Morgan Stanley Bank, N.A. Reports Dealings in ENN Natural Gas Co., Ltd. Shares Amid Privatisation Scheme

Key Points from the Disclosure Report

• Date of Disclosure: 30 April 2026
• Type of Transaction: Purchase of A shares in ENN Natural Gas Co., Ltd. by Morgan Stanley Bank, N.A.
• Relevant Context: Transaction reported in connection with a privatisation by way of scheme of arrangement.
• Nature of Dealings: Hedging of Delta 1 products, created as a result of wholly unsolicited client-driven orders.
• Shares Involved: 5,800 ordinary shares
• Total Transaction Value: \$122,903.00 (in RMB)
• Price Range: Highest price paid at \$21.28 per share; lowest price paid at \$21.06 per share
• Party Involved: Morgan Stanley Bank, N.A., a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley
• Dealings were made for Morgan Stanley Bank, N.A.’s own account.

Implications for Shareholders and Investors

The reported dealings represent a notable transaction in the ordinary shares of ENN Natural Gas Co., Ltd., coinciding with the company’s ongoing privatisation process via a scheme of arrangement. This scheme is a significant corporate action that could have a material impact on the company’s share price and the interests of current shareholders.

• Price Sensitivity: The purchase by a major financial institution like Morgan Stanley Bank, N.A., especially in the context of a privatisation, signals institutional interest and confidence. The narrow price range of \$21.06 to \$21.28 per share may provide a reference point for investors as the privatisation process develops.
• Hedging Activity: The hedging was related to Delta 1 products generated by client orders, indicating client-driven demand for exposure or risk management in ENN Natural Gas shares. Such hedging may affect liquidity and price stability during the privatisation process.
• Ownership and Relationship: Morgan Stanley Bank, N.A. is identified as a Class (5) associate connected with the Offeror, suggesting a potential alignment or interest with parties directly involved in the privatisation. This relationship may have implications for the dynamics of the transaction and the future shareholding structure.

Detailed Transaction Breakdown

What Investors Should Watch

• The ongoing privatisation and its effects on share liquidity and valuation.
• Further disclosures of dealings by connected parties, which may indicate evolving positions or sentiment regarding the privatisation.
• Potential impact on share price as institutional involvement and client-driven hedging activity can signal expectations about the outcome and valuation of the privatisation scheme.

Disclaimer:

This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The information provided is based on a public disclosure form as of 30 April 2026 and may be subject to change.

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