HKBNs chief executive says China Mobile offer not good enough, open to more bidders
HONG KONG, - China Mobile's HK$7.8 billion takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday.
State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race.
HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months.
HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said.
The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said.
"I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said.
China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said.
In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong.
"We are still talking to both parties , and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said.
Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share.
Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further.
His views were personal and would not represent the view of HKBN's board, he added.
"There are still diverse views within the board," Yeung said.
HKBN declined to comment.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
From seaweed-laced burger boxes to mycellium-based packaging: Alt-Packaging pioneers take on plastic
In 2019, mushrooms briefly turned Arpit Dhupar's life upside down—just when he had hoped to earn from them. 'I had quit as Chief Technology Officer at Chakra Innovation and invested around Rs 7–8 lakhs in an oyster mushroom farm, because mushrooms were then the rage. Everyone in South Delhi was buying them,' he recalls. His plan: rent a house in West Delhi, grow oyster mushrooms, and sell them at INA Market. But fungal contamination—green and black mould—ruined the idea. 'And so, I decided to cultivate a genetically superior mushroom strain that wouldn't get contaminated,' says the mechanical engineer. He found lab space at the Regional Centre for Biotechnology in Faridabad and started to research the fungus. 'I realised that eating mushrooms was underutilising their potential... Then I came across biofabrication and knew that was what I really wanted to do.' He began cultivating mycelium—the root system of mushrooms— on paddy straw waste to create a biomaterial thatpossessed all the properties of expanded polystyrene foam, but with an additional one, compostability. Put simply, he developed a sustainable alternative to thermocol. Today, Dharaksha Ecosolutions, which Dhupar co-founded, supplies mycelium-and-crop stubble packaging to companies like Dabur and Havells. 'When we started, we processed 100 kg of feedstock in 3–4 months,' he says. 'We now process 100 kg a day.' Dhupar is part of a growing group of material science entrepreneurs replacing single-use plastics (SUPs) with sustainable bio-based alternatives. SUPs—carry bags, food containers, ecommerce packaging—are high-volume, low-recyclability products with significant environmental and climate impacts. Packaging alone accounts for 56% of India's plastic consumption, with 95% discarded after short use, according to Saahas, a waste management nonprofit. And packaging is what new companies are focusing on. Derived from organic matter such as mushrooms, crop stubble, and seaweed, these alternative materials are making small but keen inroads into the Indian market, with plans to go deep and wide. To Market, To Market On May 28—International Burger Day—Swiggy cus-tomers in Bangalore, Mumbai, and Delhi noticed something unusual on their burger boxes: a label reading 'coated with seaweed'. The algae wasn't on the food—it was part of the box, made by Zerocircle, a Pune-based startup that partnered with Swiggy to launch its sustainable food packaging. Founded in 2020, Zerocircle makes seaweed-based films, pellets, and coatings that render paper packaging grease- and leak-proof. Their products are also 'microplastics-free, home-compostable, and ocean-degradable'. Founder Neha Jain credits growing consumer awareness. 'The success with the Swiggy partnership is largely because consumers are constantlytalking about microplastics in food... That is why we have come this far without subsidies or big pushes from govt, brands, or manufacturers,' she says. Venture capital, grants and awards have played a key role. Zerocircle raised Rs 20 crore this year; Dharaksha, Rs 24.8 crore in 2024; and Faridabad-based Ukhi, Rs 7.7 crore last year. Ukhi converts rice husk, hemp, nettle stems, and pine needles into EcoGran, a compostable, biodegradable biopolymer for flexible packaging—used in garbage bags, e-commerce mailers, and shrink wrap. 'Flexible packaging accounts for a quarter of the 200 million tons of single-use plastics produced globally,' says Vishal Vivek, CEO and co-founder of Ukhi.'In six years, we've worked with over 100 farmers. But we need many more—our new facility will require 500 tons of agriwaste a year.' How To Scale Sixty per cent of Ukhi's clients—including Ralph Lauren—are international. For Zerocircle, it's 90%. That's partly due to global market maturity and partly to cost. 'Globally, we are 50% cheaper than other natural polymers companies,' says Jain. In India, sustainable packaging alternatives remain niche—awareness is low and costs can be 3–5 times higher than SUPs. 'Alternative materials are inherently costlier than their crude-based counterparts because the fossil fuel industry has been around for over a hundred years and has been optimised and scaled significantly,' explains Dhupar. 