Hong Kong’s HKBN ends buyout talks with HGC Global’s parent

Hong Kong’s HKBN said on Tuesday it had ended buyout talks with I Squared Asia Advisors, the parent company of internet service provider HGC Global Communications.

The telecom company had in March confirmed that it had received a non-binding letter of interest from I Squared, but did not disclose an offer price or any other details.

HKBN, which offers broadband network and Wi-Fi services, has also attracted interest from other firms.

Reuters in April reported that telecom giant China Mobile was looking at buying the company.

HKBN currently has a market capitalisation of HK$6.69 billion ($853.98 million). Its stock is down nearly 9 per cent since the talks were revealed on March 2.

I Squared’s HGC was spun off from conglomerate CK Hutchison Holdings in 2017.