HKBN Ltd. — Director's Dealing 2025

May 12, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

12 May 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 & Co., International plc	9 May 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	63,579	29 May 2026	$5.1244	$325,804.4247	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	23,728	24 October 2025	$5.1244	$121,592.1666	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	36,505	24 October 2025	$5.1244	$187,067.1529	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	85,536	22 December 2025	$5.1244	$438,320.6784	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Sale	27,378	2 October 2026	$5.1244	$140,296.5350	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	7,605	24 October 2025	$5.1244	$38,971.0848	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	12,169	30 December 2025	$5.1245	$62,359.4442	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	13,500	2 February 2026	$5.1212	$69,136.1865	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	14,000	27 October 2025	$5.1212	$71,696.7902	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,500	28 November 2025	$5.1355	$28,245.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	6,500	28 November 2025	$5.1238	$33,304.7845	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,000	31 July 2026	$5.1238	$20,495.2420	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,500	30 November 2026	$5.1238	$28,180.9815	0

End

Note:
Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeree company.

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SFC 證監會

Public Disclosure Form

Dealings were made for its own account.

Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.