[SC TO-C] MORGAN STANLEY CHINA A SHARE FUND, INC Tender Offer Communication
Transportadora de Gas del Sur S.A. (TGS) has filed a Form 6-K to announce that the Argentine gas regulator ENARGAS issued Resolution 421/2025, published in the Official Gazette on 1 July 2025, approving new tariff charts for the company.
- Automatic monthly adjustment: Tariffs will now be updated every month using the formula set out in Energy Bureau Resolution 241/2025 and approved by ENARGAS Resolution 350/2025. The formula gives a 50 % weight to the national Consumer Price Index (IPC) and 50 % to the Wholesale Price Index (IPIM). The first application produces a 0.62 % tariff increase.
- Five-year review increase: An additional rise for transportation services is introduced pursuant to Section 5 of ENARGAS Resolution 256/2025. The filing does not state the percentage size of this component.
The company states that these adjustments apply to its regulated gas transportation business and were communicated as a material fact to the Argentine capital markets. No further financial, operational or guidance information was included.
Transportadora de Gas del Sur S.A. (TGS) ha presentato un Modulo 6-K per annunciare che il regolatore argentino del gas ENARGAS ha emesso la Risoluzione 421/2025, pubblicata sulla Gazzetta Ufficiale il 1° luglio 2025, approvando nuove tariffe per la società.
- Aggiornamento automatico mensile: Le tariffe saranno ora aggiornate ogni mese utilizzando la formula stabilita nella Risoluzione dell'Ufficio Energia 241/2025 e approvata dalla Risoluzione ENARGAS 350/2025. La formula attribuisce un peso del 50% all'Indice Nazionale dei Prezzi al Consumo (IPC) e del 50% all'Indice dei Prezzi all'Ingrosso (IPIM). La prima applicazione comporta un aumento tariffario dello 0,62%.
- Aumento per revisione quinquennale: Viene introdotto un incremento aggiuntivo per i servizi di trasporto in conformità alla Sezione 5 della Risoluzione ENARGAS 256/2025. La comunicazione non specifica la percentuale di questo aumento.
La società dichiara che tali aggiustamenti si applicano al suo business regolamentato di trasporto gas e sono stati comunicati come fatto rilevante ai mercati finanziari argentini. Non sono state incluse ulteriori informazioni finanziarie, operative o di guidance.
Transportadora de Gas del Sur S.A. (TGS) presentó un Formulario 6-K para anunciar que el regulador argentino del gas ENARGAS emitió la Resolución 421/2025, publicada en el Boletín Oficial el 1 de julio de 2025, aprobando nuevas tarifas para la empresa.
- Ajuste automático mensual: Las tarifas ahora se actualizarán cada mes utilizando la fórmula establecida en la Resolución de la Oficina de Energía 241/2025 y aprobada por la Resolución ENARGAS 350/2025. La fórmula asigna un 50 % de peso al Índice Nacional de Precios al Consumidor (IPC) y un 50 % al Índice de Precios Mayoristas (IPIM). La primera aplicación genera un aumento tarifario del 0,62 %.
- Aumento por revisión quinquenal: Se introduce un incremento adicional para los servicios de transporte conforme a la Sección 5 de la Resolución ENARGAS 256/2025. La presentación no indica el porcentaje de este componente.
La compañía declara que estos ajustes aplican a su negocio regulado de transporte de gas y fueron comunicados como un hecho relevante a los mercados de capital argentinos. No se incluyó información financiera, operativa ni de previsiones adicional.
Transportadora de Gas del Sur S.A. (TGS)는 아르헨티나 가스 규제기관 ENARGAS가 2025년 7월 1일 관보에 게재된 421/2025호 결의를 통해 회사의 새로운 요금표를 승인했다고 발표하는 6-K 양식을 제출했습니다.
- 자동 월간 조정: 요금은 이제 에너지국 결의 241/2025에 명시된 공식과 ENARGAS 결의 350/2025의 승인을 받아 매월 갱신됩니다. 공식은 국가 소비자 물가 지수(IPC)에 50%, 도매 물가 지수(IPIM)에 50%의 가중치를 부여합니다. 첫 적용으로 요금이 0.62% 인상됩니다.
