Key Disclosure: Dealings in ENN Energy Shares by Morgan Stanley & Co., International plc

Overview

On 26 February 2026, a public disclosure form was filed concerning dealings in the shares of ENN Energy Holdings Limited in the context of an ongoing privatisation by way of a scheme of arrangement. The disclosure was made pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers.

Key Highlights from the Report

• Party Involved: Morgan Stanley & Co., International plc, acting as a Class (5) associate connected with the offeror and ultimately owned by Morgan Stanley.
• Date of Transaction: 25 February 2026
• Nature of Dealings: The trades were conducted for hedging purposes of Delta 1 products, which were created as a result of wholly unsolicited client-driven orders.
• Type of Securities: Ordinary shares of ENN Energy Holdings Limited
• Deal Details:
  • Purchase: 9,300 shares bought at a total consideration of \$638,285. The highest price paid per share was \$69.05 and the lowest was \$68.20.
  • Sale: 200 shares sold at a total consideration of \$13,730. The price per share for this transaction was \$68.65.
• Purpose of Dealings: These transactions were for Morgan Stanley & Co., International plc’s own account and were made in the context of hedging activities.

Potential Price-Sensitive Information for Shareholders

• The involvement of a major financial institution, Morgan Stanley & Co., International plc, in the purchase and sale of ENN Energy shares during a privatisation process is noteworthy. Such activity may be interpreted as indicative of institutional positioning or sentiment regarding the outcome of the privatisation scheme.
• The transactions were tied to hedging Delta 1 products, suggesting that the trades were driven by client demand rather than proprietary opinion or valuation calls by Morgan Stanley itself.
• The prices at which these transactions occurred (\$68.20 to \$69.05 per share for purchases; \$68.65 per share for sales) may provide a reference point for current market sentiment and liquidity for ENN Energy during this critical period.
• As Morgan Stanley is a connected associate in relation to the offeror, these dealings could be scrutinised for their potential impact on the scheme of arrangement or as indicators of market activity in the lead-up to a potential transaction.

Important Considerations for Investors

• Investors should monitor further disclosures closely, as significant dealing by connected parties or associates during a privatisation process can influence market perception and share price volatility.
• The disclosed prices and volume are relevant benchmarks for stakeholders assessing the fairness and attractiveness of any privatisation offer or scheme of arrangement that may be tabled.
• The fact that these were hedging transactions and not proprietary trades may reduce their direct impact on the underlying fundamentals or the outcome of the privatisation, but they remain relevant for short-term market dynamics.

Conclusion

The disclosed dealings by Morgan Stanley & Co., International plc in ENN Energy Holdings Limited shares, though client-driven and hedging in nature, are taking place during a sensitive period for the company as it faces potential privatisation. The prices and volumes involved should be noted by investors, given their importance to ongoing market activity and the potential impact on the privatisation process.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult their professional advisors before making any investment decisions.

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