Bright Smart: Morgan Stanley Logs HKD 8.26 Million in Derivative Trades Linked to Potential General Offer

Bulletin Express03-23

Bright Smart Securities & Commodities Group Limited (Bright Smart) disclosed that Morgan Stanley & Co. International plc—a Class (5) associate connected with the potential offeror—executed a series of unsolicited client-facilitation derivative transactions in Bright Smart securities on 20 March 2026.

Morgan Stanley’s activity comprised six trades involving “other” derivative products: • Purchases: Four transactions totaling 88,000 reference securities, with consideration of HKD 1.05 million, at prices ranging from HKD 11.46 to HKD 12.71 per reference security. • Sales: Three transactions totaling 18,000 reference securities, generating proceeds of HKD 0.21 million, at prices between HKD 11.52 and HKD 12.72 per reference security.

Collectively, gross dealings reached HKD 1.27 million, equivalent to approximately USD 162,000.* Maturity dates for the derivatives span 29 May 2026 to 30 November 2027. The resultant position reported for Morgan Stanley is zero, indicating no outstanding balance after the trades.

The disclosure was filed under Rule 22 of the Hong Kong Code on Takeovers and Mergers amid a possible mandatory general offer for Bright Smart. Morgan Stanley & Co. International plc confirmed the transactions were conducted for its own account and noted its ultimate ownership by Morgan Stanley.

*Converted at USD 1 = HKD 7.80 for reference only, in line with market convention.

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