Bright Smart Securities faces mandatory offer disclosure

Morgan Stanley & Co. International plc has disclosed dealings in derivatives related to Bright Smart Securities & Commodities Group shares, as required under Rule 22 of the Hong Kong Code on Takeovers and Mergers. The disclosure, dated 2 June 2025, reveals unsolicited client facilitation sales executed on 30 May 2025. These transactions involved a total of 1,396,000 reference securities underlying the derivatives. Specifically, the firm sold 300,000 derivatives at a price of USD 7.3079, generating USD 2,192,373.5940. An additional 350,000 derivatives were sold at USD 7.1992, resulting in USD 2,519,733.6979. Furthermore, 746,000 derivatives were sold at USD 7.1487, amounting to USD 5,332,944.0353. The maturity date for all derivatives is 26 November 2026. Morgan Stanley & Co. International plc is classified as a Class (5) associate connected with the offeror. The dealings were made for the firm's own account, and the company is ultimately owned by Morgan Stanley.