HKBN Ltd. — M&A Activity 2025

Jun 30, 2025

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HKBN Ltd.

香港寬頻有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1310)

END OF OFFER PERIOD FOR POSSIBLE OFFER FROM I SQUARED ASIA

This announcement is made by the board (the "Board") of directors (the "Directors") of HKBN Ltd. (the "Company") pursuant to Rule 3.7 of The Code on Takeovers and Mergers (the "Takeovers Code").

Reference is made to the announcements of the Company dated 2 December 2024, 2 January 2025, 3 February 2025, 3 March 2025, 3 April 2025, 2 May 2025 and 3 June 2025 relating to the Possible Separate Offer from I Squared Asia Advisors Pte Ltd. ("I Squared Asia") (collectively, the "Announcements"). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcements.

LAPSE OF THE POSSIBLE SEPARATE OFFER AND END OF THE RELATED OFFER PERIOD

The Board hereby informs the shareholders and potential investors of the Company that I Squared Asia has, shortly prior to the publication of this announcement, informed the Board that it and HGC Global Communications Limited no longer intend to proceed with the Possible Separate Offer to acquire 100% of the outstanding shares of the Company.

Accordingly, for the purpose of the Takeovers Code, the offer period in respect of the Possible Separate Offer from I Squared Asia ends on the date of this announcement.

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In accordance with Rule 31.1(c) of the Takeovers Code, none of I Squared Asia Advisors Pte Ltd., HGC Global Communications Limited, or any person acting in concert with them (“Relevant Person”), may within 6 months from the date of this announcement:

(i) announce an offer or possible offer for the Company (including a partial offer which could result in the Relevant Person holding Shares carrying 30% or more of the voting rights of the Company); or

(ii) acquire any voting rights of the Company if the Relevant Person or persons acting in concert with it would thereby become obliged under Rule 26 of the Takeovers Code to make an offer.

Shareholders and/or potential investors of the Company are advised to exercise caution in dealing in the securities of the Company. Persons who are in doubt as to the action they should take or their position should consult their stockbrokers, bank managers, solicitors or other professional advisers.

By order of the Board
HKBN Ltd.
Cordelia CHUNG
Chairman

Hong Kong, 30 June 2025

As at the date of this announcement, the Board comprises:

Executive Director	Independent Non-executive Directors
Mr. Chu Kwong YEUNG	Ms. Cordelia CHUNG (Chairman)
	Ms. Ming Ming Anna CHEUNG
Non-executive Director	Ms. Kit Yi Kitty CHUNG
Ms. Shengping YU

The Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement, and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

Where the English and the Chinese texts conflict, the English text prevails.