Significant Dealings Disclosed in ENN Energy Holdings Limited Amid Privatisation Talks

Date: 25 February 2026

Subject: Public Disclosure of Dealings in the Shares of ENN Energy Holdings Limited

Key Points from the Report

• Privatisation in Progress: ENN Energy Holdings Limited is currently subject to a privatisation proposal via a scheme of arrangement, a process closely watched by investors and regulators.
• Regulatory Disclosure: The Executive has received a disclosure of securities dealings in ENN Energy Holdings Limited under Rule 22 of the Hong Kong Code on Takeovers and Mergers.
• Involved Party: Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, reported multiple transactions in derivatives linked to ENN Energy’s shares.
• Nature of Dealings: All transactions were described as “unsolicited client facilitation” and conducted for Morgan Stanley Capital Services LLC’s own account.
• Type of Products: The disclosures pertain exclusively to derivatives – specifically, “other types of products” rather than direct equity transactions.

Detailed Transaction Breakdown

Morgan Stanley Capital Services LLC reported the following transactions on 24 February 2026:

Resultant Balance: For all transactions, the resultant balance is reported as zero, indicating that these were either opening and closing offsetting positions or were fully hedged or liquidated within the same reporting period.

Implications for Shareholders and Investors

• Market Sensitivity: The volume and size of the derivative transactions, particularly with maturities stretching to 2027, could indicate heightened institutional interest or hedging activity around the privatisation event. This may signal expectations of volatility or changes in ENN Energy’s share value as the privatisation progresses.
• Price Reference: The reference prices for these derivative transactions clustered around \$68.45–\$68.76 per share could be considered a market-implied valuation benchmark in the context of the privatisation process.
• Connected Party Activity: Morgan Stanley Capital Services LLC’s role as a Class (5) associate connected with the Offeror means these dealings are closely monitored by regulators for any signs of concert party activity, insider dealing, or attempts to influence the outcome of the privatisation scheme.
• Transparency and Disclosure: Investors should note that all dealings were made by Morgan Stanley Capital Services LLC for its own account and that the company is ultimately owned by Morgan Stanley. This transparency is crucial in maintaining market integrity during sensitive corporate actions.

What Shareholders Should Watch

• Monitoring Further Disclosures: Any significant changes in trading patterns, further disclosures, or unusual derivative activities should be closely observed as they may hint at strategic moves ahead of key milestones in the privatisation process.
• Potential Price Impact: While these transactions themselves do not directly alter ENN Energy’s share capital, the strategic positioning by a major financial institution could be interpreted by the market as an indicator of expectations regarding the outcome or valuation of the privatisation offer.

Disclaimer: This article is a journalistic summary and analysis of a public disclosure filed under regulatory requirements. It does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. Market prices can be volatile, especially during corporate actions such as privatisation.

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