On 27 February 2026, a disclosure was made regarding a possible mandatory general offer involving Bright Smart Securities & Commodities Group Limited under Rule 22 of the Hong Kong Code on Takeovers and Mergers. The announcement detailed transactions by Morgan Stanley Capital Services LLC, which is noted as a Class (5) associate connected with the Offeror.

Morgan Stanley Capital Services LLC conducted derivatives transactions on 26 February 2026. The dealings involved other types of products described as unsolicited client facilitation. A purchase of 14,000 reference securities, with a maturity date of 30 September 2027, was executed at a reference price of US$8.5197, resulting in a total amount paid of US$119,276.00. A simultaneous sale of another 14,000 reference securities, also at US$8.5197, brought in a total amount received of US$119,276.00, leaving the resultant balance at 0.

According to the announcement, these dealings were made for Morgan Stanley Capital Services LLC’s own account. The filing also states that Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley.