On 6 March 2026, a possible mandatory general offer involving Bright Smart Securities & Commodities Group Limited (01428) was disclosed in an announcement submitted to the Executive under the Hong Kong Code on Takeovers and Mergers. According to the document, Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, reported multiple dealings in derivatives referencing Bright Smart’s shares on 5 March 2026. The transactions involved both purchases and sales, with reference prices generally in the $7.44 to $7.49 range, and maturity dates spanning from November 2027 to June 2030. The total amounts paid or received ranged from $0.19 million up to $1.08 million for individual transactions.

Morgan Stanley & Co., International plc stated that these dealings were made for its own account. The disclosure, submitted pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, notes that Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.