HKBN Ltd. has disclosed securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers. On July 30, 2025, Morgan Stanley & Co. International plc engaged in hedging of Delta 1 products through wholly unsolicited client-driven orders. The dealings involved the purchase of 15,000 ordinary shares and the sale of 11,500 ordinary shares. Morgan Stanley & Co. International plc, a Class (5) associate connected with the offeree company, conducted these dealings for its own account.
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