'Once we scale, have 10–20 large customers, and industry bodies issue stricter mandates to use alternative materials, things will start to accelerate,' he adds. In 2021, Confederation of Indian Industry (CII) launched the India Plastics Pact, a platform to helpbusinesses make the transition to a circular economy for plastic packaging. The first of its four targets is to redesign and innovate for problematic plastic packaging. However, a CII spokesperson notes that while alternatives are key for certain applications, they won't solve all industrial packaging needs. Sarkari Support Founders agree that while direct govt support for alternative materials has been limited, plastic regulations have helped indirectly. In July 2022, the govt banned 19 low-utility, highlitter SUP items like plastic straws and carry bags thinner than 120 microns. Though the broader policy still focuses on reducing, reusing, and recycling plastic, these bans are nudging consumers toward alternatives. 'It will take time but gradually bioplastics like ours will become one of the substitutes to plastics,' says Vivek. 'They may never replace everything plastic, but they will replace a larger share of what's now in the market. ' Another key policy may help lower costs. The revised Extended Producer Responsibility (EPR) mandate requires a minimum amount of recycled plastic in packaging from April 1, 2025. 'This is going to be a major lever, because EPR has been a significant promoter of alternative materials in the West,' says Dhupar. 'We can't compete on price, so there has to be a value proposition. EPR makes that stronger. If recycled plastic adds 10–15% to brandcosts, they might as well invest 20–25% in safer, more sustainable materials that offer a better marketing story. That's what will bridge the gap.' Need Of The Hour Not everyone can make the switch at once. 'Street vendors, small shops, and others in the informal economy don't have the leverage to buy alternatives to single-use items. It's therefore a question of the economic viability of these alternatives,' says Swati Sambyal, Senior Circular Economy Expert at GRID-Arendal. 'Will Rs 100, that can buy say 400 or 500 plastic carry bags, buy the equivalent number of sustainable alternatives? Therefore, the social, economic and environmental viability of alternatives of SUPs have to be looked at together. We must make alternatives cheaper and develop mechanisms to make it happen.' But cost isn't the only challenge. 'We also need clear enforceable standards for alternatives and investment in waste infrastructure that can handle these new waste streams,' Sambyal adds. She points out that alternative materials should besorted separately from dry and wet waste, as they can contaminate recycling streams. For example, if recyclers misidentify mycelium-based packaging and send it for dry waste processing, it could compromise the quality of recycled granules. Labelling is also essential. The alternatives market includes diverse materials with different chemical makeup, and the 'bio' label can be misleading. 'For instance, you may start out with agriculturally produced biomass, like bagasse or corn, and polymerise it with synthetic compounds for additional properties like elasticity or strength. But when it breaks down, it will leave those synthetic chemicals behind,' says Jain. 'Just because it comes from a plant source doesn't make it better.' The same goes for biodegradability and compostability. 'Biodegradable does not mean degradation like a vegetable,' she continues. 'The product doesn't disappear but only breaks down into smaller fragments. In the same way, compostable plastics, such as bin liners, can only be industrially composted, which means 60 degrees of heat and industrial infrastructure. So, the first thing we need to do is identify standards that differentiate different materials and their end-of-life based on the infrastructure that exists. ' Startups are working to build awareness but often must begin at the most basic level. 'People start the conversation with, 'Is your solution green?',' says Jain, 'And I'm like, 'Okay, we have to really break this down'.' Dishing out compostable crockery to the world When Vinay Balakrishnan launched his edible wheat bran plates in 2021, it was Europe that showed interest. 'Indian consumers want aesthetics, not sustainability,' says the Coimbatore-basedentrepreneur. Today, his brand Thooshan exports crop-based crockery to seven countries, though the business has been running at a loss. This year, he hopes to break even, thanks to orders from Switzerland and Mexico. 'Last year, it took the Swiss six months to clear the streets of discarded Christmas trees when the season ended,' he says. This year, Thooshan was tasked with turning that waste into biodegradable tableware. In Mexico, he is turning Agave tequilana—the tequila plant—into cutlery. 'They export tequila but are left with tonnes of cactus waste.' I've had my eye on all kinds of agri-waste,' says Balakrishnan. 'Corn and wheat from the US, rice husk from Argentina, date seeds from the UAE, and oil cake waste from canola and mustard in Canada. My goal is to turn this waste into sustainable products and reduce single-use plastic.' —Kamini Mathai Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
14 minutes ago
- Time of India
US suspends nuclear equipment exports to China amid trade war escalation
