On 21 October 2025, a public disclosure was released concerning proposed privatisation by way of a scheme of arrangement for ENN Natural Gas Co. Ltd. UBS AG reported multiple transactions in ENN’s A shares dated 20 October 2025, primarily linked to hedging activities for Delta 1 products resulting from unsolicited client-driven orders.

UBS AG disclosed purchases of 65,100 shares for an aggregate consideration of RMB1,190,991.9985 at prices ranging from RMB18.2598 to RMB18.3876. In a separate transaction, it sold 269,200 shares for RMB4,938,190.9522 within a price range of RMB18.1574 to RMB18.3874. Additionally, the bank purchased 15,300 shares at a total price of RMB283,509.0000, with the average price at RMB18.5300, and acquired another 318,400 shares for RMB5,834,665.9945 at a range of RMB18.1833 to RMB18.4200. The final reported transaction was a sale of 369,684 shares at RMB6,787,229.2327, priced between RMB18.1503 and RMB18.4454.

According to the filing, UBS AG is an exempt principal trader connected with ENN Natural Gas Co. Ltd. The transactions were made on its own account, and UBS AG is ultimately owned by UBS Group AG. All trades were carried out in RMB.