Detailed Transaction Information
According to the disclosure, Morgan Stanley & Co., International plc executed a series of derivative transactions involving ENN Natural Gas Co., Ltd. A shares on 25 February 2026. These transactions were classified as “Unsolicited client facilitation – Sale” involving other types of derivative products. The details are as follows:
| Number of Reference Securities |
Maturity/Closing Date |
Reference Price (RMB) |
Total Amount Paid/Received (RMB) |
| 2,500 |
30 November 2027 |
19.7456 |
49,364.0000 |
| 3,600 |
28 April 2026 |
19.7417 |
71,070.0012 |
| 5,700 |
29 December 2026 |
19.8396 |
113,085.9993 |
After these transactions, Morgan Stanley & Co., International plc reported a resultant balance of zero. This indicates that the firm no longer holds any positions in these derivatives related to ENN Natural Gas Co., Ltd. A shares.
Potential Impacts and Shareholder Considerations
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Privatisation Context: The disclosure is made in connection with the proposed privatisation of ENN Natural Gas Co., Ltd. by way of a scheme of arrangement. This process is often subject to significant investor scrutiny and may lead to price volatility as market participants evaluate the likelihood and terms of the privatisation.
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Dealings by Connected Party: Morgan Stanley & Co., International plc, being a connected party (Class (5) associate) to the Offeror, has disclosed the sale of all its related derivatives positions. Such activity could be interpreted by the market as a signal regarding the Offeror’s or connected parties’ expectations around the privatisation process or future share price movements.
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Zero Resultant Balance: The fact that Morgan Stanley has closed out all of its derivative positions in ENN Natural Gas Co., Ltd. A shares may be seen as a significant development. Investors should consider whether this action reflects a change in outlook or risk appetite by a major institutional participant with close connections to the privatisation process.
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Price Sensitivity: Since these dealings were conducted for the firm’s own account and relate to the privatisation scheme, the information could be price sensitive. Market participants may react if they believe the move signals less confidence in potential upside or a completed strategic shift by a key associate.
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Currency: All transactions were conducted in RMB, underlining the relevance to onshore Chinese investors and the A-share market.
Conclusion
This disclosure is highly relevant for shareholders and prospective investors in ENN Natural Gas Co., Ltd. Given the ongoing privatisation effort and the sale of all derivatives positions by a connected associate, market participants should closely monitor any subsequent announcements, as these developments could influence the company’s share price and the outcome of the privatisation process.
Disclaimer: The information provided above is a summary of a public disclosure and is for informational purposes only. It does not constitute investment advice. Investors should conduct their own due diligence or consult professional advisors before making investment decisions. The author and publisher accept no liability for any loss arising from the use of this information.
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