On 14 May 2025, HKBN Ltd. disclosed securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers. The disclosure reveals that Morgan Stanley & Co., International plc engaged in hedging activities involving 133,000 shares purchased for $676,440.50 and 54,000 shares sold for $274,430.50. These transactions were driven by wholly unsolicited client orders. Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeree company.
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