HKBN Ltd. — Director's Dealing 2025

Mar 5, 2025

Public Disclosure Form

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

5 March 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	4 March 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	2,000	11 January 2028	$5.0850	$10,170.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	24,000	31 July 2025	$5.0610	$121,465.0080	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	11,000	24 July 2028	$5.1000	$56,100.0000	0

---

SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Sale	63,500	31 October 2025	$5.0902	$323,229.9987	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	500	25 February 2027	$5.1050	$2,552.4900	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	1,500	30 September 2026	$5.0567	$7,585.0000	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	500	30 September 2026	$5.0900	$2,545.0000	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,500	24 July 2028	$5.0445	$27,744.9975	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,725	30 December 2025	$5.0906	$29,143.4045	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	45,213	22 December 2025	$5.0907	$230,165.8146	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,018	24 October 2025	$5.0906	$20,453.8902	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	14,466	2 October 2026	$5.0907	$73,641.7089	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	32,082	30 April 2025	$5.0907	$163,319.1669	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	19,288	24 October 2025	$5.0907	$98,188.6115	0

---

SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	11,708	24 October 2025	$5.0907	$59,601.5175	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	62,500	30 September 2026	$5.0789	$317,432.3125	0

End

Note:

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

Dealings were made for its own account.

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