HKBN Ltd. — M&A Activity 2025

May 19, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

19 May 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	16 May 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	500	17 November 2025	$5.0800	$2,540.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	500	17 November 2025	$5.0800	$2,540.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	500	17 November 2025	$5.0800	$2,540.0000	0

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SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Sale	29,500	23 October 2026	$5.0818	$149,914.4953	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	4,500	31 July 2026	$5.0843	$22,879.5345	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	8,500	28 November 2025	$5.0843	$43,216.8985	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	9,000	30 November 2026	$5.0843	$45,759.0690	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	19,500	30 September 2026	$5.0788	$99,036.6975	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	21,262	2 February 2026	$5.0815	$108,042.8530	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	22,238	27 October 2025	$5.0815	$113,002.3992	0

End

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.