Detailed Report: Public Disclosure of Dealings in ENN Energy Holdings Limited Shares

Key Highlights from the Hong Kong Takeovers Code Disclosure (5 March 2026)

The Executive has received a public disclosure of securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers relating to ENN Energy Holdings Limited. This disclosure is in the context of the company’s privatisation by way of a scheme of arrangement.

Key Points Investors Should Note

• Significant Derivative Transactions by Morgan Stanley Capital Services LLC:
  Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, reported a series of unsolicited client facilitation trades involving derivatives linked to the shares of ENN Energy Holdings Limited.
• Nature and Volume of Trades:
  • Multiple purchase and sale transactions were executed on 4 March 2026, involving a total notional exposure of 49,576 shares on both the buy and sell sides via derivatives.
  • The derivatives have various maturity/closing out dates, ranging from 1 June 2027 to 2 February 2028.
  • Reference prices for these transactions ranged from \$69.6508 to \$70.2310 per share, with total notional amounts per transaction ranging from approximately \$6,995 to over \$2.38 million.
• Zero Net Position:
  All positions were closed out, with the resultant balance for each line remaining at zero. This suggests these were matched trades executed for client facilitation, rather than proprietary positioning.
• Implication for Shareholders:
  While the trades themselves resulted in no net exposure for Morgan Stanley Capital Services LLC, the large notional values and the timing amid an ongoing privatisation process may be of interest to investors, as they reflect institutional-level trading activity and liquidity in the underlying shares.
• Ownership and Affiliation:
  Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley, a major global financial institution, and its dealings in ENN Energy shares could signal interest or hedging related to the privatisation event.

Potentially Price-Sensitive Information

• Institutional Activity: The scale and nature of these derivative trades, particularly by an entity connected with the Offeror, could be interpreted by the market as a sign of increased activity or positioning ahead of key developments in the privatisation scheme. This could impact share price volatility or sentiment.
• Privatisation Context: The disclosure specifically notes that these dealings are reported as the company is undergoing privatisation by way of a scheme of arrangement. Any large-scale institutional trades or changes in derivatives positions around such a corporate action are typically closely watched by investors and may influence market expectations.

Comprehensive Trade Details

Conclusion

The disclosed trades by Morgan Stanley Capital Services LLC, though resulting in zero net holdings, are notable for their large notional values and the timing around the privatisation of ENN Energy Holdings Limited. Investors should monitor further disclosures and market developments, as these activities may influence market sentiment and share price volatility during this critical period.

Disclaimer: The information provided above is derived from public disclosure documents and is intended for informational purposes only. This article does not constitute investment advice. Investors are advised to consult their financial advisors before making investment decisions.

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