On 20 October 2025, a disclosure pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers was released in connection with the proposed privatisation by way of scheme of arrangement for ENN Natural Gas Co. Ltd. UBS AG, identified as an exempt principal trader connected with the offeree company, reported multiple dealings in A shares of ENN Natural Gas Co. Ltd. on 17 October 2025. These transactions were carried out in RMB and included both purchases and sales related to hedging of Delta 1 products arising from unsolicited client-driven orders, as well as derivatives referenced to a basket or index in which ENN Natural Gas Co. Ltd. shares represented less than 1% of the class in issue and less than 20% of the value of the basket or index.

UBS AG disclosed purchases totaling three separate transactions and sales in four separate transactions on the same date. The highest and lowest prices involved in the purchase dealings ranged between RMB18.4133 and RMB18.5840, while sale prices ranged between RMB18.4000 and RMB18.5600. Dealings were made for UBS AG’s own account, and the announcement noted that UBS AG is ultimately owned by UBS Group AG.