HK Stock Market Move | HKBN (01310) drops more than 6% in midday trading, China Mobile Limited's proposed acquisition of HKBN has not made any progress.

HKBN (01310) fell more than 6% in midday trading, dropping 5.73% to HK$4.94 with a trading volume of HK$72.38 million at the time of writing. On the news front, according to media reports, there has been no progress in China Mobile Limited's acquisition proposal for HKBN. Market sources indicate that the acquisition offer has been pending for over 2 months, but regulatory authorities have yet to respond to the transaction review, possibly due to not meeting all the conditions. Rumors also suggest that another potential buyer, HGC Global Communications (HGC) shareholder and private equity firm I Squared Capital, has not yet submitted a formal acquisition offer.