HKBN hits 17-month peak on receiving buyout proposal from China Mobile
** Shares of Hong Kong telecommunications company HKBN Ltd 1310.HK jump 14.6% to HK$4.94, their highest since June 2023
** Stock on track for biggest one-day pct gain since Nov. 3, 2023
** HKBN said on Wednesday it has received a non-binding proposal from state-owned China Mobile 600941.SS for a possible takeover of the broadband firm, as China Mobile aims to bolster its foothold in Hong Kong
** Co, with current market capitalisation of $783.7 mln, said it was still in discussions with China Mobile on the terms of the proposal, including the price
** Shanghai shares of China Mobile slip 1.1% while Hong Kong-listed stock 0941.HK dips 0.2%
** Hang Seng Commerce & Industry Index .HSNC eases 0.4%, Hang Seng Composite Index tracking telecommunication stocks .HSCIT slips 0.2% and Hang Seng Index .HSI down 0.3%
** HKBN stock up 33.2% YTD
($1 = 7.7821 Hong Kong dollars)
Reporting by Donny Kwok
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