HKBN Ltd. — Director's Dealing 2025

Apr 2, 2025

Public Disclosure Form

SECURITIES AND FUTURES COMMISSION
證券及期貨事務監察委員會

2 April 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	1 April 2025	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	874	24 October 2025	$5.1896	$4,535.7366	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	874	24 October 2025	$5.1896	$4,535.7366	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,149	2 October 2026	$5.1893	$16,341.1277	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,149	2 October 2026	$5.1893	$16,341.1277	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,207	17 November 2025	$5.1914	$16,648.9769	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,207	17 November 2025	$5.1914	$16,648.9769	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,199	24 October 2025	$5.1891	$21,789.2408	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,199	24 October 2025	$5.1891	$21,789.2408	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,991	30 December 2025	$5.1891	$25,898.8979	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,991	30 December 2025	$5.1891	$25,898.8979	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	8,133	30 April 2025	$5.1892	$42,203.7392	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	8,133	30 April 2025	$5.1892	$42,203.7392	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	9,654	22 December 2025	$5.1891	$50,095.5714	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	9,654	22 December 2025	$5.1891	$50,095.5714	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	36,500	24 July 2028	$5.1799	$189,067.5180	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	36,500	24 July 2028	$5.1799	$189,067.5180	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	40,500	29 May 2026	$5.1762	$209,635.0065	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	40,500	29 May 2026	$5.1762	$209,635.0065	0

End

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.