来源：市场资讯 事缘汇控全资附属公司汇丰亚太突然作为要约人，要求恒生银行董事会向计划股东提呈建议，以协议安 排（Scheme of Arrangement）方式将恒生银行私有化。倘若计划生效，计划股份将予以注销，有关股东 可每股获现金155元，较恒生前收市价119元溢价约三成。私有化完成后，恒生银行会撤销上市地位。 01 主动化解商业地产坏账危机 上市公司私有化有两种常见方法，一是协议安排，二是全面要约（General Offer）。前者需要召开股东 特别大会，由亲身或委派代表的无利害股东至少75%投票赞成，以及投票反对票数不得超过无利害股东 的10%，并须获得法院批准。后者全面要约则需要满足要约人收购到超过90%股份（以所有股东计）， 才能触发强制收购。 以股权架构来看，汇控持有恒生银行63.34%权益，母公司持股比例算不上高度集中，若采用全面要约 收购余下股份，预计难度会比较高。取易不取难之下，汇控当然识得拣，选择以协议安排方式私有化恒 生银行，舍弃全面要约。 高仁认为，汇控管理层大多数是外国资深银行家，相信提出每项交易前都会深思熟虑，并且以理性和合 理性行事，不排除私有化恒生银行是以风险管理（risk ...

Core Viewpoint - Barclays expresses optimism regarding HSBC's plan to privatize Hang Seng Bank, highlighting the potential for significant earnings per share upside despite the need for patience to realize synergies [1] Group 1: Transaction Insights - The transaction is expected to create ideal value over time, with a shift in group capital increasingly directed towards Hong Kong [1] - HSBC's earnings have significant upside potential due to stronger net interest income and fee income, along with improved cost efficiency [1] Group 2: Valuation Metrics - Following a recent decline in share price, HSBC is trading at a forward price-to-earnings ratio of 7.5 times for 2027 or 1.4 times tangible net asset value for 2025, corresponding to an approximate 18% return on tangible equity (RoTE) [1]

Group 1 - HSBC Holdings proposed to privatize Hang Seng Bank at HKD 155 per share, valuing the transaction at USD 13.7 billion, aligning with HSBC's strategy to deepen its business in Hong Kong [1] - The impact on HSBC's earnings per share is expected to be minimal, and stock buybacks will be paused for the next three quarters [1] - DBS maintains a "buy" rating on HSBC, raising the target price from HKD 98.7 to HKD 113.7, implying a price-to-book ratio of 1.18 times for the fiscal year 2026 [1] Group 2 - DBS expects strong growth in wealth management fees for HSBC from fiscal years 2025 to 2027, making it a key growth driver during the interest rate cut cycle, partially offset by weak net interest income [2] - The assumption for HSBC's credit costs is around 40 basis points due to ongoing uncertainties in Hong Kong's commercial real estate sector [2] - The expected return on tangible equity (ROTE) for HSBC is projected to be between 15% and 16% for fiscal years 2025 to 2027, supporting potential re-rating opportunities [2]

Core Viewpoint - HSBC Holdings has proposed to privatize Hang Seng Bank at a price of HKD 155 per share, valuing the transaction at USD 13.7 billion, aligning with HSBC's strategy to deepen its business in Hong Kong and expected to generate long-term revenue and cost synergies [1] Group 1: Financial Impact - The impact on HSBC's earnings per share is expected to be minimal, with stock buybacks paused for the next three quarters [1] - DBS maintains a "buy" rating on HSBC, raising the target price from HKD 98.7 to HKD 113.7, implying a price-to-book ratio of 1.18 times for the fiscal year 2026 [1] - Expected dividends for HSBC from 2025 to 2027 are projected at HKD 5.31, HKD 5.56, and HKD 5.94, with dividend yields of 5.1%, 5.3%, and 5.7% respectively [1] Group 2: Earnings and Growth Projections - Earnings per share assumptions for HSBC for fiscal years 2026 to 2027 remain largely unchanged, with strong growth anticipated in wealth management fees, which will be a key growth driver during the interest rate cut cycle [2] - The bank is expected to maintain credit costs at around 40 basis points due to ongoing uncertainties in Hong Kong's commercial real estate sector [2] - The return on tangible equity (ROTE) for HSBC is projected to be between 15% and 16% for the fiscal years 2025 to 2027, supporting further re-rating potential [2]

Core Viewpoint - HSBC Holdings announced a cash acquisition of 680 million shares of Hang Seng Bank at HKD 155 per share, totaling HKD 106 billion (approximately USD 13.6 billion), increasing its stake from 63% to 100% [1] Group 1: Acquisition Details - The acquisition requires approval from 75% of Hang Seng's minority shareholders and less than 10% opposition to proceed, with completion expected by mid-2026 [1] - After the acquisition, HSBC's earnings per share (EPS) will increase as profits attributable to minority shareholders will no longer be deducted, leading to a higher dividend per share (DPS) [1] Group 2: Financial Impact - The estimated return on equity (ROE) for FY2026 is projected to decrease from 9.4% to 7.5%, and from 9.3% to 6.2% for Q4 2025 to Q3 2026 [1][2] - The dividend yield is expected to rise from 5.3% to 5.4% for FY2026, while the share buyback amount is forecasted to drop from USD 10 billion to USD 5 billion, reducing the buyback return rate from 4.1% to 2% [2] Group 3: Valuation and Market Reaction - The acquisition is anticipated to slightly increase dividends but reduce buybacks, negatively impacting the company's valuation by approximately 5% [2] - The price-to-book (P/B) ratio valuation indicates a net asset reduction of about 4%, assuming the P/B ratio remains at 1.6x [2] - Following the announcement, HSBC's stock price fell by 6%, suggesting that the market has already priced in the short-term impacts of the acquisition [2]

