Bright Smart Securities & Commodities Group Limited published a disclosure on 25 February 2026 pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers. The announcement stated that Morgan Stanley & Co. International plc, a Class (5) associate connected with the Offeror, carried out share dealings on 24 February 2026. Morgan Stanley & Co. International plc is ultimately owned by Morgan Stanley.
According to the filing, Morgan Stanley & Co. International plc purchased 376,000 ordinary shares for a total of US$3.34 million, with the highest and lowest prices at US$9.04 and US$8.81, respectively. On the same day, it sold 236,000 ordinary shares for a total of US$2.09 million, with the highest and lowest prices at US$8.92 and US$8.82, respectively. The announcement noted that these transactions arose from hedging of Delta 1 products created by wholly unsolicited client-driven orders.