Significant Derivatives Dealings in ENN Energy Holdings Amid Privatisation Scheme

Key Highlights from the Public Disclosure Report

• Date of Disclosure: 4 May 2026
• Context: Ongoing privatisation of ENN Energy Holdings Limited via a scheme of arrangement
• Disclosure Requirement: Transactions disclosed under Rule 22 of the Hong Kong Code on Takeovers and Mergers
• Reporting Party: Morgan Stanley & Co., International plc (a Class (5) associate connected with the Offeror)

Detailed Breakdown of Securities Dealings

The Executive has received disclosure of a series of significant derivatives transactions in the shares of ENN Energy Holdings Limited by Morgan Stanley & Co., International plc. These transactions occurred between late April and early May 2026, during the sensitive period of the company’s privatisation process.

Analysis and Potential Shareholder Impact

• Large Volume Transactions: A total of over 10,000 reference securities were traded in several high-value derivatives transactions, both on the buy and sell side. The most significant transaction was a sale of 7,300 reference securities, valued at approximately USD 447,733.70.
• Context of Ongoing Privatisation: These sizeable, unsolicited client facilitation trades are notable as they take place during a period of heightened sensitivity – ENN Energy Holdings is currently undergoing a privatisation process via a scheme of arrangement. Such activity could be indicative of repositioning by sophisticated investors or market makers as the privatisation unfolds.
• Implications for Share Price: The prices executed for these derivative trades are all clustered around the HKD/USD 61 level, which investors should watch closely as it may signal market consensus or expectations regarding the fair value of ENN Energy Holdings’ shares under the privatisation scheme.
• No Residual Holdings: The resultant balance for all transactions was reported as zero, suggesting these were likely hedged or closed transactions rather than new open positions, which may limit their direct impact on the free float.
• Connected Party Activity: Morgan Stanley & Co., International plc is classified as a Class (5) associate connected with the Offeror, and all dealings were conducted for its own account. This connection could be of interest to shareholders monitoring for potential conflicts of interest or unusual trading behaviour during M&A events.
• Potential for Price Sensitivity: Given the significant volumes, the proximity of trades to the expected privatisation price, and the involvement of a connected party, these disclosures could be price sensitive. Investors should remain vigilant for further disclosures or changes in the privatisation timetable or terms as these could materially impact the share price in the near term.

What Shareholders Should Watch

• Further disclosures of large derivative or equity trades by connected parties or major investors.
• Announcements regarding the terms, timeline, or approval status of the ENN Energy Holdings privatisation scheme.
• Market movements around the disclosed price levels (circa USD 61), which may act as a near-term price anchor.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a financial advisor before making investment decisions. The information herein is based solely on disclosed public filings and may not reflect subsequent events or additional material information.

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