Glonghui, March 1 | According to reports, Hong Kong Broadband (1310.HK) received a takeover offer from HGC Global Communications Limited (HGC Global Communications Limited). The company's valuation may exceed 1 billion US dollars, equivalent to about HK$6 per share, an 18% premium over the stock's previous closing day. The report maintains the “Market Synchronization” rating, with a target price of HK$5.5. According to the report, the Hong Kong broadband market has been pressured by competition for a long time. Currently, Hong Kong Telecom (6823.HK) is the largest Hong Kong telecommunications company, with a market share of about 55%, followed by Hong Kong Broadband with about 35%, and Cable Broadband (1097.HK) with about 8%. Hong Kong Broadband acquired NWT for $650 million in 2016; Hutchison Telecom (0215.HK) sold Global Telecom for HK$14.5 billion in 2017; while Hong Kong Broadband acquired Huigang Telecom (WTT) for HK$5.5 billion in 2019. The stock is currently reported at HK$559, with a total market value of HK$7.3 billion.