Disclosure of Dealings in Bright Smart Securities & Commodities Group Limited Shares by Morgan Stanley

Key Highlights from the Public Disclosure Form (23 February 2026)

• Date of Disclosure: 23 February 2026
• Relevant Event: Possible Mandatory General Offer for Bright Smart Securities & Commodities Group Limited (Bright Smart)
• Disclosing Party: Morgan Stanley & Co., International plc
• Transaction Date: 20 February 2026
• Nature of Securities: Ordinary shares of Bright Smart
• Type of Activity: Sale of shares for hedging Delta 1 products created due to wholly unsolicited client-driven orders
• Total Shares Involved: 152,000
• Total Amount Paid/Received: \$1,370,907.17
• Highest Price Paid/Received: \$9.0600 per share
• Lowest Price Paid/Received: \$8.9600 per share
• Associate Status: Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeror
• Ultimate Ownership: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley

Details Investors Should Note

This disclosure is made under Rule 22 of the Hong Kong Code on Takeovers and Mergers, indicating that there is a possible mandatory general offer involving Bright Smart Securities & Commodities Group Limited. Such an offer could be a significant market-moving event for the company’s shares, as it may signal a potential change in control or ownership structure.

The transaction reported involves Morgan Stanley & Co., International plc selling 152,000 ordinary shares of Bright Smart. The sales were made as part of the hedging activities related to Delta 1 products, which arose from wholly unsolicited client-driven orders. The shares were sold at prices ranging from \$8.9600 to \$9.0600 per share, with a total transaction value of approximately \$1.37 million.

It is important for shareholders to understand that while these transactions were made for Morgan Stanley’s own account and are related to hedging, the disclosure itself is triggered by the context of a possible mandatory general offer. Such offers typically draw attention from investors and can lead to increased volatility and significant changes in share value, depending on the terms and outcome of the offer process.

As Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeror, its activities may be closely watched by market participants and regulators alike. Any subsequent disclosures or developments in relation to the potential general offer could further impact the share price of Bright Smart.

Potential Impact on Shareholders and Share Price

• The possibility of a mandatory general offer may indicate the likelihood of a significant transaction or change in ownership, which is typically a price-sensitive event for shareholders.
• The involvement of a major financial institution like Morgan Stanley, especially as an associate of the Offeror, could signal strategic interest or positioning in anticipation of the offer.
• Shareholders should closely monitor further announcements regarding the mandatory general offer process and any additional dealings by connected parties, as these could result in share price movements or even a potential acquisition premium.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are advised to conduct their own research and consult with professional advisors before making any investment decisions. The information provided is based on official public disclosures and is subject to change as further developments arise.

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