On 4 December 2025, the Executive received a disclosure of securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers regarding ENN Natural Gas Co., Ltd. The report indicates that Morgan Stanley Bank, N.A. executed transactions in its ordinary A shares on 3 December 2025. These transactions were conducted as part of hedging activities stemming from unsolicited client-driven orders.
Morgan Stanley Bank, N.A. purchased 112,400 shares, paying a total of $2,469,715.10. The highest price paid was $22.04, while the lowest price paid was $21.896. On the same date, Morgan Stanley Bank, N.A. also sold 175,800 shares for a total of $3,861,416.10 at prices ranging between $21.68 and $22.13 per share. The dealings took place in RMB.
Morgan Stanley Bank, N.A. is classified as a Class (5) associate in connection with the Offeror and is ultimately owned by Morgan Stanley. According to the announcement, these dealings were made for its own account and involved A shares of ENN Natural Gas Co., Ltd.
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