China Mobile in recent weeks sent a request for proposal (RFP) to a small group of banks to advise on acquiring and taking-private the Hong Kong telecom provider, which offers services including broadband and Wi-Fi management, said the people.

The Beijing-based company is still receiving pitches from investment banks and has yet to decide on making a formal offer, said the people, declining to be identified as the information is confidential.

HKBN had a market value of HK$7.94 billion (US$1.01 billion) as of Tuesday morning's market close.

Bidders are generally expected to offer a premium to the company’s current trading share price.

China Mobile and HKBN did not immediately respond to a request for comment.