Hong Kong’s Takeovers Executive has received a Rule 22 disclosure concerning Bright Smart Securities & Commodities Group Limited (stock code 01428) in relation to a possible mandatory general offer.

On 9 March 2026, Morgan Stanley & Co., International plc—classified as a Class (5) associate connected with the potential offeror—conducted two hedge-related transactions in Bright Smart shares arising from wholly unsolicited, client-driven Delta 1 orders:

• Purchases: 394,000 ordinary shares for a total consideration of HK$2.98 million, executed within a price range of HK$7.39 to HK$7.84 per share.

• Sales: 590,000 ordinary shares for a total consideration of HK$4.48 million, executed within a price range of HK$7.32 to HK$7.87 per share.

Net of the above trades, Morgan Stanley sold 196,000 shares for a net cash inflow of approximately HK$1.50 million. All dealings were carried out on the firm’s own account.