HKBN Ltd. has disclosed securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers. Morgan Stanley & Co., International plc engaged in transactions involving derivatives with unsolicited clients. On July 28, 2025, they sold 7,000 commercial papers maturing on November 13, 2026, and purchased 2,000 commercial papers maturing on July 31, 2026. Additionally, they facilitated purchases of 4,500 commercial papers each, maturing on November 30, 2026, and November 28, 2025. Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeree company and conducted these dealings for its own account.
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