HKBN Ltd. — M&A Activity 2025

Mar 19, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

19 March 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	18 March 2025	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,000	28 November 2025	$5.1950	$15,585.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,000	28 November 2025	$5.1950	$15,585.0000	0
		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	29,000	31 July 2025	$5.1931	$150,599.9870	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	29,000	31 July 2025	$5.1931	$150,599.9870	0

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SFC
證監會
Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	65,000	24 July 2028	$5.1887	$337,262.5100	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	65,000	24 July 2028	$5.1887	$337,262.5100	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.