HKBN (HKG:1310) Chief Executive William Yeung said China Mobile's (HKG:0941, SHA:600941) offer to buy the Hong Kong broadband operator is not good enough and will try to engage with more bidders, Reuters reported Monday.

The mobile communications giant offered to buy HKBN at HK$5.23 per share in December 2024, with China Mobile inching closer to a deal after US-based I Squared Capital backed out, the report said.

China Mobile's offer is not reflective of HKBN's growth over the past six months, and the board has not accepted the offer, the report said, citing Yeung.

HKBN's EBITDA rose 5% in the six months through May, higher than the 3% growth by rival Hong Kong Telecom, the report said, citing Yeung.

The broadband operator's CEO also said the offer did not take into consideration the HK$11 billion in capital expenses and future growth, the report said.

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