Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hong Kong Television Network / Event-Driven

<ul>
<li>Online shopping platform play <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a> (better known as HKTV) has announced a buy-back of 11.25% of shares out, at $2.15/share, a 20.8% premium to undisturbed.</li>
<li>If successful, the Offer elevates co-founder Ricky Wong's stake, together with concert parties, to 51.55% (before exercising options), up from 45.75% currently. </li>
<li>HKTV has been in the news lately for all the wrong reasons: claims of non-payments to suppliers; and delaying its 2026 target after a 79% decline in FY23's net profit.</li>
</ul>


Online shopping platform play Hong Kong Television Network (1137 HK) (better known as HKTV) has announced a buy-back of 11.25% of shares out, at $2.15/share, a 20.8% premium to undisturbed.
If successful, the Offer elevates co-founder Ricky Wong's stake, together with concert parties, to 51.55% (before exercising options), up from 45.75% currently. 
HKTV has been in the news lately for all the wrong reasons: claims of non-payments to suppliers; and delaying its 2026 target after a 79% decline in FY23's net profit.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> spiked 12.3% yesterday in response to media reports (like <a href="https://www.thestandard.com.hk/breaking-news/section/4/202702/China-Mobile-explores-acquiring-Hong-Kong-telecom-firm-HKBN%C2%A0" target="_blank" rel="noopener">this one</a>) that <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> was running a ruler over the company.</li>
<li>This follows Bloomberg reports last month and in May last year, that I Square's HGC Global Communications and numerous PE outfits were kicking tyres of the Hong Kong broadband play.</li>
<li>Over the weekend, Hong Kong's security chief was quoted as saying "the internet could become a major loophole when maintaining national security". <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a> is a potential privatisation candidate. </li>
</ul>



HKBN Ltd (1310 HK) spiked 12.3% yesterday in response to media reports (like this one) that China Mobile (941 HK) was running a ruler over the company.
This follows Bloomberg reports last month and in May last year, that I Square's HGC Global Communications and numerous PE outfits were kicking tyres of the Hong Kong broadband play.
Over the weekend, Hong Kong's security chief was quoted as saying "the internet could become a major loophole when maintaining national security". HKT (6823 HK) is a potential privatisation candidate. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> will be declared unconditional tomorrow (3rd September), the first closing date. </li>
<li>As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. </li>
<li>It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.</li>
</ul>



China Mobile (941 HK)'s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date. 
As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. 
It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.


HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

<ul>
<li>After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.</li>
<li>Just two days after the Offer Doc was issued, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0808/2025080801510.pdf" target="_blank" rel="noopener">the Response Doc has now been dispatched</a>.</li>
<li>The IFA (Somerley) says <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. </li>
</ul>


After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
The IFA (Somerley) says China Mobile (941 HK)'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 


HKBN (1310 HK): Response Doc Out. IFA Says Fair

<ul>
<li>On the 1st August, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> announced <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> had satisfied all pre-cons. <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0806/2025080600035.pdf" target="_blank" rel="noopener">The Offer Doc is now out</a>.</li>
<li>The First Close is the 3rd September with payment potentially on or around the 12th September - if the Offer turns unconditional on the First Close.</li>
<li>
There is no IFA opinion in this Doc. That will be present in the Response Doc, which is expected to be dispatched on or before the 20th August. </li>
</ul>


On the 1st August, HKBN Ltd (1310 HK) announced China Mobile (941 HK) had satisfied all pre-cons. The Offer Doc is now out.
The First Close is the 3rd September with payment potentially on or around the 12th September - if the Offer turns unconditional on the First Close.

There is no IFA opinion in this Doc. That will be present in the Response Doc, which is expected to be dispatched on or before the 20th August. 


HKBN (1310 HK): China Mobile's Offer Now Open

Hong Kong

Hong Kong Television Network Limited, through its subsidiaries, provides international telecommunications services and fixed telecommunication network services. The Company's services include broadband Internet access, local VoIP, IP-TV and corporate data services, direct dial, international calling cards, and mobile call forwarding services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hong Kong Television Network (1137 HK)

If HKBN Gets Taken Out, Who's Next?

Is $10/share for HKBN enough to kick out TPG? Maybe. And it's peanuts for the likes of China Mobile sitting on cash of US$33bn. Separately, HKT is...

David Blennerhassett

HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

This is done. And trading tight (0.5% gross), as it has done for months. Comps are up 18% since the initial Offer. Unless you have a strong opinion...

David Blennerhassett

HKBN (1310 HK): Response Doc Out. IFA Says Fair

This is done. Trading super tight at a gross/annualised spread of 0.5%/5.4% assuming 12th September payment. If in, stay in. Otherwise, look...

David Blennerhassett

HKBN (1310 HK): China Mobile's Offer Now Open

The Offer is now open for acceptances. Trading super tight at a gross/annualised spread of 0.5%/5% assuming 12th September payment. If in, stay...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HKTV (1137 HK): $2.15/Share Buy-Back

Shares are down 33% YTD, and 89% from its Jan 2021 peak. This Offer looks like an oportunistic share grab for the co-founders to assert majority...

David Blennerhassett

If HKBN Gets Taken Out, Who's Next?

Is $10/share for HKBN enough to kick out TPG? Maybe. And it's peanuts for the likes of China Mobile sitting on cash of US$33bn. Separately, HKT is...

David Blennerhassett

HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

This is done. And trading tight (0.5% gross), as it has done for months. Comps are up 18% since the initial Offer. Unless you have a strong opinion...

David Blennerhassett

HKBN (1310 HK): Response Doc Out. IFA Says Fair

This is done. Trading super tight at a gross/annualised spread of 0.5%/5.4% assuming 12th September payment. If in, stay in. Otherwise, look...

David Blennerhassett

HKBN (1310 HK): China Mobile's Offer Now Open

The Offer is now open for acceptances. Trading super tight at a gross/annualised spread of 0.5%/5% assuming 12th September payment. If in, stay...

David Blennerhassett