Significant Share Dealings in ENN Energy Holdings Limited by Morgan Stanley & Co., International plc

Key Disclosure Under the Hong Kong Takeovers Code

On 22 April 2026, a Public Disclosure Form was filed regarding notable dealings in shares of ENN Energy Holdings Limited in connection with its privatisation via a scheme of arrangement. The disclosure, made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, provides insight into significant trading activity by Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror in this transaction.

Key Points for Investors

• Privatisation Process: ENN Energy Holdings Limited is currently undergoing a privatisation process by way of a scheme of arrangement. Such corporate actions typically have a significant impact on share prices due to potential buyouts or changes in ownership structure.
• Major Share Dealings: Morgan Stanley & Co., International plc reported multiple transactions on 21 April 2026 involving ordinary shares of ENN Energy as part of their hedging activities for Delta 1 products, which were executed in response to wholly unsolicited client-driven orders.
• Transaction Details:
  • Purchase: 28,884 shares were purchased, with a total consideration of \$1,831,606.78. The highest price paid was \$63.55 per share, and the lowest was \$63.25 per share.
  • Sale: 54,500 shares were sold, with a total amount received of \$3,445,680.60. The highest price received was \$63.65 per share, and the lowest was \$62.15 per share.
• Morgan Stanley’s Position: These dealings were made for Morgan Stanley & Co., International plc’s own account. Notably, Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley, a major financial institution, and is a Class (5) associate connected to the Offeror. This is important as it may reflect the expectations or strategies of parties closely linked to the privatisation process.

Potential Price-Sensitive Implications for Shareholders

• Significant Trading Volumes: The scale of the share purchases and sales executed by Morgan Stanley & Co., International plc could potentially influence the market price of ENN Energy Holdings shares, especially in the context of ongoing privatisation.
• Delta 1 Hedging: The nature of the trades (hedging of Delta 1 products) suggests that there is institutional activity linked to derivative products, which can sometimes indicate increased volatility or hedging demand around corporate events like privatisation.
• Price Range: The price range of these transactions (from \$62.15 to \$63.65 per share) provides a market reference point for investors monitoring the potential impact of the privatisation scheme on share value.
• Unsolicited Client Orders: The fact that these activities were driven by wholly unsolicited client orders may suggest heightened interest or repositioning by other market participants in anticipation of the privatisation.

What Should Shareholders Watch?

Shareholders should closely monitor further disclosures, as trading activity by associates of the Offeror, especially of this magnitude, may signal expectations regarding the outcome or timing of the privatisation. Additionally, the disclosed price range could serve as an indicator of where institutional investors currently value ENN Energy Holdings Limited.

Conclusion

These disclosures are highly relevant and potentially price-sensitive. They provide insight into institutional behaviour ahead of a significant corporate event and could foreshadow further movements in the share price of ENN Energy Holdings Limited as the privatisation process unfolds.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with a licensed financial adviser before making any investment decisions.

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