- 5년 주기 검토 인상: ENARGAS 결의 256/2025 제5조에 따라 운송 서비스에 추가 인상이 도입됩니다. 제출 문서에는 이 인상의 구체적인 비율이 명시되어 있지 않습니다.
회사는 이러한 조정이 규제된 가스 운송 사업에 적용되며 아르헨티나 자본시장에 중요한 사실로 통보되었다고 밝혔습니다. 추가적인 재무, 운영 또는 가이던스 정보는 포함되지 않았습니다.
Transportadora de Gas del Sur S.A. (TGS) a déposé un formulaire 6-K pour annoncer que le régulateur argentin du gaz ENARGAS a publié la Résolution 421/2025, parue au Journal Officiel le 1er juillet 2025, approuvant de nouvelles grilles tarifaires pour l'entreprise.
- Ajustement mensuel automatique : Les tarifs seront désormais mis à jour chaque mois selon la formule définie dans la Résolution du Bureau de l'Énergie 241/2025 et approuvée par la Résolution ENARGAS 350/2025. La formule attribue un poids de 50 % à l'Indice des Prix à la Consommation national (IPC) et 50 % à l'Indice des Prix de Gros (IPIM). La première application engendre une augmentation tarifaire de 0,62 %.
- Augmentation liée à la révision quinquennale : Une hausse supplémentaire pour les services de transport est introduite conformément à l'article 5 de la Résolution ENARGAS 256/2025. Le dépôt ne précise pas le pourcentage de cette composante.
L'entreprise indique que ces ajustements s'appliquent à son activité réglementée de transport de gaz et ont été communiqués comme un fait important aux marchés financiers argentins. Aucune autre information financière, opérationnelle ou prévisionnelle n'a été fournie.
Transportadora de Gas del Sur S.A. (TGS) hat ein Formular 6-K eingereicht, um bekannt zu geben, dass die argentinische Gasaufsichtsbehörde ENARGAS die Resolution 421/2025 erlassen hat, die am 1. Juli 2025 im Amtsblatt veröffentlicht wurde und neue Tarifpläne für das Unternehmen genehmigt.
- Automatische monatliche Anpassung: Die Tarife werden nun monatlich anhand der in der Energieregulierungsbehörde Resolution 241/2025 festgelegten Formel aktualisiert, die von der ENARGAS Resolution 350/2025 genehmigt wurde. Die Formel gewichtet den nationalen Verbraucherpreisindex (IPC) zu 50 % und den Großhandelspreisindex (IPIM) zu 50 %. Die erste Anwendung führt zu einer Tariferhöhung von 0,62 %.
- Fünfjahresüberprüfungserhöhung: Gemäß Abschnitt 5 der ENARGAS Resolution 256/2025 wird eine zusätzliche Erhöhung für Transportdienstleistungen eingeführt. Die Einreichung nennt keinen Prozentsatz für diese Komponente.
Das Unternehmen gibt an, dass diese Anpassungen für sein reguliertes Gastransportgeschäft gelten und als bedeutendes Ereignis an die argentinischen Kapitalmärkte kommuniziert wurden. Weitere finanzielle, operative oder prognostische Informationen wurden nicht bereitgestellt.
- None.
- None.
Insights
TL;DR – Tariff framework shifts to monthly indexation, giving TGS modest (0.62 %) but recurring inflation pass-through and an extra long-term hike.
From an earnings perspective, ENARGAS Resolution 421/2025 is positive. The 0.62 % uplift is small in isolation, yet the key takeaway is the automatic monthly indexation tied to Argentine inflation indicators. In a high-inflation economy, this mechanism should stabilise real cash flows and protect margins without requiring ad-hoc negotiations. Additionally, the still-unquantified increase stemming from the five-year tariff review could provide a step change in revenue once details are published. Because the filing lacks volume or peso impact data, the precise uplift cannot be modelled, but the regulatory signal lowers earnings-volatility risk and has favourable valuation implications.
TL;DR – Resolution inaugurates predictable CPI/IPIM pass-through, reducing regulatory lag risk for TGS.
The move aligns gas-transport tariffs with standard cost-recovery principles: frequent, formula-based adjustments and periodic base-rate resets. For investors, this signals a more transparent regime and narrows political-interference risk. However, initial adjustment of 0.62 % suggests that monthly formulae may lag behind Argentina’s double-digit inflation unless compounded. The companion five-year review increase could compensate, but its absence of published magnitude warrants monitoring. Overall, the change is incrementally positive for regulatory certainty.
