HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

• Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions.

• In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong's Communication Authority, and that the commitments are sufficient to effectively address the CA's concerns.

• The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal.

The NEW News

• In its monthly update, pre-cons outstanding are still NDRC - that's the big one - and MoC.

  • Mobile has been making "very positive progress"

• Concerning Hong Kong's Communication Authority (CA), Mobile has proposed commitments to address concerns identified by the CA, and that the CA considers that the commitments are sufficient to effectively address its concerns.

  • CA's concerns were addressed in a 29th May release - see here. I don't see a HKEx announcement on this, which I find odd.

  • Mobile has provided an "In-building System Commitment", which in essence enables other fixed network operators (such as PCCW Ltd (8 HK)) to provide fixed telecommunications services in buildings where HKBN and/or Mobile have coverage, therefore enabling third parties to compete with the (expected) merged entity.

  • Additionally, the CA is currently seeking representations from the industry and interested parties on its proposed acceptance of Mobile’s commitments, and has set a deadline of 13 June 2025 to make such representations. Basically two weeks to lodge a complaint.