China Mobile said on Monday it had offered to acquire HKBN in a deal valuing the Hong Kong-based broadband company at HK$6.86 billion ($882 million), as it looks to counter a move from a private equity firm.

Media baron Jimmy Lai, who protested for democracy, faces possible life sentence.

China has eased visa restrictions for Shenzhen residents traveling to Hong Kong, allowing multiple entries starting December 1. The new policy permits stays of up to seven days, benefiting tourism and retail sectors as over 10 million Shenzhen residents are eligible.

China has eased visa restrictions for Shenzhen residents visiting Hong Kong, allowing multiple entries into Hong Kong per year beginning from Dec. 1, Xinhua reported on Friday.

Central authorities earlier announced multiple-entry visa scheme for Shenzhen residents would return on Sunday after policy was axed in 2015.