Bright Smart: Morgan Stanley Capital Services Logs Offset Derivative Trades in Possible Mandatory General Offer Process

Bulletin Express04-15

15 April 2026—The Executive under the Hong Kong Code on Takeovers and Mergers has published a Rule 22 dealing disclosure involving Bright Smart Securities & Commodities Group Limited (Bright Smart) in connection with a possible mandatory general offer.

Morgan Stanley Capital Services LLC, identified as a Class (5) associate of the potential offeror, reported two unsolicited client-facilitation transactions executed on 14 April 2026:

• Instrument: Other derivative products referencing Bright Smart shares • Trade details: – Purchase of 4,000 reference securities – Sale of 4,000 reference securities – Maturity / closing-out date: 29 May 2026 – Reference price: HK$12.38 per share for both legs • Cash consideration: HK$49,520.00 paid on the purchase; HK$49,520.00 received on the sale • Resultant position: Zero balance in the derivatives after offsetting trades

The dealings were conducted on Morgan Stanley Capital Services LLC’s own account. The disclosure satisfies the regulatory requirement to report dealings during an offer period and underscores the firm’s neutral end-of-day exposure to Bright Smart securities.

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