HKBN Ltd. — M&A Activity 2025

Jun 19, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

19 June 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	18 June 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	500	31 July 2026	$5.0091	$2,504.5455	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	1,579	24 October 2025	$4.9601	$7,831.9979	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	2,527	30 December 2025	$4.9602	$12,534.3850	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	4,500	31 October 2025	$4.9622	$22,330.0000	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,000	26 November 2025	$4.9580	$24,790.0100	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,000	30 November 2026	$5.0091	$25,045.4550	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,000	13 November 2026	$4.9805	$24,902.4900	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,128	24 October 2025	$4.9601	$25,435.4543	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	5,687	2 October 2026	$4.9601	$28,208.3048	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	7,582	24 October 2025	$4.9601	$37,607.1218	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	14,343	29 May 2026	$4.9601	$71,142.1406	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	17,654	22 December 2025	$4.9600	$87,563.8400	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	20,000	11 January 2028	$4.9850	$99,700.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	652,000	29 June 2026	$4.9564	$3,231,547.8088	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	8,597,000	29 June 2026	$5.0942	$43,794,946.4959	0

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SFC

證監會

Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	500	7 August 2026	$5.1600	$2,580.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	1,500	25 February 2027	$4.9583	$7,437.5100	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,500	7 August 2026	$5.1600	$18,060.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	18,000	31 July 2025	$4.9625	$89,325.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	29,000	27 October 2025	$5.1700	$149,930.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	30,000	11 January 2028	$5.1600	$154,800.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	30,500	27 October 2025	$5.0131	$152,900.0075	0

End

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SFC 證監會

Public Disclosure Form

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.