Global law firm Freshfields has advised China Mobile Hong Kong Company Limited (‘CMHK’) on its voluntary general offer to acquire all of the issued shares in HKBN Ltd. (‘HKBN’). The maximum consideration for the offer is approximately HK$6.3 billion (equivalent to US$800 million).

Following receipt of the requisite regulatory approvals, and valid acceptances of the offer by HKBN’s shareholders, the offer became unconditional on 3 September 2025. Additional information is available here.

Leveraging our deep expertise in complex public M&A and the telecommunications industry, our team guided CMHK through the regulatory processes (including obtaining clearance from Hong Kong’s Communications Authority), and navigating the offer procedure to secure a successful outcome to this strategically significant transaction.

CMHK is an indirect wholly-owned subsidiary of China Mobile Limited, a leading mobile communications and telecommunications operator, and is dual-listed on the Hong Kong and Shanghai Stock Exchanges. As of March 2025, China Mobile had 1.0 billion mobile customers (of which 578 million are 5G users) and 320 million wireline broadband customers. CMHK is mainly responsible for the business operations of China Mobile Limited in Hong Kong.

The Freshfields team advising on the transaction was led by M&A partner Sarah Su, with support from senior associates Clara Chang and Kelly Huang, and associate Liam Li. Partners Ninette Dodoo and Alastair Mordaunt advised on antitrust matters, with support from counsel Laurent Bougard, and associates Chi Chung Chan and Ziqi Zhou. Finance advice was provided by partner Daniel French, counsel Celia Zhou and associate Nathalie Leung. Partner Alan Wang also provided strategic support.