On 22 October 2025, a public disclosure form was released regarding dealings in the shares of ENN Energy Holdings Limited in connection with a proposed privatisation by way of a scheme of arrangement. The announcement indicates that Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeror, disclosed several transactions on 21 October 2025 for its own account.

Morgan Stanley & Co., International plc reported the purchase of 7,400 ordinary shares at a total of US$496,950, with the highest and lowest prices at US$67.55 and US$67.15 respectively, followed by the sale of 6,700 ordinary shares at a total of US$453,200.10 and prices ranging from a high of US$67.95 to a low of US$67.30. It also disclosed the purchase of 300 ordinary shares at a total of US$20,230.10, with a highest price of US$67.9010 and a lowest price of US$67.15.

According to the announcement, the transactions involved hedging activities for Delta 1 products and other equity-related products originating from wholly unsolicited client-driven orders. Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.