26 May 2026—A Public Disclosure Form filed under Rule 22 of the Hong Kong Code on Takeovers and Mergers shows that Morgan Stanley Capital Services LLC (MSCS), a Class (5) associate linked to the offeror in the ongoing privatisation of ENN Natural Gas Co., Ltd., executed back-to-back derivative transactions in the target’s A shares on 22 May 2026.

MSCS entered into two unsolicited client-facilitation trades involving 43,100 reference shares each. Both the purchase and the corresponding sale relate to derivatives maturing or closing out on 31 August 2027. The reference price for both legs was RMB19.9368 per share, resulting in gross consideration of approximately RMB0.86 million for each side of the trade.

Because the purchase and sale were executed in equal volumes and at identical prices, MSCS ended the day with a zero resultant position in ENN Natural Gas A shares. All transactions were conducted for MSCS’s own account.

The disclosure forms part of the transparency requirements tied to ENN Natural Gas’s proposed privatisation by way of a scheme of arrangement. MSCS is ultimately owned by Morgan Stanley.