Bright Smart: Morgan Stanley Capital Services Reports $14.74 million Derivative Turnover Amid Possible Mandatory Offer

Bulletin Express03-30

On 30 March 2026, the Executive of the Hong Kong Takeovers and Mergers Code announced that Morgan Stanley Capital Services LLC, classified as a Class (5) associate of the prospective offeror, disclosed derivative dealings in the shares of Bright Smart Securities & Commodities Group Limited under Rule 22, in connection with a possible mandatory general offer.

On 27 March 2026, Morgan Stanley Capital Services executed four unsolicited client-facilitation transactions involving derivatives referenced to Bright Smart shares:

• Purchases: – 148,000 reference shares maturing on 29 May 2026 at $13.1751, consideration $1.95 million. – 410,000 reference shares maturing on 19 April 2027 at $13.2164, consideration $5.42 million.

• Sales (offsetting): – 148,000 reference shares maturing on 29 May 2026 at $13.1751, proceeds $1.95 million. – 410,000 reference shares maturing on 19 April 2027 at $13.2164, proceeds $5.42 million.

The total gross value of the four transactions amounted to $14.74 million, but the matching purchases and sales left Morgan Stanley Capital Services with no resultant position in Bright Smart. All trades were carried out for the firm’s own account, and the entity is ultimately owned by Morgan Stanley.

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