Bright Smart (1428.HK) Possible Mandatory General Offer: Morgan Stanley & Co. International plc Discloses Share Dealings

Bulletin Express11-27

Bright Smart Securities & Commodities Group Limited (1428.HK) is the subject of a possible mandatory general offer. According to a disclosure dated 27 November 2025, The Executive received details of transactions involving the shares of Bright Smart Securities & Commodities Group Limited under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

Morgan Stanley & Co. International plc, a Class (5) associate connected with the Offeror, reported two derivatives transactions carried out on 26 November 2025. Both transactions were unsolicited client facilitation activities for its own account. One involved the purchase of 54,000 relevant securities with a maturity date of 20 June 2030 at a reference price of HKD8.0887, totaling HKD436,792. The second involved the sale of 70,000 relevant securities with a maturity date of 8 November 2027, at a reference price of HKD8.0287 and a total amount of HKD562,011.9890. Both resultant balances stood at zero after these dealings.

Morgan Stanley & Co. International plc is ultimately owned by Morgan Stanley and, in this instance, acted in connection with the Offeror under the Hong Kong Code on Takeovers and Mergers.

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