The US in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war . The suspensions were sent to companies by the US Department of Commerce , the people said, and affect export licenses for parts and equipment used with nuclear power plants . Nuclear equipment suppliers are among a wide range of companies whose sales have been restricted over the past two weeks as the US-China trade war shifted from negotiating tariffs to throttling each other's supply chains. It is unclear whether a Thursday call between US President Donald Trump and Chinese President Xi Jinping would affect the suspensions. The US and China agreed on May 12 to roll back triple digit, tit-for-tat tariffs for 90 days, but the truce between the two biggest economies quickly went south, with the US claiming China reneged on terms related to rare earth elements , and China accusing the US of "abusing export control measures" by warning that using Huawei Ascend AI chips anywhere in the world violated US export controls. On Friday, Trump said US and Chinese officials would meet again on June 9. The US Department of Commerce did not respond to a request for comment on the nuclear equipment restrictions. On May 28, a spokesperson said the department was reviewing exports of strategic significance to China. "In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending," the spokesperson said in a statement. US nuclear equipment suppliers include Westinghouse and Emerson . Westinghouse, whose technology is used in over 400 nuclear reactors around the world, and Emerson, which provides measurement and other tools for the nuclear industry, did not respond to requests for comment. The suspensions affect business worth hundreds of millions of dollars, two of the sources said. A spokesperson for the Chinese Embassy in Washington said Xi emphasized on his call with Trump that both sides should make good on the agreement reached in Geneva on May 12. China has been "earnestly" executing the agreement, the spokesperson, Liu Pengyu, said in a statement on Friday. "The US side should acknowledge the progress already made, and remove the negative measures taken against China," the statement said. China's rare earth export controls are in line with common practice and not targeted at specific countries, it added. They also coincide with Chinese restrictions on critical metals threatening supply chains for manufacturers worldwide, especially America's Big Three automakers. China has granted temporary export licenses to rare-earth suppliers for the US automakers, Reuters reported on Friday. Reuters could not determine whether the new restrictions were tied to the trade war, or if and how quickly they might be reinstated. Department of Commerce export licenses typically run for four years and include authorized quantities and values. But many new restrictions on exports to China have been imposed in the last two weeks, according to sources, and include license requirements for a hydraulic fluids supplier for sales to China. Other license suspensions went to GE Aerospace for jet engines for China's COMAC aircraft, sources said. The US also now requires licenses to ship ethane to China, as Reuters reported first last week. Houston-based Enterprise Product Partners said Wednesday that its emergency requests to complete three proposed cargoes of ethane to China, totaling some 2.2 million barrels, had not been granted. Enterprise said a May 23 requirement for a license to sell butane to China, in addition to the ethane, was subsequently withdrawn. Dallas-based Energy Transfer said it was notified on Tuesday about the new ethane licensing requirement, and planned to apply and file for an emergency authorization. Other sectors that have been hit with new restrictions include companies that sell electronic design automation software such as Cadence Design Systems.
Time of India
26 minutes ago
- Time of India
Amazon freezes retail hiring budget for 2025 amid job cuts
Amazon is freezing its hiring budget for its retail business this year, according to a report by Business Insider. As per the report, an internal email revealed that the Seattle-based retailer plans to keep "flat headcount opex," or operating expense, this year compared to last. These costs include employee salaries and stock-based compensation. An Amazon executive shared earlier this year that any rise in the hiring budget will face close scrutiny and require strong justifications. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The retail business is shifting its focus from headcount targets to managing teams based on fixed operating budgets. Amazon's retail division covers a wide range of operations, including its online store, logistics network, and fresh grocery service. These changes affect only corporate staff in Amazon's retail division, not warehouse workers or those in Amazon Web Services, the company's cloud division. Live Events An Amazon spokesperson told Business Insider that the company will continue hiring, and a freeze on increasing the hiring budget doesn't mean recruitment is stopping. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories "Each of Amazon's many businesses has its own approach to hiring based on its individual needs," said Hoffman. "However, across the company, we've historically considered both the number of people we need to hire and the associated costs — that is, operating expenses or opex — of those hiring decisions." This report immediately follows the job cut announcement in Amazon's books division, including at Goodreads and Kindle units. The company stated that fewer than 100 employees were impacted, and that the aim was to boost efficiency and streamline operations. The news aligns with CEO Andy Jassy's ongoing focus on improving profit margins and operational efficiency. He is also working to cut down on what he describes as excessive bureaucracy within the company, including reducing the number of managerial roles. Last month, Amazon also laid off workers in its devices and services division. However, it is to be noted that, despite these reductions, the company added approximately 4,000 jobs in the first quarter of this year compared to the same period last year.
