HKBN Ltd. — Director's Dealing 2025

Jan 9, 2025

Public Disclosure Form

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

9 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 Capital Services LLC	8 January 2025	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,500	24 July 2028	$5.1500	$18,025.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,500	24 July 2028	$5.1500	$18,025.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,500	24 July 2028	$5.1711	$18,098.6960	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,500	24 July 2028	$5.1711	$18,098.6960	0

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SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	7,504	24 October 2025	$5.1702	$38,796.9782	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	7,504	24 October 2025	$5.1702	$38,796.9782	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	10,693	30 December 2025	$5.1701	$55,284.2429	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	10,693	30 December 2025	$5.1701	$55,284.2429	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	19,500	28 November 2025	$5.1718	$100,850.9871	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	19,500	28 November 2025	$5.1718	$100,850.9871	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	27,017	2 October 2026	$5.1702	$139,682.9692	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	27,017	2 October 2026	$5.1702	$139,682.9692	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	36,022	24 October 2025	$5.1702	$186,240.1843	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	36,022	24 October 2025	$5.1702	$186,240.1843	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	43,500	30 November 2026	$5.1718	$224,975.2910	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Sale	43,500	30 November 2026	$5.1718	$224,975.2910	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	63,340	30 April 2025	$5.1702	$327,479.9486	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	63,340	30 April 2025	$5.1702	$327,479.9486	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	77,000	24 July 2028	$5.1711	$398,171.3120	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	77,000	24 July 2028	$5.1711	$398,171.3120	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	83,860	22 December 2025	$5.1702	$433,572.9636	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	83,860	22 December 2025	$5.1702	$433,572.9636	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	198,710	2 July 2025	$5.1746	$1,028,244.5891	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	198,710	2 July 2025	$5.1746	$1,028,244.5891	0

End

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