Significant Securities Dealing Disclosure in ENN Energy Holdings Limited

Key Points from the Latest Public Disclosure

• Date of Disclosure: 27 February 2026
• Transaction Date: 26 February 2026
• Relevant Party: Morgan Stanley & Co., International plc
• Type of Securities: Ordinary shares of ENN Energy Holdings Limited
• Nature of Dealing: Hedging of Delta 1 products, arising from wholly unsolicited client-driven orders
• Type of Transaction: Purchase
• Total Shares Involved: 5,000 ordinary shares
• Total Amount Paid: \$342,150.00
• Price Range: Highest price paid at \$68.60 per share, lowest at \$68.20 per share
• Connection: Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeror and made the dealings for its own account
• Ownership: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley
• Context: The disclosure is made under Rule 22 of the Hong Kong Code on Takeovers and Mergers, in relation to a privatisation by way of scheme of arrangement

Analysis and Implications for Shareholders

The recent purchase of 5,000 ordinary shares of ENN Energy Holdings Limited by Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, is a noteworthy event, especially in the context of the ongoing privatisation process by way of a scheme of arrangement.

• Transaction Type and Nature: The transaction was executed as a hedging activity related to Delta 1 products, which are typically synthetic positions that closely mirror the price movements of the underlying shares. The activity was wholly unsolicited and client-driven, indicating it was not initiated by Morgan Stanley for proprietary trading but as a result of client orders.
• Potential Price Sensitivity: While the volume of shares involved (5,000 shares) may not be significant compared to the overall market capitalization of ENN Energy, the transaction could be seen as a sign of increased activity or interest in the shares during a sensitive period of the company’s privatisation. Such disclosures can sometimes lead to speculation about the direction or outcome of the proposed scheme of arrangement.
• Trading Range: The shares were acquired at prices ranging from \$68.20 to \$68.60 per share, with a total consideration of \$342,150.00. This price range may serve as a near-term reference point for investors monitoring price movements related to the privatisation process.
• Market Impact: Since the dealings were made for Morgan Stanley’s own account as a connected associate of the Offeror, investors should be aware that further dealings by connected parties may occur, which could affect the share price, especially as the privatisation process progresses.
• Regulatory Context: The disclosure was made under the purview of the Hong Kong Code on Takeovers and Mergers, underscoring the importance of transparency during takeover and privatisation scenarios. Investors should pay close attention to similar disclosures, as they can provide insights into market sentiment and the actions of key stakeholders.

What Shareholders Should Watch

• Further disclosures of dealings by associates or connected parties, as these could influence share price volatility.
• Updates on the progress and terms of the privatisation by scheme of arrangement, as major changes or approvals can cause significant price movements.
• Any market speculation or unusual trading volumes related to ENN Energy Holdings Limited in light of this disclosure.

Conclusion

While the disclosed transaction is relatively modest in size, its timing and the involvement of a key associate of the Offeror amid a privatisation process make it a development for shareholders to monitor closely. Investors should remain vigilant for further disclosures and announcements that may impact the share price of ENN Energy Holdings Limited.

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 research or consult with a financial advisor before making investment decisions.

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