On 30 March 2026 the Executive received a Rule 22 disclosure under the Hong Kong Code on Takeovers and Mergers, detailing derivative transactions conducted by Morgan Stanley & Co., International plc (MSIP) in the shares of Bright Smart Securities & Commodities Group Limited (Bright Smart) on 27 March 2026. MSIP is classified as a Class (5) associate of the prospective offeror and executed the trades for its own account.
MSIP carried out three “other products” derivative trades, all described as “unsolicited client facilitation”:
• Purchase: 148,000 reference securities maturing 29 May 2026 at a reference price of $13.1751, for a consideration of approximately 1.95 million. • Sale: 74,000 reference securities maturing 8 November 2027 at a reference price of $13.2164, for a consideration of approximately 0.98 million. • Sale: 410,000 reference securities maturing 19 April 2027 at a reference price of $13.2164, for a consideration of approximately 5.42 million.
The combined trading volume totalled 632,000 reference securities, with gross consideration of about 8.35 million. Net, MSIP’s sales exceeded purchases by 336,000 reference securities, equivalent to a net sale consideration of roughly 4.45 million. Following settlement, MSIP reported a resultant position of zero in the referenced derivatives.
These disclosures form part of the ongoing monitoring process linked to a potential mandatory general offer for Bright Smart under Hong Kong’s Takeovers Code. MSIP’s status as an associate of the offeror places its market activities under heightened reporting obligations. *Currency is stated as per the announcement.
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