Bright Smart Securities & Commodities Group Limited (01428) disclosed on 12 March 2026 that Morgan Stanley & Co. International plc—a Class (5) associate connected with the potential offeror—reported hedging transactions in Bright Smart shares executed on 11 March 2026 under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

Morgan Stanley purchased 16,000 ordinary shares for approximately 0.11 million at prices ranging from HK$7.1060 to HK$7.1460 (average HK$7.12). Concurrently, it sold 322,000 shares for about 2.29 million at prices between HK$7.0884 and HK$7.1460 (average HK$7.12).

The activity resulted in a net disposal of 306,000 shares and a net cash inflow of roughly 2.18 million. All trades were conducted for Morgan Stanley’s own account and arose from hedging Delta 1 products created by wholly unsolicited client-driven orders.

The disclosure forms part of the ongoing monitoring process related to a possible mandatory general offer for Bright Smart.