Bright Smart Securities & Commodities Group Limited (01428.HK) on 12 March 2026 released a Public Disclosure Form under Rule 22 of the Hong Kong Code on Takeovers and Mergers, detailing derivative transactions executed by Morgan Stanley & Co. International plc (a Class (5) associate connected with the potential offeror).

Key details of the 11 March 2026 dealings are as follows:

1. Transaction mix • Purchases: 322,000 reference securities across four separate derivative contracts, valued at HK$2.29 million. • Sale: 16,000 reference securities in one derivative contract, generating HK$0.11 million. • Net cash outflow: approximately HK$2.18 million.

2. Pricing and maturities • Purchase prices ranged from HK$7.0887 to HK$7.1203 per reference security, with maturity dates on 30 September 2027, 30 November 2027 and 7 February 2028. • The sale was executed at HK$7.1219 per reference security with a maturity date of 30 November 2027.

3. Resultant position • Despite the trading activity, Morgan Stanley reported a resultant balance of zero reference securities, indicating no outstanding derivative exposure to Bright Smart following the transactions.

4. Capacity • All trades were conducted on Morgan Stanley’s own account under the category “unsolicited client facilitation.”

The disclosure is made in the context of a possible mandatory general offer for Bright Smart under Hong Kong takeover regulations. No further details on the potential offer were provided in the filing.