Hong Kong’s Takeovers Executive has received a disclosure indicating that Morgan Stanley Capital Services LLC (MSCS), classified as a Class (5) associate of the potential offeror, executed a series of derivative transactions linked to Bright Smart Securities & Commodities Group Ltd. (stock code 01428) on 10 March 2026.

MSCS entered into 12 “other products” derivative trades—six purchases and six corresponding sales—under the capacity of “unsolicited client facilitation”.

• Purchases: 812,000 reference securities for a total consideration of USD 6.02 million, with individual trade sizes ranging from 2,000 to 254,000 units and reference prices between USD 7.23 and USD 7.74. Maturity dates span from 18 May 2026 to 28 June 2030.

• Sales: An identical 812,000 reference securities were sold on the same terms and settlement dates, also aggregating USD 6.02 million.

Following these offsetting trades, MSCS reported a resultant position of zero in Bright Smart-linked derivatives.

The disclosure forms part of the regulatory reporting requirements under Rule 22 of the Hong Kong Code on Takeovers and Mergers in the context of a possible mandatory general offer for Bright Smart. MSCS confirmed that the transactions were conducted for its own account and that the firm is ultimately owned by Morgan Stanley.