On 12 November 2025, an announcement was made regarding the proposed privatisation of ENN Energy Holdings Limited by way of a scheme of arrangement. According to the disclosure, Morgan Stanley Capital Services LLC reported multiple derivatives transactions on 11 November 2025, all executed under unsolicited client facilitation. Each purchase transaction was matched by a corresponding sale with the same quantity, resulting in no net balance.

The transactions involved varying quantities—ranging from 1,300 to 17,000 reference shares—and carried maturity dates extending from January 2026 to September 2027. Reference prices spanned approximately US$69.9460 to US$70.3269, and the total amounts paid or received for each matched trade ranged from about US$91,424.9999 to US$1,194,260.0001. Morgan Stanley Capital Services LLC, a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley, confirmed that the dealings were for its own account.