On 12 November 2025, a disclosure related to the proposed privatisation by way of scheme of arrangement for ENN Energy Holdings Limited was released. The Executive received notifications pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers, detailing securities dealings in ENN Energy by Morgan Stanley & Co., International plc (a Class (5) associate connected with the Offeror). All transactions were conducted for Morgan Stanley & Co., International plc’s own account and involved derivatives referencing ENN Energy.

According to the disclosure, Morgan Stanley & Co., International plc conducted several sales on 11 November 2025, categorized as unsolicited client facilitation transactions. A total of 5,600 reference securities were sold with a 30 January 2026 maturity date at a reference price of $70.2500, resulting in total proceeds of $393,400. Another 9,100 reference securities were sold with a 15 June 2026 maturity date at $69.9460, generating $636,508.3998. In addition, 11,500 reference securities were sold with a 10 February 2027 maturity date at $70.2488, totaling $807,860.8000.

Morgan Stanley & Co., International plc also purchased derivatives referencing 100 reference securities (maturity date 17 November 2025) at a reference price of $69.9500 for $6,995.0000, 1,300 reference securities (maturity date 30 July 2027) at $70.3269 for $91,424.9999, 2,700 reference securities (maturity date 13 November 2026) at $70.2222 for $189,599.9967, 8,300 reference securities (maturity date 30 January 2026) at $70.2144 for $582,779.2000, and 17,000 reference securities (maturity date 30 September 2027) at $70.2506 for $1,194,260.0001. Following these transactions, Morgan Stanley & Co., International plc reported a resultant balance of 0 reference securities.

Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley, and the announcement clarifies that the entity is a Class (5) associate connected with the Offeror under the Hong Kong Code on Takeovers and Mergers.