On May 16, 2025, HKBN Ltd. disclosed securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers. Morgan Stanley & Co., International plc, a Class (5) associate connected with the Offeree company, reported hedging activities involving Delta 1 products. On May 15, 2025, they purchased 1,500 ordinary shares for $7,623.00 and sold 112,000 shares for $569,073.31, driven by wholly unsolicited client orders.
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