Transportadora de Gas del Sur S.A. (TGS) ha presentato un Modulo 6-K per annunciare che il regolatore argentino del gas ENARGAS ha emesso la Risoluzione 421/2025, pubblicata sulla Gazzetta Ufficiale il 1° luglio 2025, approvando nuove tariffe per la società.
- Aggiornamento automatico mensile: Le tariffe saranno ora aggiornate ogni mese utilizzando la formula stabilita nella Risoluzione dell'Ufficio Energia 241/2025 e approvata dalla Risoluzione ENARGAS 350/2025. La formula attribuisce un peso del 50% all'Indice Nazionale dei Prezzi al Consumo (IPC) e del 50% all'Indice dei Prezzi all'Ingrosso (IPIM). La prima applicazione comporta un aumento tariffario dello 0,62%.
- Aumento per revisione quinquennale: Viene introdotto un incremento aggiuntivo per i servizi di trasporto in conformità alla Sezione 5 della Risoluzione ENARGAS 256/2025. La comunicazione non specifica la percentuale di questo aumento.
La società dichiara che tali aggiustamenti si applicano al suo business regolamentato di trasporto gas e sono stati comunicati come fatto rilevante ai mercati finanziari argentini. Non sono state incluse ulteriori informazioni finanziarie, operative o di guidance.
Transportadora de Gas del Sur S.A. (TGS) presentó un Formulario 6-K para anunciar que el regulador argentino del gas ENARGAS emitió la Resolución 421/2025, publicada en el Boletín Oficial el 1 de julio de 2025, aprobando nuevas tarifas para la empresa.
- Ajuste automático mensual: Las tarifas ahora se actualizarán cada mes utilizando la fórmula establecida en la Resolución de la Oficina de Energía 241/2025 y aprobada por la Resolución ENARGAS 350/2025. La fórmula asigna un 50 % de peso al Índice Nacional de Precios al Consumidor (IPC) y un 50 % al Índice de Precios Mayoristas (IPIM). La primera aplicación genera un aumento tarifario del 0,62 %.
- Aumento por revisión quinquenal: Se introduce un incremento adicional para los servicios de transporte conforme a la Sección 5 de la Resolución ENARGAS 256/2025. La presentación no indica el porcentaje de este componente.
La compañía declara que estos ajustes aplican a su negocio regulado de transporte de gas y fueron comunicados como un hecho relevante a los mercados de capital argentinos. No se incluyó información financiera, operativa ni de previsiones adicional.
Transportadora de Gas del Sur S.A. (TGS)는 아르헨티나 가스 규제기관 ENARGAS가 2025년 7월 1일 관보에 게재된 421/2025호 결의를 통해 회사의 새로운 요금표를 승인했다고 발표하는 6-K 양식을 제출했습니다.
- 자동 월간 조정: 요금은 이제 에너지국 결의 241/2025에 명시된 공식과 ENARGAS 결의 350/2025의 승인을 받아 매월 갱신됩니다. 공식은 국가 소비자 물가 지수(IPC)에 50%, 도매 물가 지수(IPIM)에 50%의 가중치를 부여합니다. 첫 적용으로 요금이 0.62% 인상됩니다.
- 5년 주기 검토 인상: ENARGAS 결의 256/2025 제5조에 따라 운송 서비스에 추가 인상이 도입됩니다. 제출 문서에는 이 인상의 구체적인 비율이 명시되어 있지 않습니다.
회사는 이러한 조정이 규제된 가스 운송 사업에 적용되며 아르헨티나 자본시장에 중요한 사실로 통보되었다고 밝혔습니다. 추가적인 재무, 운영 또는 가이던스 정보는 포함되지 않았습니다.
Transportadora de Gas del Sur S.A. (TGS) a déposé un formulaire 6-K pour annoncer que le régulateur argentin du gaz ENARGAS a publié la Résolution 421/2025, parue au Journal Officiel le 1er juillet 2025, approuvant de nouvelles grilles tarifaires pour l'entreprise.
