Bright Smart: Morgan Stanley Discloses Net HK$1.39 Million Derivative Purchase Amid Possible Mandatory General Offer

Bulletin Express04-29

Hong Kong’s Takeovers and Mergers Executive received a Rule 22 filing revealing that Morgan Stanley & Co. International plc, classified as a Class (5) associate of the potential offeror, executed three derivative transactions referencing the shares of Bright Smart Securities & Commodities Group Limited on 28 April 2026.

The investment bank facilitated unsolicited client trades involving: • A purchase of 2,000 share-linked derivatives maturing on 28 July 2026 at HK$12.2522, totalling HK$0.02 million. • A purchase of 162,000 share-linked derivatives maturing on 8 April 2027 at HK$12.3887, totalling HK$2.01 million. • A sale of 52,000 share-linked derivatives maturing on 29 May 2026 at HK$12.25, generating proceeds of HK$0.64 million.

Aggregate activity resulted in a net purchase of 112,000 underlying share equivalents and a net cash outflow of approximately HK$1.39 million. Following settlement, Morgan Stanley & Co. International plc reported a resultant balance of zero in these derivative positions, indicating no residual exposure.

All dealings were conducted for the bank’s own account. Morgan Stanley & Co. International plc is ultimately owned by Morgan Stanley. The disclosure forms part of ongoing monitoring related to a possible mandatory general offer for Bright Smart.

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