Key Points for Investors

• Significant Share Dealing: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, executed a sale of 900 ordinary shares in ENN Natural Gas Co., Ltd. on April 30, 2026. These dealings were made for its own account and involved A shares.
• Nature of the Transaction: The sale was a result of hedging Delta 1 products, which were created by wholly unsolicited client-driven orders. This indicates that the transaction was not initiated by Morgan Stanley for speculative purposes, but rather to manage risk exposure arising from client activity.
• Transaction Details:
  • Total Number of Shares Sold: 900
  • Total Amount Received: \$18,386.00
  • Highest Price Received: \$20.68 per share
  • Lowest Price Received: \$20.26 per share
  • Currency: Dealings were made in RMB
• Ownership Structure: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley, a major global financial institution, and is considered an associate of the Offeror in this privatisation process.

Potential Impact and Price Sensitivity

Privatisation Context: The disclosure is made in connection with the ongoing privatisation of ENN Natural Gas Co., Ltd. by way of a scheme of arrangement. Such corporate actions can be highly price sensitive and may influence the share value, especially when large institutional investors such as Morgan Stanley are involved in dealing activities.

Hedging Activity: The sale was related to hedging against client-driven orders, not direct investment or divestment. However, it is crucial for shareholders to note that such transactions can reflect underlying market dynamics and investor sentiment during a privatisation process.

Price Range: The shares were traded in a relatively narrow range (\$20.26 to \$20.68), which may indicate limited volatility at the time of the transaction, but the privatisation scheme itself could trigger broader movements in the share price as details emerge and as the scheme progresses.

What Shareholders Should Watch

• Follow updates related to the privatisation scheme, as regulatory disclosures and institutional dealings are often precursors to significant changes in ownership structure and share value.
• Monitor further disclosures from associates of the Offeror, especially those with large holdings or trading activities, as these may signal shifts in market sentiment or upcoming corporate actions.
• Be aware of the price range in recent dealings, which may provide insights into current valuation and investor appetite.

Disclaimer

The information provided in this article is for informational purposes only and should not be considered as investment advice. Investors are strongly encouraged to consult with their financial advisors and review official regulatory disclosures before making any investment decisions. The author and publisher accept no liability for any loss arising from reliance on the information herein.

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