On 5 February 2026, a possible mandatory general offer was announced regarding dealings in the shares of Bright Smart Securities & Commodities Group Limited. According to the Hong Kong Code on Takeovers and Mergers, Morgan Stanley & Co., International plc disclosed multiple unsolicited client facilitation sales of derivatives on 4 February 2026, referencing a total of 196,000 relevant securities. These transactions had various maturity dates between 12 October 2026 and 12 January 2028, and reference prices ranged roughly from HK$8.5433 to HK$8.5967. The resultant balance after each transaction was reported as zero.
Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeror and conducted these dealings for its own account. It is ultimately owned by Morgan Stanley.