On 22 October 2025, a public disclosure form highlighted several share dealings in ENN Natural Gas Co. Ltd under a proposed privatisation by way of scheme of arrangement. According to the announcement, UBS AG, ultimately owned by UBS Group AG, executed a series of share transactions on 21 October 2025, primarily for hedging Delta 1 products arising from wholly unsolicited client-driven orders. These dealings involved both purchases and sales of ENN Natural Gas Co. Ltd’s A shares, carried out in RMB for UBS AG’s own account.

The total purchases comprised 48,800 shares for RMB 899,758.0096 (highest price RMB 18.4599, lowest RMB 18.3994) and 129,200 shares for RMB 2,383,516.0116 (highest RMB 18.5200, lowest RMB 18.4022). Two sales transactions involved 40,800 shares for RMB 753,553.0142 (highest RMB 18.5600, lowest RMB 18.3811) and 66,500 shares for RMB 1,226,876.0144 (highest RMB 18.5800, lowest RMB 18.3911). Additionally, a separate sale of 13,700 shares for RMB 252,347.0000 was effected through a derivative tied to a basket or index with minimal weighting in ENN Natural Gas Co. Ltd’s securities. UBS AG is classified as an exempt principal trader connected with ENN Natural Gas Co. Ltd.