Key Points from the Disclosure Report

• Privatisation Process: ENN Energy Holdings Limited is undergoing privatisation via a scheme of arrangement.
• Disclosure Requirement: The Executive has received detailed disclosures of securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers.
• Principal Dealer: All reported dealings were made by Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley.

Detailed Dealings Overview

On 23 February 2026, Morgan Stanley Capital Services LLC executed multiple derivative transactions involving ENN Energy Holdings Limited shares. These transactions were carried out under unsolicited client facilitation and are summarized below:

• Purchases:
  • 200 shares, maturity: 29 May 2026, price: \$69.00, total: \$13,800
  • 300 shares, maturity: 29 November 2027, price: \$69.00, total: \$20,700
  • 400 shares, maturity: 30 October 2026, price: \$69.00, total: \$27,600
  • 800 shares, maturity: 13 November 2026, price: \$69.725, total: \$55,780
  • 4,200 shares, maturity: 31 December 2027, price: \$68.9595, total: \$289,630
  • 10,428 shares, maturity: 1 June 2027, price: \$68.9758, total: \$719,279.20
• Sales:
  • 200 shares, maturity: 29 May 2026, price: \$69.00, total: \$13,800
  • 300 shares, maturity: 29 November 2027, price: \$69.00, total: \$20,700
  • 400 shares, maturity: 30 October 2026, price: \$69.00, total: \$27,600
  • 800 shares, maturity: 13 November 2026, price: \$69.725, total: \$55,780
  • 4,200 shares, maturity: 31 December 2027, price: \$68.9595, total: \$289,630
  • 10,428 shares, maturity: 1 June 2027, price: \$68.9758, total: \$719,279.20

Resultant Balance: All transactions resulted in a zero balance, indicating that these were client facilitation trades rather than proprietary positions.

Shareholder Information & Potential Price Sensitivity

• The ongoing privatisation of ENN Energy Holdings Limited is a significant event that could directly affect share value, especially as the scheme of arrangement progresses.
• The reported dealings by Morgan Stanley Capital Services LLC, while on behalf of clients and not proprietary trades, reflect substantial activity in derivatives referencing ENN Energy’s shares. This could signal increased market interest and liquidity around the stock, especially in the context of the offer.
• Prices of the derivatives are closely aligned with the current share price, suggesting expectations of stability or minor movement. However, the sheer volume and repeated facilitation trades may influence short-term volatility.
• Investors should monitor further disclosures and the progress of the privatisation scheme, as large institutional activity and regulatory reporting can be precursors to significant share price movements.

Additional Details

• Morgan Stanley Capital Services LLC is a Class (5) associate, directly connected to the Offeror in the privatisation process and ultimately owned by Morgan Stanley.
• The transactions were made for the dealer’s own account but appear to be client facilitation, meaning they were executed in response to client requests.

Conclusion

The disclosed dealings, although primarily facilitation for clients, are significant due to their timing during a major corporate event (privatisation) and their volume. Shareholders should remain vigilant, as such activities often foreshadow further developments and could impact ENN Energy Holdings Limited’s share price in the near term.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors are advised to consult their financial advisors and review regulatory filings and announcements for the latest updates and guidance regarding ENN Energy Holdings Limited.

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