Bright Smart Securities & Commodities Group Limited (01428) received a Rule 22 disclosure indicating that Morgan Stanley & Co. International plc, classified as a Class (5) associate of the potential offeror, executed significant on-exchange hedging transactions on 10 March 2026 in connection with Delta 1 products generated by wholly unsolicited client-driven orders.

Morgan Stanley purchased 390,000 Bright Smart ordinary shares for a total consideration of USD 2.88 million, paying between USD 7.23 and USD 7.59 per share. On the same day, it sold 842,000 shares, realising USD 6.24 million at prices ranging from USD 7.13 to USD 7.88 per share.

The combined activity resulted in a net disposal of 452,000 shares, with aggregate trading volume reaching 1.23 million shares and cumulative turnover of USD 9.11 million. The calculated average transaction prices were approximately USD 7.38 per share for purchases and USD 7.41 per share for sales.

These dealings form part of the ongoing disclosure requirements tied to a possible mandatory general offer for Bright Smart under the Hong Kong Code on Takeovers and Mergers. Morgan Stanley & Co. International plc confirmed that all trades were executed for its own account and that the firm is ultimately owned by Morgan Stanley.