Disclosure of Dealings in ENN Natural Gas Co., Ltd. Shares by Morgan Stanley Bank, N.A.
Disclosure of Dealings in ENN Natural Gas Co., Ltd. Shares by Morgan Stanley Bank, N.A.
Key Points from the Public Disclosure Form
- Date of Disclosure: 11 March 2026
- Subject: Privatisation by way of scheme of arrangement and disclosure of dealings in ENN Natural Gas Co., Ltd. (“ENN Natural Gas”) shares.
- Disclosing Party: Morgan Stanley Bank, N.A., a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley.
- Nature of Transaction: Sale of ordinary shares as part of the hedging of Delta 1 products, which resulted from wholly unsolicited client-driven orders.
- Date of Dealings: 10 March 2026
- Securities Involved: A shares of ENN Natural Gas Co., Ltd.
- Total Number of Shares Sold: 1,900 shares
- Total Amount Received: RMB 39,911.00
- Price Range: Highest price per share – RMB 21.09; Lowest price per share – RMB 20.88
Important Information for Shareholders
Investors should note that these transactions were undertaken as part of the hedging of Delta 1 products, which were created due to unsolicited client-driven orders. This indicates that the sales were not proprietary trading for Morgan Stanley Bank, N.A., but rather related to risk management activities prompted by client demand.
The involvement of a Class (5) associate (Morgan Stanley Bank, N.A.) connected with the Offeror in the context of a privatisation by scheme of arrangement may be of particular interest to shareholders. Such dealings, even if driven by clients and not proprietary in nature, can be price sensitive, especially during sensitive periods such as privatisation processes. The sale prices realised in the market during the transaction (RMB 20.88 to RMB 21.09) may also serve as an indicator of current trading levels and liquidity for ENN Natural Gas shares.
Shareholders should be aware that any dealings by parties connected with the Offeror could be scrutinised for their potential impact on the privatisation process, as well as implications for the fairness and transparency of the scheme. While these transactions were disclosed as required under the Hong Kong Code on Takeovers and Mergers, any significant buying or selling activity by connected parties during a potential change-of-control event can draw regulatory and market attention, potentially affecting share price volatility.
Details of the Transaction
| Party |
Date |
Nature of Securities |
Nature of Dealings |
Type |
Number of Shares |
Total Amount |
Highest Price |
Lowest Price |
| Morgan Stanley Bank, N.A. |
10 March 2026 |
Ordinary Shares (A shares) |
Hedging of Delta 1 products (client-driven) |
Sale |
1,900 |
RMB 39,911.00 |
RMB 21.09 |
RMB 20.88 |
Potential Price Impact
The disclosed sale of 1,900 shares by Morgan Stanley Bank, N.A. is not a particularly large volume in itself but is significant given the context of privatisation and the party’s connection with the Offeror. The range of prices achieved could serve as a reference for current market pricing. Investors should monitor further disclosures, as repeated or larger transactions by connected parties could influence share price movements, especially during the ongoing privatisation process.
Conclusion
As the privatisation process for ENN Natural Gas continues, shareholders should stay informed of all disclosed dealings by parties connected with the Offeror, as these can affect not just short-term trading but also the overall outcome and perceived fairness of the privatisation scheme.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions. The information is based on public disclosures as of 11 March 2026 and may be subject to change.
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