HKBN Ltd. — Director's Dealing 2025

Jan 13, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

13 January 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	10 January 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	30,000	24 July 2028	$5.1665	$154,995.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	350,000	11 January 2027	$5.1607	$1,806,258.2300	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	12,500	30 November 2026	$5.1695	$64,618.4150	0

---

SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	6,500	31 July 2026	$5.1695	$33,601.5810	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	31,756	30 April 2025	$5.1636	$163,975.2530	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	41,953	22 December 2025	$5.1636	$216,628.5108	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,763	24 October 2025	$5.1634	$19,430.0586	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	13,545	2 October 2026	$5.1636	$69,940.9119	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	11,062	24 October 2025	$5.1635	$57,118.8582	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	18,060	24 October 2025	$5.1636	$93,253.8755	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,361	30 December 2025	$5.1635	$27,681.7433	0

---

SFC 證監會
Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	101,000	27 August 2029	$5.1673	$521,897.3000	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.