Key Points from the Disclosure

• Mandatory General Offer Possible: The disclosure form is related to a possible mandatory general offer situation for Bright Smart Securities & Commodities Group Limited.
• Major Securities Dealings: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, has reported a series of derivatives transactions involving the shares of Bright Smart Securities & Commodities Group Limited.
• Nature of Transactions: The transactions were unsolicited client facilitation activities, including both purchases and sales of derivatives tied to the company’s shares.
• Transaction Details: The reported dealings occurred on 25 February 2026 and included:
  • Purchases:
    • 28,000 reference securities (maturing 30 November 2027) at \$8.8786 per security (total paid: \$248,599.59)
    • 43,200 reference securities (maturing 7 February 2028) at \$8.8543 per security (total paid: \$382,504.00)
    • 64,800 reference securities (maturing 7 February 2028) at \$8.8543 per security (total paid: \$573,756.00)
  • Sales:
    • 8,000 reference securities (maturing 12 January 2028) at \$8.9176 per security (total received: \$71,340.66)
    • 22,000 reference securities (maturing 30 September 2027) at \$8.8682 per security (total received: \$195,100.00)
• Resultant Balance: Following these transactions, the resultant balance of relevant securities held by Morgan Stanley & Co., International plc is zero.
• Ownership and Connection: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley. All dealings were made for its own account.

Important Information for Shareholders

• Potential Price Sensitivity: The disclosure of significant dealings in the derivatives of Bright Smart Securities & Commodities Group Limited by a connected party to the Offeror, especially during a possible mandatory general offer situation, is highly price sensitive. Such activity may signal underlying strategic moves, potential changes in control, or shifts in the company’s shareholding structure.
• Implications for Share Value: The transactions involve substantial amounts and reference securities, but resulted in a net zero balance for Morgan Stanley & Co., International plc. This could indicate preparation for further corporate action or restructuring related to the mandatory general offer. Investors should be alert to possible announcements regarding an offer or other strategic developments.
• Transparency and Regulatory Compliance: The disclosure is made under Rule 22 of the Hong Kong Code on Takeovers and Mergers, ensuring transparency and regulatory compliance in the context of potential market-moving events.

Conclusion

The reported dealings by Morgan Stanley & Co., International plc in Bright Smart Securities & Commodities Group Limited are significant in the context of a possible mandatory general offer. The size and nature of the transactions, combined with their net zero resultant balance, may indicate strategic positioning or imminent corporate actions. Shareholders and investors are advised to monitor further disclosures and announcements closely, as these developments could materially affect the share price and future direction of the company.

Disclaimer

This article is intended for informational purposes only and does not constitute investment advice. Investors should exercise their own judgment and consult with professional advisors before making investment decisions. The information herein is based on public disclosures and may be subject to change or further clarification. The reporter is not responsible for any actions taken based on this article.

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