Key Disclosure: Morgan Stanley Bank, N.A. Shares Dealings in ENN Natural Gas Co., Ltd.

Overview

On 17 April 2026, the Executive received a public disclosure regarding significant dealings in the shares of ENN Natural Gas Co., Ltd. by Morgan Stanley Bank, N.A.. This disclosure was made in accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers, amid the ongoing privatisation process of ENN Natural Gas Co., Ltd. via a scheme of arrangement.

Key Points for Investors

• Significant Share Dealings: On 16 April 2026, Morgan Stanley Bank, N.A. executed both purchases and sales of ENN Natural Gas Co., Ltd. ordinary shares as part of hedging activities related to Delta 1 products. These transactions were prompted by wholly unsolicited client-driven orders.
• Details of Purchases: The bank purchased 191,500 shares at a total consideration of RMB 4,011,741.50. The highest price paid per share was RMB 20.98, while the lowest was RMB 20.65.
• Details of Sales: The bank sold 59,500 shares for a total amount of RMB 1,237,511.50. The highest price received was RMB 20.97, and the lowest was RMB 20.64.
• Nature of Transactions: All dealings were conducted as part of hedging for Delta 1 products, which are derivative positions designed to track the underlying share price. Importantly, these were a result of client activity and not proprietary trading or market positioning by Morgan Stanley Bank, N.A.
• Regulatory Note: Morgan Stanley Bank, N.A. is classified as a Class (5) associate connected with the Offeror in the privatisation process. All transactions were executed for its own account, and Morgan Stanley Bank, N.A. is ultimately owned by Morgan Stanley.
• Currency of Dealings: The transactions were conducted in Renminbi (RMB), and all shares involved were A shares of ENN Natural Gas Co., Ltd.

Potential Price-Sensitive Information

• Privatisation Context: This disclosure occurs against the backdrop of a privatisation scheme of arrangement, a process that is typically price-sensitive and closely monitored by shareholders and market participants.
• Active Dealings by a Major Associate: The involvement of Morgan Stanley Bank, N.A.—a significant international financial institution and a connected associate—may signal ongoing institutional interest and movement in ENN Natural Gas Co., Ltd. shares, which could influence market sentiment and share price volatility in the short term.
• Trading Range Details: The reported trading range (RMB 20.64 to RMB 20.98) provides investors with a recent benchmark for share price activity, which may be relevant for those considering market entry or exit strategies during the privatisation process.

What Shareholders Should Watch

• Watch for Further Disclosures: As the privatisation process continues, further disclosures of dealings by connected parties may offer insights into institutional activity and sentiment.
• Monitor Share Price Volatility: The involvement of major financial institutions in significant transactions can affect liquidity and share price volatility, especially during sensitive corporate actions such as privatisation.

Conclusion

The disclosed dealings by Morgan Stanley Bank, N.A. in ENN Natural Gas Co., Ltd. shares are notable both in terms of volume and timing, given the ongoing privatisation. Investors should remain vigilant for further updates, as institutional trading patterns and regulatory disclosures may have a direct impact on share price movements and the outcome of the privatisation scheme.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a professional advisor before making any investment decisions.

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