Core Viewpoint - HSBC Holdings proposed to privatize Hang Seng Bank at HKD 155 per share, valuing the transaction at USD 13.7 billion, aligning with HSBC's strategy to deepen its business in Hong Kong and expected to generate long-term revenue and cost synergies [1] Group 1 - DBS believes the impact on earnings per share from this move will be minimal [1] - Stock buybacks are expected to be paused for the next three quarters [1] Group 2 - DBS reiterated a "Buy" rating for HSBC, raising the target price from HKD 98.7 to HKD 113.7 [1] - DBS forecasts HSBC's dividends per share for 2025 to 2027 to be HKD 5.31, HKD 5.56, and HKD 5.94, with dividend yields of 5.1%, 5.3%, and 5.7% respectively [1]

格隆汇10月13日｜中金发表研报指，汇丰控股上周公布以每股155港元的价格以现金收购恒生银行6.8亿 股，收购总价1060亿港元(约136亿美元)，收购后汇丰对恒生的持股比例由此前的63%提升至100%。该 收购待恒生少数股东中75%持股者同意、少于10%持股者反对方可推进。若进展顺利，公司预计2026年 中之前逐步完成私有化。该行予汇丰控股"跑赢行业"评级，目标价为111.9港元。中金又指，短期而 言，分红+回购回报率下滑或拖累汇丰股价表现，中长期关注收购带来的协同能否可持续地提振每股权 益，也关注三个季度后的回购恢复情况。 来源：格隆汇APP ...

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment and potential investment opportunities or risks associated with these stocks [1][2]. Group 1: Short-Selling Ratios - Anta Sports-R (82020) and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - Tencent Holdings-R (80700) follows closely with a short-selling ratio of 95.69% [1][2]. - Other notable companies with high short-selling ratios include JD Group-SWR (89618) at 94.72% and Bank of China Hong Kong-R (82388) at 77.81% [2]. Group 2: Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.213 billion [2]. - Xiaomi Group-W (01810) and Tencent Holdings (00700) follow with short-selling amounts of 1.740 billion and 1.605 billion, respectively [2]. - Other companies in the top short-selling amounts include Pop Mart (09992) at 1.290 billion and Baidu Group-SW (09888) at 1.044 billion [2]. Group 3: Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 47.78%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - JD Group-SWR (89618) and China Lilang (01234) also show high deviation values of 45.61% and 44.19%, respectively [1][2]. - Other companies with notable deviation values include Great Wall Motors-R (82333) at 34.51% and SenseTime-WR (80020) at 34.02% [2].

Core Viewpoint - Hang Seng Bank, a long-established bank in Hong Kong, is set to be privatized by HSBC at a price of HKD 155 per share, leading to its delisting from the Hong Kong Stock Exchange after over 53 years of being publicly traded [1][3][4]. Group 1: Privatization Details - HSBC Asia, as the offeror, will pay a total of approximately HKD 1,061.56 million for the privatization, valuing Hang Seng Bank at HKD 2,903.05 million [1][4]. - The privatization price represents a significant premium of about 30.3% over Hang Seng Bank's last trading price of HKD 119 per share [4]. - Following the privatization, HSBC aims to enhance collaboration between HSBC Asia and Hang Seng Bank in the Hong Kong banking sector [1][6]. Group 2: Financial Performance - For the first half of 2025, Hang Seng Bank reported a profit attributable to shareholders of HKD 6.88 billion, a decrease of 31.5% year-on-year, indicating revenue growth without corresponding profit increase [1][7]. - The bank's non-performing loan ratio reached 6.69% by the end of June 2025, with total impaired loans amounting to HKD 55 billion, an increase of HKD 4 billion from the end of 2024 [2][7]. - Hang Seng Bank's net interest income fell by 7% to HKD 14.34 billion, with the net interest margin declining from 1.83% to 1.67% [7][8]. Group 3: Strategic Implications - HSBC's strategy focuses on expanding its business in Hong Kong, leveraging the strengths of both HSBC Asia and Hang Seng Bank to enhance operational efficiency and customer service [6][8]. - The bank plans to maintain Hang Seng Bank's brand identity and operational independence while integrating resources to improve competitiveness [6][8].

Core Insights - The Bank of England (BoE) is prioritizing tokenization in its digital finance strategy while limiting the use of stablecoins [1][7] - Governor Andrew Bailey has shifted his perspective on stablecoins, recognizing their potential but still advocating for tokenization as a superior innovation [5][7] Tokenization Strategy - The BoE is focusing on tokenized bank deposits rather than stablecoins, with major UK banks like HSBC, NatWest, Lloyds, and Barclays piloting tokenized deposits for various applications [7][8] - The central bank's approach aims to keep money within the regulated banking system, enhancing financial stability [5][7] Stablecoin Regulation - The BoE plans to impose limits on stablecoin holdings, allowing individuals to hold between £10,000 and £20,000 ($13,400–$26,800) and companies up to £10 million [2] - Exemptions for certain crypto firms, such as exchanges and custodians, are expected, indicating a more flexible regulatory stance [3] Digital Securities Sandbox - The BoE intends to modify its Digital Securities Sandbox to permit limited use of regulated stablecoins for settlement, allowing for real-world testing of these assets [3][4]