Daily Brief TMT/Internet: HKBN Ltd, Cambricon Technologies Lt, AppFolio Inc A, Kinatico , Quest Holdings and more

• HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
• Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
• Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.

• The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.
• There will be one change for the STAR 50 index and five changes for the STAR 100 index.
• We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.

• AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
• The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
• AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

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• 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.

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
• The company has reported a 50% increase in FY25 adjusted NPAT to $1.5m, almost 30% ahead of our forecast for the year.
• Adjusted EBITDA for the year was $4.7m, up 21% on the previous corresponding period (pcp) on the previously reported 12% increase in revenue to $32.1m.

• Quest Holdings S.A. along with its subsidiaries engages in the distribution of information technology and telecommunications products mainly in Greece but also on an international level especially in Europe.
• It operates through four segments: (1) Commercial Activities focusing on the distribution of technological and related products, (2) IT Services that provide solutions and products in software-related projects through strategic partnerships with institutions, organizations and companies,
• (3) Courier and Postal Ser- vices whereas (4) the Group is also engaged in the Renewable Energy Sources field.