Significant Share Dealings Disclosure: ENN Natural Gas Co., Ltd.

Date: 27 February 2026

Subject: Public Disclosure of Securities Dealings in ENN Natural Gas Co., Ltd. (A Shares) amid Privatisation by Scheme of Arrangement

Key Points from the Disclosure

• Privatisation Underway: ENN Natural Gas Co., Ltd. is currently undergoing a privatisation process by way of scheme of arrangement, an event that typically garners significant investor attention.
• Large Derivative Transactions Reported: Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, engaged in a series of material derivative transactions involving the shares of ENN Natural Gas Co., Ltd. on 26 February 2026.
• Nature of Dealings: The transactions included both unsolicited client facilitation purchases and sales of derivatives linked to ENN Natural Gas A shares. These dealings were carried out for Morgan Stanley’s own account.
• Transaction Details:
  • Purchase of 21 derivative contracts (maturity: 28 April 2026) at a reference price of RMB 19.83 per share, totaling RMB 416.43.
  • Purchase of 1,900 derivative contracts (maturity: 28 April 2026) at a reference price of RMB 19.7442 per share, totaling RMB 37,514.00.
  • Sale of 21 derivative contracts (maturity: 28 April 2026) at a reference price of RMB 19.83 per share, totaling RMB 416.43.
  • Sale of 1,900 derivative contracts (maturity: 28 April 2026) at a reference price of RMB 19.7442 per share, totaling RMB 37,514.00.
  • Sale of 30,800 derivative contracts (maturity: 27 January 2027) at a reference price of RMB 19.7367 per share, totaling RMB 607,889.99.
• Resultant Balances: The balance of reference securities for each transaction is zero, suggesting these may be closing or matched trades, or representing netted off positions.
• Currency: All transactions were conducted in RMB.
• Ownership Structure: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.

Implications and Price-Sensitive Information

• Privatisation Process: The ongoing privatisation of ENN Natural Gas Co., Ltd. could significantly affect the share value and future liquidity of the stock. Investors should monitor developments closely as the scheme of arrangement can lead to material changes in the company’s capital structure and public float.
• Major Institutional Activity: The size and nature of Morgan Stanley’s derivative dealings—especially the large sale of 30,800 contracts—may indicate institutional positioning, hedging, or risk management related to the privatisation event. Such activity may influence market sentiment and share price volatility.
• Potential Impact on Share Price: While no new shares have been acquired or disposed of on a net basis (resulting balances are zero), the high notional value of these positions and their connection to the privatisation process could be interpreted as a signal of shifting expectations about the deal’s outcome or timing.
• Investor Considerations: Shareholders and prospective investors should be aware that significant derivative activity, especially by parties connected to the offeror, may reflect or affect market expectations regarding the privatisation scheme and the company’s future valuation.

Summary

This public disclosure highlights substantial derivative trading activity by Morgan Stanley & Co., International plc in the A shares of ENN Natural Gas Co., Ltd. against the backdrop of an ongoing privatisation scheme. Given the scale of the transactions and the institution’s relationship with the offeror, these developments could have material implications for share price movements and investor sentiment. Shareholders are encouraged to closely monitor further announcements related to the privatisation process and any subsequent large-scale market activity involving ENN Natural Gas Co., Ltd.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. The information provided is based on public disclosures as of the date indicated and may be subject to change.

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