Key Disclosure: Securities Dealings Related to ENN Energy Holdings Limited Privatisation

Summary of Disclosure

On 27 February 2026, the Executive received a public disclosure under Rule 22 of the Hong Kong Code on Takeovers and Mergers concerning dealings in the shares of ENN Energy Holdings Limited. This disclosure is linked to the company’s ongoing privatisation by way of a scheme of arrangement. The report details notable activity by Morgan Stanley Capital Services LLC, a Class (5) associate connected to the Offeror.

Key Points for Investors

• Nature of Dealings: On 26 February 2026, Morgan Stanley Capital Services LLC executed both a purchase and a sale of derivatives related to ENN Energy Holdings Limited. These are described as “unsolicited client facilitation” transactions.
• Transaction Details:
  • Type: Derivatives (Other types of products)
  • Quantity: 1,335 reference securities for both purchase and sale
  • Maturity Date: 1 June 2027
  • Reference Price: \$68.4000 per security
  • Total Amount Paid/Received: \$91,314.01 for each transaction
  • Resultant Balance: 0 (Morgan Stanley Capital Services LLC does not hold any resultant position following these dealings)
• Associate Status: Morgan Stanley Capital Services LLC is a Class (5) associate of the Offeror and is ultimately owned by Morgan Stanley. All dealings were made for its own account.
• Privatisation Context: The disclosure is made in connection with the proposed privatisation of ENN Energy Holdings Limited. Such disclosures are crucial as they may signal activity from parties closely associated with the transaction, potentially impacting the share price.

Implications for Shareholders

This disclosure could be price-sensitive: The fact that a significant associate of the Offeror—Morgan Stanley Capital Services LLC—conducted both purchase and sale transactions of derivatives referencing ENN Energy shares (with a maturity date aligned to the potential privatisation timeline) may indicate active positioning around the privatisation event. However, since the resultant position is zero, the transactions appear to be facilitation of client trades rather than proprietary trading.

What shareholders should note:

• No net position was established by Morgan Stanley Capital Services LLC, suggesting these were not strategic bets on the outcome of the privatisation.
• The reference price of \$68.40 per security may be seen as a valuation benchmark in the context of the privatisation.
• Dealings by associates can influence market sentiment and trading activity, even if no net exposure remains.

Conclusion

While the disclosure does not indicate a direct market-moving transaction (since Morgan Stanley Capital Services LLC ended with no resultant position), it is important for shareholders to monitor such filings during major corporate events like privatisation. The reference price and involvement of a key associate could be relevant for evaluating the likely outcome and fair value of ENN Energy shares as the privatisation progresses.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with professional advisors before making investment decisions based on disclosure filings.

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