HKBN Ltd. — M&A Activity 2025

Jun 9, 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.

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company nor is it a solicitation of any vote or approval in any jurisdiction. This announcement is not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the applicable laws or regulations of such jurisdiction.

CHINA MOBILE HONG KONG COMPANY LIMITED

中國移動香港有限公司

(incorporated in Hong Kong with limited liability)

ANNOUNCEMENT

MONTHLY UPDATE IN RELATION TO

PRE-CONDITIONAL VOLUNTARY GENERAL CASH OFFER BY CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LIMITED

ON BEHALF OF

CHINA MOBILE HONG KONG COMPANY LIMITED

TO ACQUIRE ALL OF THE ISSUED SHARES IN HKBN LTD. (OTHER THAN THOSE ALREADY OWNED BY CHINA MOBILE HONG KONG COMPANY LIMITED AND PARTIES ACTING IN CONCERT WITH IT)

Financial Adviser to China Mobile Hong Kong Company Limited

CICC 中金公司

China International Capital Corporation Hong Kong Securities Limited

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Reference is made to:

(i) the announcement issued by China Mobile Hong Kong Company Limited (the "Offeror") on 2 December 2024 in relation to the pre-conditional voluntary general cash offer by China International Capital Corporation Hong Kong Securities Limited, for and on behalf of the Offeror, to acquire all of the issued shares in HKBN Ltd. (the "Company") (other than those already owned by the Offeror and parties acting in concert with it) (the "3.5 Announcement");

(ii) the announcement issued by the Offeror on 23 December 2024 in relation to the delay in despatch of the Offer Document;

(iii) the announcements issued by the Offeror on 23 January 2025, 21 February 2025, 21 March 2025, 10 April 2025 and 9 May 2025 in relation to the monthly update on the progress of the Offers; and

(iv) the announcement issued by the Offeror on 28 May 2025 in relation to the confirmation of the Offer Price.

Unless the context otherwise requires, capitalised terms used in this announcement shall have the same meanings as those defined in the 3.5 Announcement.

PROGRESS UPDATE ON THE OFFERS

As stated in the 3.5 Announcement, the making of the Offers by the Offeror is subject to the satisfaction or, if capable of being waived, waiver of the Pre-Conditions on or prior to the Pre-Conditions Long Stop Date.

As at the date of this announcement, the Offeror has been making very positive progress with the relevant authorities, with a view to satisfying the Pre-Conditions as soon as possible. In particular, the Offeror has already obtained the approval from the State-Owned Assets Supervision and Administration Commission of the State Council and has been actively engaging with the other relevant PRC regulatory authorities, including the National Development and Reform Commission and the Ministry of Commerce.

The Offeror has also been in communication with the Communications Authority ("CA") to form a view on the Offers. Following constructive engagement with the CA, the Offeror has proposed commitments to address the concern identified by the CA in its notice published on 29 May 2025. The notice indicated that the CA considers that the Offeror's commitments are sufficient to effectively address its concern, and that the CA intends to accept the commitments and take no further action in respect of the Offers. The CA is currently seeking representations from the industry and interested parties on its proposed acceptance of the Offeror's commitments and has set a deadline of 13 June 2025 for interested parties to make representations.

This is a significant step towards satisfying the Pre-Conditions, and the Offeror will continue to engage actively with the CA, and provide a further update of key developments to the market once available.

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UPDATE ON THE STATUS OF THE OFFER DOCUMENT

As stated in the Delay in Despatch Announcement, the Executive has granted its consent to extend the deadline for the despatch of the Offer Document to (i) within seven days of the satisfaction or, if capable of being waived, waiver of the Pre-Conditions; or (ii) 5 December 2025 (being a date which is seven days after the Pre-Conditions Long Stop Date), whichever is the earlier.

As at the date of this announcement, the Offeror is in the process of preparing and finalising the information to be included in the Offer Document.

Further announcement(s) will be made by the Offeror in relation to the latest status of the Offers and despatch of the Offer Document as and when appropriate in accordance with the Listing Rules and the Takeovers Code.

WARNING:

Shareholders of, and/or potential investors in, the Company should note that, as the making of the Offers is subject to the satisfaction or, if capable of being waived, waiver of the Pre-Conditions on or before the Pre-Conditions Long Stop Date, the Offers may or may not be made. Further, completion of the Offers is subject to the Conditions being satisfied or, if capable of being waived, waived on or before the Conditions Long Stop Date and therefore the Offers may or may not become unconditional and may or may not be completed. Accordingly, the issue of this announcement does not imply that the Offers will be made or will be completed. Shareholders of, and/or potential investors in, the Company should therefore exercise caution when dealing in the Shares. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.

By Order of the Board

CHINA MOBILE HONG KONG COMPANY LIMITED

Mr. Ling Hao

Director

Hong Kong, 9 June 2025

As at the date of this announcement, the directors of the Offeror are Mr. Ling Hao, Ms. Shi Xiaoping, Mr. Shen Weizhong, Mr. Lei Liquun, Mr. Wang Dayue, Mr. Li Xin, Mr. Bian Yannan and Mr. Nie Yutian.

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, 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.