Morgan Stanley Discloses Matched Derivative Trades on 106,000 Bright Smart Shares, Flagging Possible Mandatory Offer

Bulletin Express03-23

Bright Smart Securities & Commodities Group Limited (Bright Smart) has become the subject of a “possible mandatory general offer” notification after Morgan Stanley Capital Services LLC (MSCS) reported sizeable derivative dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

MSCS, classified as a Class (5) associate of the potential offeror, executed multiple unsolicited client-facilitation trades on 20 March 2026 that collectively referenced 106,000 Bright Smart shares. Transactions were split evenly between purchases and sales, leaving MSCS with no resultant position at day-end.

Key transaction metrics • Aggregate notional purchases: 106,000 shares for USD 1.27 million, implying an average reference price of USD 11.94 per share. • Aggregate notional sales: 106,000 shares for USD 1.27 million at the same average price, fully offsetting the purchases. • Maturity profiles: most contracts mature on 2 September 2027, with additional tranches expiring on 29 May 2026 and 30 November 2027. • Largest single line: 76,000-share purchase and sale strips priced at USD 11.89 per share, each worth approximately USD 0.90 million.

MSCS confirmed that all dealings were conducted for its own account. The disclosure establishes its connected-party status and fulfills reporting requirements ahead of any potential mandatory general offer for Bright Smart under Hong Kong takeover regulations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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