China Mobile gets key approval for HKBN takeover bid

China Mobile Hong Kong (CMHK) announced it has received approval from the State-owned Assets Supervision and Administration Commission of the State Council for its pre-conditional voluntary general cash offer to acquire all issued shares of HKBN Ltd. (HKEX:1310) not already owned by CMHK or its affiliates. The announcement, dated April 10, 2025, highlights that this approval satisfies one of the key regulatory hurdles outlined in the initial announcement from December 2, 2024. While this marks significant progress, other necessary approvals, including those from the National Development and Reform Commission and the Ministry of Commerce, remain outstanding. CMHK has pledged to promptly update the market on the progress of securing these remaining approvals. The offer remains subject to the satisfaction or waiver of all pre-conditions.