According to the public disclosure form dated 13 November 2025, Morgan Stanley Capital Services LLC reported a series of derivative transactions involving A shares of ENN Natural Gas Co., Ltd. on 12 November 2025 under a proposed privatisation by way of scheme of arrangement. The trades were executed under the Hong Kong Code on Takeovers and Mergers and involved unsolicited client facilitation.

Morgan Stanley Capital Services LLC purchased 80,000 reference securities with a maturity date of 14 May 2026, at a reference price of US$20.5072, paying a total of US$1,640,578. It also sold the same quantity at the same reference price, receiving US$1,640,578. In a similar sequence, the entity purchased 155,200 reference securities with a maturity date of 31 March 2027 at a reference price of US$20.5819, involving a total of US$3,194,310.88, then sold the same volume at that price, also for US$3,194,310.88. The resultant balance in each case was zero.

Morgan Stanley Capital Services LLC is classified as a Class (5) associate connected with the Offeror, and these dealings were executed for its own account. It is ultimately owned by Morgan Stanley. The disclosure indicates that the transactions were carried out in RMB.