- Ajustement mensuel automatique : Les tarifs seront désormais mis à jour chaque mois selon la formule définie dans la Résolution du Bureau de l'Énergie 241/2025 et approuvée par la Résolution ENARGAS 350/2025. La formule attribue un poids de 50 % à l'Indice des Prix à la Consommation national (IPC) et 50 % à l'Indice des Prix de Gros (IPIM). La première application engendre une augmentation tarifaire de 0,62 %.
- Augmentation liée à la révision quinquennale : Une hausse supplémentaire pour les services de transport est introduite conformément à l'article 5 de la Résolution ENARGAS 256/2025. Le dépôt ne précise pas le pourcentage de cette composante.
L'entreprise indique que ces ajustements s'appliquent à son activité réglementée de transport de gaz et ont été communiqués comme un fait important aux marchés financiers argentins. Aucune autre information financière, opérationnelle ou prévisionnelle n'a été fournie.
Transportadora de Gas del Sur S.A. (TGS) hat ein Formular 6-K eingereicht, um bekannt zu geben, dass die argentinische Gasaufsichtsbehörde ENARGAS die Resolution 421/2025 erlassen hat, die am 1. Juli 2025 im Amtsblatt veröffentlicht wurde und neue Tarifpläne für das Unternehmen genehmigt.
- Automatische monatliche Anpassung: Die Tarife werden nun monatlich anhand der in der Energieregulierungsbehörde Resolution 241/2025 festgelegten Formel aktualisiert, die von der ENARGAS Resolution 350/2025 genehmigt wurde. Die Formel gewichtet den nationalen Verbraucherpreisindex (IPC) zu 50 % und den Großhandelspreisindex (IPIM) zu 50 %. Die erste Anwendung führt zu einer Tariferhöhung von 0,62 %.
- Fünfjahresüberprüfungserhöhung: Gemäß Abschnitt 5 der ENARGAS Resolution 256/2025 wird eine zusätzliche Erhöhung für Transportdienstleistungen eingeführt. Die Einreichung nennt keinen Prozentsatz für diese Komponente.
Das Unternehmen gibt an, dass diese Anpassungen für sein reguliertes Gastransportgeschäft gelten und als bedeutendes Ereignis an die argentinischen Kapitalmärkte kommuniziert wurden. Weitere finanzielle, operative oder prognostische Informationen wurden nicht bereitgestellt.
As filed with the Securities and Exchange Commission on July 1, 2025
Securities and
Exchange Commission
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement Under Section 14(d)(1) or
13(e)(1)
of the Securities Exchange Act of 1934
Morgan Stanley
China A Share Fund, Inc.
(Name of Subject Company [Issuer])
Morgan Stanley
China A Share Fund, Inc.
(Name of Filing Persons [Issuer])
Common Stock, Par Value $0.01 Per Share
(Title of Class of Securities)
617468103
(CUSIP Number of Class of Securities)
1585 Broadway
New York, New York 10036
(Address of Principal Executive Office)
Telephone Number, Including Area Code: (212) 537-2607
Deidre E. Walsh, Esq.
1633 Broadway
New York, New York 10019
(Name and Address of Agent for Service)
Copies to:
| Mark F. Parise, Esq. Morgan, Lewis and Bockius LLP One State Street Hartford, CT 06103 |
Allison M. Fumai, Esq. Dechert LLP 1095 Avenue of the Americas New York, New York 10036 |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)
| x | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
| ¨ | third party tender offer subject to Rule 14d-1. |
| x | issuer tender offer subject to Rule 13e-4. |
| ¨ | going-private transaction subject to Rule 13e-3. |
| ¨ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer. ¨
 |
FOR IMMEDIATE RELEASE |
July 1, 2025
Morgan Stanley China A Share Fund, Inc.
Announces Advisory Fee Reduction and Update on Performance-Related Conditional Tender Offer
NEW YORK – Morgan Stanley Investment Management announced today that, effective July 1, 2025, the annual advisory fee of Morgan Stanley China A Share Fund, Inc. (NYSE: CAF) (the “Fund”) will be reduced from an annual fee equal to 1.25% to an annual fee equal to 1.15% of the Fund’s average weekly net assets.
