Significant Share Dealings in ENN Natural Gas Co., Ltd. by Morgan Stanley Bank, N.A.

Date of Disclosure: 5 March 2026
Subject: Privatisation by way of scheme of arrangement – Disclosure of dealings in the shares of ENN Natural Gas Co., Ltd.

Key Points from the Report

• Morgan Stanley Bank, N.A., a Class (5) associate connected with the Offeror, has conducted a series of significant derivative transactions involving A shares of ENN Natural Gas Co., Ltd.
• All transactions were unsolicited client facilitation trades, both purchases and sales, and were made for Morgan Stanley Bank, N.A.’s own account.
• The transactions occurred on 4 March 2026 and involve derivatives with various maturity dates between April 2026 and August 2027.
• All dealings were conducted in RMB (Renminbi).

Detailed Transaction Summary

Purchases:

• 100 shares via derivatives, maturing on 28 April 2026, at a reference price of RMB 22.4780 for a total amount of RMB 2,247.80.
• 200 shares via derivatives, maturing on 27 January 2027, at RMB 22.9800 (total: RMB 4,596.00).
• 600 shares via derivatives, maturing on 27 January 2027, at RMB 22.4868 (total: RMB 13,492.10).
• 900 shares via derivatives, maturing on 29 December 2026, at RMB 21.9044 (total: RMB 19,714.00).

Sales:

• 100 shares via derivatives, maturing on 27 January 2027, at RMB 22.5600 (total: RMB 2,256.00).
• 100 shares via derivatives, maturing on 28 April 2026, at RMB 22.5920 (total: RMB 2,259.20).
• 6,000 shares via derivatives, maturing on 28 April 2026, at RMB 22.7483 (total: RMB 136,489.998).
• 32,400 shares via derivatives, maturing on 31 August 2027, at RMB 22.2064 (total: RMB 719,487.684).

Important Notes for Shareholders

• Morgan Stanley Bank, N.A. is ultimately owned by Morgan Stanley, a major global financial institution, and is acting as an associate connected to the Offeror in this privatisation scheme.
• The disclosure forms part of the process under the Hong Kong Code on Takeovers and Mergers, specifically as part of the privatisation by way of scheme of arrangement of ENN Natural Gas Co., Ltd.
• All resultant balances are zero, indicating these were likely intermediary trades rather than positions held for a significant period. This could suggest market-making or hedging activity around the privatisation event.
• The large scale of the sales (notably the 32,400 shares and 6,000 shares transactions) may be notable for investors, as such volumes can have a short-term impact on share price and market liquidity, particularly during a sensitive corporate action such as privatisation.
• Investors should be aware that such dealings by a major financial institution, acting for its own account and in connection with the Offeror, might reflect underlying strategic moves related to the ongoing privatisation process and could influence expectations around the transaction price or timing.

Potential Price Sensitivity and Market Impact

• The timing and size of these transactions, especially in the context of an ongoing privatisation, could be considered price sensitive information. Market participants may interpret these trades as indicative of institutional sentiment or possible hedging strategies in anticipation of corporate actions.
• The transactions being fully offset (resulting in zero net holdings) may also suggest a high level of trading activity and liquidity provision during a period of heightened corporate event risk.

Conclusion

The disclosed dealings by Morgan Stanley Bank, N.A. in the shares of ENN Natural Gas Co., Ltd. are notable for their timing, size, and context around the ongoing privatisation scheme. While no net positions are held as a result of these trades, the transactions may still have implications for market liquidity, pricing, and investor sentiment during a critical corporate transition period.

Disclaimer: This article is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult their professional advisers before making any investment decisions. The author and publisher accept no liability for any losses arising from reliance on this information.

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