Investor Update: ENN Natural Gas Co., Ltd. – Disclosure of Share Dealings

Key Points from the Public Disclosure Form

• Date of Disclosure: 27 February 2026
• Transaction Date: 26 February 2026
• Issuer: ENN Natural Gas Co., Ltd.
• Type of Transaction: Hedging of Delta 1 products resulting from wholly unsolicited client-driven orders
• Party Involved: Morgan Stanley & Co., International plc (a Class (5) associate connected with the Offeror)
• Nature of Dealings: Purchase of ordinary shares
• Total Shares Purchased: 30,800
• Total Amount Paid: \$607,890.00
• Price Range: Highest price paid: \$19.80; Lowest price paid: \$19.67 (transactions made in RMB)
• Ownership Structure: Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley
• Dealings for Own Account: All transactions were made for Morgan Stanley & Co., International plc’s own account
• Context: The disclosure is made under Rule 22 of the Hong Kong Code on Takeovers and Mergers, in connection with a privatisation by way of scheme of arrangement.

What Shareholders Need to Know

• Potential Price Sensitivity: The purchase of 30,800 ordinary shares by a major international financial institution (Morgan Stanley & Co., International plc), especially in the context of a privatisation, could indicate increased activity or confidence in ENN Natural Gas Co., Ltd.’s shares. Investors should monitor trading volumes and price movements closely.
• Privatisation Scheme: The disclosure is related to a scheme of arrangement for privatisation, which could potentially lead to significant changes in shareholding structure, liquidity, and future valuation of the company. Any developments in the privatisation process may directly affect share prices.
• Nature of Dealings: The transactions were hedging in nature (Delta 1 products), driven by client orders. While these are not direct speculative trades, such hedging activity can impact short-term share price dynamics, especially when conducted by a connected party during a sensitive period.
• Class (5) Associate Status: Morgan Stanley & Co., International plc’s status as a Class (5) associate connected to the Offeror means its dealings could be interpreted as having strategic relevance, especially under takeover regulations.
• Regulatory Disclosure: This form of disclosure under Hong Kong’s takeover code ensures market transparency, and investors should be alert to further announcements or disclosures related to the privatisation.

Detailed Investor Insights

The Executive has received a disclosure regarding securities dealings in ENN Natural Gas Co., Ltd., stemming from a privatisation process by way of scheme of arrangement. On 26 February 2026, Morgan Stanley & Co., International plc, a key associate of the Offeror and ultimately owned by Morgan Stanley, purchased 30,800 ordinary shares for a total of \$607,890. The price per share ranged from \$19.67 to \$19.80 (denominated in RMB).

These purchases were the result of hedging activities associated with Delta 1 products, generated from unsolicited client-driven orders, and were executed for Morgan Stanley & Co., International plc’s own account. The timing and nature of these transactions, particularly during a privatisation scheme, may have implications for the share price and investor sentiment.

For shareholders, the presence of Morgan Stanley as an active participant and its connection to the Offeror should be noted as a sign of institutional interest or involvement. The price range and volume of shares traded, though modest, might reflect underlying demand or market positioning ahead of further developments in the privatisation process.

Investors are advised to watch for additional disclosures and announcements as the scheme progresses. The ongoing regulatory oversight and transparency requirements ensure that further material changes will be promptly reported, potentially moving the share price.

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 professional financial advisor before making any investment decisions. The information presented is based on publicly disclosed documents and may be subject to change or further clarification.

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