UBS AG Reports Substantial Dealings in ENN Natural Gas Co Ltd Shares Amidst Privatisation Scheme

Date: 2 March 2026
Subject: Public Disclosure of Dealings in ENN Natural Gas Co Ltd Shares

Key Points from the Report

• Privatisation Event: These disclosures are tied to a privatisation of ENN Natural Gas Co Ltd via a scheme of arrangement, a corporate event that can have substantial share price implications.
• UBS AG’s Role: UBS AG, an exempt principal trader connected with ENN Natural Gas Co Ltd (the Offeree company), reported a series of substantial dealings in the company’s A shares.
• Nature of Dealings: The transactions covered both purchases and sales, driven primarily by hedging activities related to Delta 1 products, resulting from wholly unsolicited client-driven orders.
• Volume and Value: The total volumes involved are significant, with single-day transactions reaching hundreds of thousands of shares and corresponding multi-million RMB values.
• Pricing Details: The highest prices for ENN shares in these transactions reached RMB 20.45 per share, and the lowest at RMB 19.8824 per share, over the course of a single trading day.
• Derivative Dealings: UBS also engaged in trading derivatives referenced to securities baskets or indices containing ENN shares, although these represented less than 1% of the class in issue and less than 20% of the basket’s value.
• Ownership: UBS AG is ultimately owned by UBS Group AG, indicating the involvement of a major global financial institution.
• Currency: All transactions were carried out in RMB.

Detailed Breakdown of Transactions

Investor Insights and Potential Price Sensitivity

• Significant Trading Volumes: The large-scale buying and selling by UBS AG, particularly in the context of a privatisation, could signal heightened activity and interest in ENN Natural Gas shares.
• Possible Price Impact: The high volume and value of these trades, along with the narrow trading range, could influence market perceptions of the underlying value of ENN shares, especially as privatisation talks progress.
• Hedging Activity: While these trades are mainly for hedging purposes and not direct investment or divestment, the scale could still generate increased volatility or liquidity in the shares.
• Privatisation Context: The disclosures are made under the Hong Kong Code on Takeovers and Mergers, underscoring the material significance of these transactions during a sensitive corporate action.
• Derivative Dealings: Although the derivative transactions are relatively small in proportion to the overall class, their presence highlights complex trading strategies that could be relevant for sophisticated investors.

What Shareholders Should Know

Shareholders should closely monitor further disclosures and announcements related to the privatisation scheme. The scale and frequency of UBS AG’s trades, in connection with a major corporate restructuring, may point to potential volatility and price sensitivity in ENN Natural Gas Co Ltd’s shares in the near term. Investors should remain alert to additional regulatory filings and market developments, as these could have a direct impact on the company’s valuation and their investment decisions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors are advised to conduct their own research or consult professional advisers before making any investment decisions. The information herein is based on disclosures made by UBS AG as of 2 March 2026 and may be subject to change.

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