Hong Kong’s HKBN receives potential buyout proposal from China Mobile

Hong Kong telecommunications company HKBN Ltd said on Wednesday it has received a non-binding proposal from state-owned China Mobile for a possible takeover of the broadband firm.

HKBN, however, did not disclose any financial details related to the possible proposal, including the cash offer.

Hong-Kong listed HKBN currently boasts a market cap of HK$5.65 billion ($725.91 million), as per data compiled by LSEG.

China Mobile, the world’s largest wireless carrier by subscribers, seeks to increase its presence in Hong Kong by acquiring the 1999-founded telecoms firm that provides internet, data center and Wi-Fi services, among others.

Although it provides telecoms services in the world’s second-largest economy, China Mobile has a limited footprint outside its home country.
Reuters reported last year that China Mobile had been mulling a buyout of HKBN.