Major Securities Dealings Disclosed in ENN Energy Holdings Privatisation Scheme

Date: 4 March 2026
Subject: Public Disclosure of Dealings in ENN Energy Holdings Limited Shares (Privatisation Scheme)

Key Points from the Disclosure

• The Hong Kong Executive has received a public disclosure form detailing recent securities dealings by Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror in the privatisation of ENN Energy Holdings Limited.
• All disclosed transactions involved derivatives classified as “other types of products” with dealings executed as unsolicited client facilitation purchases and sales.
• The dealings were made for Morgan Stanley & Co., International plc’s own account, not on behalf of clients, and the entity is ultimately owned by Morgan Stanley.

Detailed Breakdown of Transactions

• Purchases:
  • Multiple derivative purchases were made between 3 March 2026 and 2 September 2027, with maturities ranging from October 2026 to September 2027.
  • Individual transactions ranged from 200 to 14,000 reference securities per trade, at prices between \$69.8750 and \$71.3500.
  • Largest single purchase involved 14,000 reference securities at \$70.5675 (totaling \$987,945.4060).
  • Total purchase amounts in individual trades ranged from \$13,975.00 to \$196,649.88.
• Sales:
  • Several derivative sales were also disclosed, with maturities between June 2026 and December 2027.
  • Sales ranged from 900 to 20,000 reference securities per trade, at prices between \$70.2767 and \$71.8500.
  • Largest single sale involved 20,000 reference securities at \$70.2767 (totaling \$1,405,534.07).
  • Total sale amounts in individual trades ranged from \$64,665.00 to \$1,405,534.07.
• Resultant Balance: After each transaction, the resultant balance for Morgan Stanley & Co., International plc was reported as zero, indicating these were facilitation trades and not proprietary positions being held.

Potential Impact for Shareholders

• Privatisation Context: These disclosed dealings are related to the ongoing privatisation by way of a scheme of arrangement for ENN Energy Holdings Limited. The involvement of a major financial institution like Morgan Stanley in such facilitation trades may indicate heightened activity and liquidity in ENN Energy derivatives as the privatisation process unfolds.
• Price Sensitivity: The scale and volume of both purchase and sale transactions—some exceeding \$1 million in value—are significant. Such activity could be indicative of increased investor interest or speculation around the privatisation, and may affect share price volatility or sentiment. Investors should be alert to possible movements in the ENN Energy Holdings share price as these trades reflect substantial market transactions.
• Transparency: The disclosure provides transparency about the dealings by a connected party of the Offeror, addressing any potential conflicts of interest and ensuring shareholders are informed. This is particularly relevant during corporate actions such as privatisation, where share price movements can be abrupt and material.

What Investors Should Watch For

• Monitor any further disclosures related to the privatisation scheme, as the ongoing activity may signal shifts in market sentiment or the likelihood of the scheme proceeding.
• Watch for price movements in ENN Energy Holdings shares, as large facilitation trades can lead to increased volatility.
• Consider the role of Morgan Stanley & Co., International plc as a Class (5) associate and its potential influence in the privatisation process.

Disclaimer: The information above is based on publicly disclosed dealing reports and is intended for informational purposes only. It does not constitute investment advice. Investors should conduct their own research and consult professional advisors before making any investment decisions. The disclosed dealings reflect facilitation activity and may not represent proprietary trading positions. All values are as reported and may be subject to change.

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