Key Disclosure: Securities Dealings In ENN Natural Gas Co., Ltd.

Privatisation Scheme and Recent Transactions

On 4 March 2026, a public disclosure was made regarding the ongoing privatisation of ENN Natural Gas Co., Ltd. through a scheme of arrangement. This disclosure is especially relevant for shareholders and investors, as it involves substantial dealings in the company’s shares that could potentially impact share values.

Highlights of Securities Dealings

• Party Involved: Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, and ultimately owned by Morgan Stanley.
• Date of Dealings: 3 March 2026
• Type of Securities: Derivatives linked to A shares of ENN Natural Gas Co., Ltd.
• Nature of Dealings:
  • Unsolicited client facilitation – Purchase of 18,800 reference securities.
  • Unsolicited client facilitation – Sale of 18,800 reference securities.
• Maturity Date / Closing Out Date: 31 August 2027
• Reference Price: RMB 23.1157 per share
• Total Amount Paid/Received: RMB 434,575.50 for each transaction (purchase and sale)
• Resultant Balance: Zero (no net position held after these transactions)

Implications for Shareholders

Important Note: These transactions were made for Morgan Stanley Capital Services LLC’s own account and were unsolicited client facilitation trades. As Morgan Stanley Capital Services LLC is connected to the Offeror in the privatisation process, these dealings are noteworthy for investors tracking the progress and market activity surrounding ENN Natural Gas’s privatisation.

The purchase and sale of derivatives linked to ENN Natural Gas A shares at the same price and for the same quantity, resulting in a zero net position, suggests no directional bet or accumulation/disposal of shares by Morgan Stanley Capital Services LLC as of this disclosure. However, the mere activity of a major financial institution like Morgan Stanley in derivatives tied to ENN Natural Gas during a sensitive privatisation process could be price sensitive and may attract increased market scrutiny.

Investors should monitor any further disclosures closely, as any significant change in positions, or activity from associates of the Offeror, could signal shifts in the privatisation process or confidence in the underlying share value.

Additional Details

• The products involved were described as “other types of products” under derivatives, and all transactions were executed in RMB.
• Morgan Stanley Capital Services LLC holds no resultant balance after these trades, indicating these were likely matched trades for client facilitation rather than proprietary speculation.

Conclusion

While this disclosure does not indicate a change in ownership or a large directional trade, the involvement of a connected party during the privatisation process, and the facilitation of sizable derivatives trades, is potentially price sensitive information. Investors should be vigilant for subsequent disclosures or developments, especially as the privatisation scheme progresses.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their own advisors and refer to official company and regulatory filings for decision-making. The content is based on publicly available disclosure and may not reflect future changes or developments.

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