Possible Mandatory General Offer: Disclosure of Dealings in Bright Smart Securities & Commodities Group Limited

Bulletin Express12-03

On 3 December 2025, public disclosures were made under Rule 22 of the Hong Kong Code on Takeovers and Mergers concerning Bright Smart Securities & Commodities Group Limited. According to the filing, Morgan Stanley Capital Services LLC, which is ultimately owned by Morgan Stanley and classified as a Class (5) associate connected with the Offeror, executed several derivative transactions referencing the company’s shares on 2 December 2025.

Morgan Stanley Capital Services LLC engaged in multiple unsolicited client facilitation trades, involving both sales and purchases of derivatives. The trades ranged from 4,000 to 16,000 reference securities and were priced between HKD7.4175 and HKD7.4800, with maturity dates falling on 30 January 2026 and 28 June 2030. Each transaction resulted in a total amount paid or received corresponding to the number of reference securities multiplied by the respective reference price. The resultant balance following these transactions was reported as zero.

All dealings were made for Morgan Stanley Capital Services LLC’s own account. The disclosure highlights that the entity is a Class (5) associate of the Offeror in relation to a possible mandatory general offer for Bright Smart Securities & Commodities Group Limited.

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