China Mobile, the world's largest wireless carrier by subscribers, is in talks on a potential acquisition of Hong Kong broadband provider HKBN Ltd. as it looks to expand its footprint in the city.

HKBN's board has received a non-binding proposal from China Mobile Hong Kong Co., a unit of the state-backed carrier, about a potential cash takeover bid, it said in an exchange filing Wednesday. China Mobile and HKBN are still in discussions on terms of the potential offer including the price, according to the filing, which confirmed an earlier Bloomberg News report.