HKBN Ltd. — Director's Dealing 2025

Aug 1, 2025

Public Disclosure Form

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

1 August 2025

Possible voluntary general offer

Disclosure of dealings in the shares of HKBN Ltd.

The Executive received the following disclosure of securities dealings pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers:

Party	Date	Description of relevant securities	Description of products	Nature of dealings	Number of reference securities to which the derivatives relate	Maturity date / closing out date	Reference price	Total amount paid / received	Resultant balance (including those of any person with whom there is an agreement or understanding)
Morgan Stanley Capital Services LLC	31 July 2025	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,000	28 November 2025	$4.9917	$19,966.9900	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,000	28 November 2025	$4.9917	$19,966.9900	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,000	13 November 2026	$4.9944	$19,977.5000	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,000	13 November 2026	$4.9944	$19,977.5000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,000	30 November 2026	$4.9917	$19,966.9900	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,000	30 November 2026	$4.9917	$19,966.9900	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	14,095	24 October 2025	$5.0000	$70,474.4686	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	14,095	24 October 2025	$5.0000	$70,474.4686	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	22,552	30 December 2025	$5.0000	$112,759.7677	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	22,552	30 December 2025	$5.0000	$112,759.7677	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	27,500	30 September 2026	$5.0054	$137,649.1050	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	27,500	30 September 2026	$5.0054	$137,649.1050	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	67,656	24 October 2025	$5.0000	$338,279.2828	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	67,656	24 October 2025	$5.0000	$338,279.2828	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	86,826	2 October 2026	$5.0000	$434,129.1317	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	86,826	2 October 2026	$5.0000	$434,129.1317	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	134,749	29 May 2026	$5.0000	$673,744.7440	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	134,749	29 May 2026	$5.0000	$673,744.7440	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	157,981	22 December 2025	$5.0000	$789,905.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	157,981	22 December 2025	$5.0000	$789,905.0000	0

End

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SFC 證監會

Public Disclosure Form

Note:

Morgan Stanley Capital Services LLC is a Class (5) associate connected with the Offeree company.

Dealings were made for its own account.

Morgan Stanley Capital Services LLC is ultimately owned by Morgan Stanley.