Key Points from the Disclosure

• Date of Disclosure: 4 May 2026
• Transaction Date: 30 April 2026
• Party Involved: Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror, and ultimately owned by Morgan Stanley.
• Nature of Dealings: The transactions involved derivatives—specifically, “Other types of products”—with both purchase and sale being executed as unsolicited client facilitation transactions.
• Securities Involved: 9,000 A shares of ENN Natural Gas Co., Ltd. per transaction, totaling 18,000 shares across both purchase and sale.
• Reference Price: RMB 20.4623 per share.
• Total Amount Paid/Received: RMB 184,160.4030 per transaction.
• Maturity/Closing Date for Derivatives: 31 August 2027.
• Resultant Balance: 0 (no open position remained after the transactions).

Important Information for Shareholders

• Privatisation by Scheme of Arrangement: The disclosure was made in the context of a planned privatisation of ENN Natural Gas Co., Ltd. via a scheme of arrangement. This is a significant corporate action that could impact share value and investor returns.
• Large Derivative Transactions: The transactions, though matched in purchase and sale (both for 9,000 shares), indicate active derivative market involvement by a major financial institution connected with the Offeror. This could signal hedging or liquidity provisioning activity around the privatisation event.
• Price Sensitivity: The reference price of RMB 20.4623 per share for the derivatives could serve as an important price reference for current and prospective investors, especially in the context of the ongoing privatisation scheme.
• Market Impact: Although the net resultant balance is zero (suggesting no net directional bet), the disclosure of such activity itself may be interpreted by the market as a signal of heightened institutional activity and may influence short-term share price movements, particularly as it relates to the privatisation process.
• Currency Note: All dealings were made in RMB, which is relevant for investors tracking currency exposure.

Detailed Transaction Breakdown

What Investors Should Watch

• The privatisation process and associated derivative activities by connected parties could introduce volatility or signal potential outcomes regarding the scheme’s success or pricing.
• Shareholders should pay close attention to further disclosures involving connected parties, as these may provide insights into institutional expectations or hedging strategies around the privatisation.
• The disclosed reference price may serve as a benchmark or floor for the ongoing scheme and could influence market sentiment.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult with professional advisers before making any investment decisions. The information herein is based on public disclosures and may not reflect all relevant market developments.

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