HKBN Ltd. — Director's Dealing 2025

Jan 7, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

7 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	6 January 2025	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,084	24 October 2025	$5.1626	$21,083.9563	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,084	24 October 2025	$5.1626	$21,083.9563	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,697	24 October 2025	$5.1199	$29,167.8025	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,697	24 October 2025	$5.1199	$29,167.8025	0

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SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	5,818	30 December 2025	$5.1626	$30,036.1988	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,818	30 December 2025	$5.1626	$30,036.1988	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	8,117	30 December 2025	$5.1199	$41,558.5936	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	8,117	30 December 2025	$5.1199	$41,558.5936	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	14,700	2 October 2026	$5.1628	$75,893.0424	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	14,700	2 October 2026	$5.1628	$75,893.0424	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	19,601	24 October 2025	$5.1628	$101,195.2392	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	19,601	24 October 2025	$5.1628	$101,195.2392	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	20,509	2 October 2026	$5.1200	$105,005.0546	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	20,509	2 October 2026	$5.1200	$105,005.0546	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	27,345	24 October 2025	$5.1200	$140,005.4046	0

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SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Sale	27,345	24 October 2025	$5.1200	$140,005.4046	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	31,719	30 April 2025	$5.1200	$162,400.6456	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	31,719	30 April 2025	$5.1200	$162,400.6456	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	31,730	30 April 2025	$5.1628	$163,815.4568	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	31,730	30 April 2025	$5.1628	$163,815.4568	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	45,514	22 December 2025	$5.1628	$234,979.6838	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	45,514	22 December 2025	$5.1628	$234,979.6838	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	63,947	22 December 2025	$5.1200	$327,408.6400	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	63,947	22 December 2025	$5.1200	$327,408.6400	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	64,000	24 July 2028	$5.1643	$330,515.0080	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	64,000	24 July 2028	$5.1643	$330,515.0080	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	91,500	4 February 2025	$5.1570	$471,865.0004	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	91,500	4 February 2025	$5.1570	$471,865.0004	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	104,160	2 July 2025	$5.1622	$537,693.4500	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	104,160	2 July 2025	$5.1622	$537,693.4500	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.