In addition, the requirements of the Fund’s conditional tender offer announced on June 10, 2022 have not been met. Accordingly, the Fund will not be conducting a tender offer at this time, As was previously announced, the Board of Directors of the Fund approved a performance-related conditional tender offer to acquire in exchange for cash up to 25 percent of the Fund’s then issued and outstanding shares at a price equal to 98.5 percent of the Fund’s net asset value per share (“NAV”) (minus the costs and expenses related to the tender offer) as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the business day the offer expires (a “Tender Offer”). As explained in such prior announcement, the Fund would conduct such a Tender Offer only if both (1) the Fund’s total return investment performance measured on a NAV basis did not equal or exceed the total return investment performance of the Fund’s benchmark index, the MSCI China A Onshore Index, during the three-year period commencing on July 1, 2022 and ending on June 30, 2025 (and for the term of successive five-year periods thereafter commencing July 1, 2025), and (2) the Fund’s shares were trading at or below NAV at the conclusion of the applicable measurement period, with such Tender Offer occurring on or before September 30, 2025, and thereafter on each five-year anniversary of September 30, 2025.
For the period July 1, 2022 through June 30, 2025, the Fund’s total return investment performance measured on a NAV basis exceeded that of the MSCI China A Onshore Index. As noted in the fund documents, performance assumes that all dividends and distributions, if any, were reinvested at prices obtained under the Fund’s dividend reinvestment plan.1
Accordingly, no Tender Offer will be conducted for this period. The conditions triggering a Tender Offer (as described above) will be assessed again at the conclusion of the five-year period commencing July 1, 2025 and ending on June 30, 2030 (and for successive five-year periods thereafter commencing on July 1, 2030).
1 The Fund’s Dividend Reinvestment Plan provides that if net asset value exceeds the market price on the reinvestment date, participants will receive shares valued at market price.
For more information: 800.231.2608
If a Tender Offer is triggered, the Fund will issue a press release announcing the Tender Offer and providing additional information about such Tender Offer. Additional terms and conditions of a Tender Offer would also be set forth in the relevant offering materials, which would be distributed to the Fund’s shareholders. The size of any such Tender Offer (up to 25 percent of the Fund’s then issued and outstanding shares), the price at which shares are to be tendered and other terms and conditions of such Tender Offer would be determined by the Board of Directors in its discretion based on its review and consideration of the then-current size of the Fund, market conditions, the ability to repatriate the necessary cash and subject to local Chinese regulatory requirements and other factors it deems relevant.
In the event that a Tender Offer is triggered and more than 25 percent of the Fund’s then issued and outstanding shares are tendered, the Fund will purchase its shares from tendering shareholders on a pro rata basis (odd-lot tenders for stockholders who own fewer than 100 shares are still subject to pro ration), based on the number of tendered shares, at a price equal to 98.5 percent of the Fund’s NAV (minus the costs and expenses related to the tender offer), as described above.
The Fund continues to maintain a share repurchase program (the “Program”) for purposes of enhancing stockholder value by providing the ability to repurchase shares at a discount to NAV. During the year ended December 31, 2024, the Fund repurchased 192,335 of its shares at an average discount of 18.21% from NAV. Since the inception of the Program, the Fund has repurchased (as of December 31, 2024) 362,922 of its shares at an average discount of 18.83% from NAV. The Board of Directors regularly monitors the Program as part of its review and consideration of the Fund’s premium/discount history. The Fund may only repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives of the Program, subject to review by the Board of Directors and the Fund’s ability to repatriate capital gains and income out of China. Upon commencement of a Tender Offer, the Fund expects to temporarily suspend any purchases of shares in the open market pursuant to the Program until at least 10 business days after the termination of the Tender Offer, as required by the Securities Exchange Act of 1934, as amended.
The Fund is a non-diversified, closed-end management investment company that seeks capital growth by investing, under normal circumstances, at least 80% of its assets in A-shares of Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges. The Fund’s shares are listed on the NYSE under the symbol “CAF”.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.6 trillion in assets under management or supervision as of March 31, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.
# # #
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Morgan Stanley Investment Management does not provide tax advice. Investors should always consult a legal or tax professional for information concerning their individual situation.
Investing involves risk and it is possible to lose money on any investment in the Funds.
Media Relations:
Colleen McElhinney
617.672.8995
Colleen.McElhinney@morganstanley.com
