China Mobile Ltd. $600941.SS, the state-owned telecommunications giant, is encountering headwinds in its nearly HK$7.8 billion (approx. USD 996 million) acquisition attempt for Hong Kong-based broadband provider HKBN Ltd. $1310.HK. Despite recent reports suggesting that the deal was close to conclusion, HKBN’s management has indicated that the offer may be insufficient, and the company remains open to rival bidders.

In December, China Mobile Ltd. $0941.HK submitted a formal cash offer to acquire all shares of HKBN Ltd. $1310.HK at HKD 5.23 per share. This bid valued the broadband provider at approximately HKD 6.86 billion (USD 875 million). Soon after, China Mobile further strengthened its position by securing a 15.5% stake in HKBN from TPG Inc. $TPG, signaling a determined push into Hong Kong’s broadband sector.