21.03) reflect the recent trading corridor for ENN shares, which may serve as a reference for current and prospective investors assessing fair value in the context of the privatisation.
• While the hedging nature of the trades suggests no proprietary directional view by UBS AG, the sheer volume of activity and the timing around a major corporate event can influence market sentiment.

Conclusion

The disclosure of significant trading activity by UBS AG in ENN Natural Gas Co Ltd shares, coinciding with the company’s privatisation process, is a material event for investors. The high volume of trades, their timing, and the transparent disclosure under takeover regulations are all relevant for assessing short-term price movements and market sentiment. Shareholders and potential investors should monitor further announcements closely, as developments in the privatisation scheme and related trading activities could materially impact the value of ENN Natural Gas Co Ltd shares.

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 any investment decisions. The details provided are based on public disclosures and may be subject to further updates or clarifications by the involved parties or regulatory authorities.

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