On 20 October 2025, details of a privatisation by way of a scheme of arrangement were disclosed for ENN Energy Holdings Limited. According to the announcement, the Executive received a disclosure of securities dealings pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, involving Morgan Stanley & Co., International plc (a Class (5) associate connected with the Offeror).

Morgan Stanley & Co., International plc conducted multiple derivatives transactions referencing ENN Energy Holdings Limited on 17 October 2025. Several sales were executed, involving a total of 200, 2,242, 3,400, 3,658, and 6,100 reference securities, with maturity dates ranging from November 2026 to September 2027. The respective reference prices ranged from approximately US$65.51 to US$66.26. A purchase transaction involving 40,200 reference securities also took place, at a reference price of US$65.4143.

The total amounts paid or received in these transactions varied, including US$13,245.00, US$148,547.32, US$224,288.00, US$242,366.68, US$399,617.10, and US$2,629,653.80. The resultant balance after each transaction was reported as zero. According to the announcement, Morgan Stanley & Co., International plc executed these dealings for its own account and is ultimately owned by Morgan Stanley.