HKBN, a Hong Kong-based broadband provider, saw its stock surge 5.02% in Friday's intraday trading session, following reports that China Mobile, the world's largest mobile operator, has expressed interest in acquiring the company.
According to reports, China Mobile, a state-owned telecommunications giant, has submitted a non-binding proposal to acquire HKBN, which has a market capitalization of around $770 million. This potential acquisition would give China Mobile a significant foothold in Hong Kong's broadband market, where HKBN currently holds over a one-third market share.
The reported interest from China Mobile comes amidst broader trends of Chinese firms seeking opportunities in Hong Kong, where valuations have been depressed. Beijing has been encouraging deeper integration among cities in the Greater Bay Area, which includes Hong Kong, and has urged more Chinese companies to use the financial hub as a base for overseas expansions.
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