Bright Smart Securities & Commodities Group Limited (01428) is the subject of fresh disclosure under Rule 22 of the Hong Kong Code on Takeovers and Mergers. On 18 March 2026, The Executive published dealings data showing that Morgan Stanley Capital Services LLC—a Class (5) associate connected with the potential offeror—executed matched derivative trades in Bright Smart shares on 17 March 2026.

Morgan Stanley entered into six separate purchase transactions referencing a combined 724,000 Bright Smart shares for total consideration of approximately HK$11.09 million. The trades, conducted for unsolicited client facilitation, carried reference prices ranging from HK$14.18 to HK$15.86 per share and had maturities spanning from 30 October 2026 to 20 June 2030.

The investment bank simultaneously executed six mirror-image sales referencing the identical aggregate volume and value, also for unsolicited client facilitation and on the same terms. As a result, the net economic exposure and resultant balance in Bright Smart shares for Morgan Stanley Capital Services LLC stood at zero following the transactions.

The disclosure forms part of the ongoing regulatory oversight associated with a possible mandatory general offer (MGO) for Bright Smart. Morgan Stanley Capital Services LLC confirmed that the dealings were executed for its own account and that the firm is ultimately owned by Morgan Stanley.