On May 21, 2025, HKBN Ltd. disclosed securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers. Morgan Stanley & Co., International plc engaged in hedging activities related to Delta 1 products resulting from unsolicited client-driven orders. On May 20, 2025, they purchased 130,500 ordinary shares for $666,295 and sold 133,000 ordinary shares for $678,855. 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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