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]

来源：瑞恩资本RyanbenCapital https://www.hksfpa.org/tc/detail-page/id/508 近期市場對恒生銀行私有化存在諸多討論,為澄清誤解並防範詐騙,本會從專業角度整合公開資訊與業內 分析,為各位提供清晰說明。 一、核心問題解析 1. 持有實物股票如何處理? 過戶處將按既定程序,向登記在冊的寅物股票持有人寄發收購支票或安排自動轉賬。請勿相信任何聲稱可 「代辦」手續的第三方,此類要求均屬可疑。 2. 持有恒生股份如何處理? 若私有化方案獲股東通過,股東將以每股155港元現金收回股份(另加第三次派息)。此價格為自2019年以 來的最高水平,具體派息金額已於今日(2025年10月10日)公佈。 3. 是否意味滙豐撤資香港? 滙豐此次以約1.061億港元現金私有化恒生,屬於戰略性投資。公告明確表示將在人才與科技(包括人工智 能)領域加大投入,反映其對香港市場的長期承諾,而非撤資行為。 4. 財務透明度是否降低? 儘管退市後無需單獨向港交所披露業績,但恒生作為滙豐集團的附屬公司,其財務數據將合併至滙豐的上 市公司報表中。此外,所有持牌銀行均須按香港金融管理局規定公開年報,公眾 ...

出品|拾盐士 多面金融工作组 10月9日，汇丰控股宣布，将以每股155港元的价格，总计约1061.56亿港元现金，收购其尚未持有的约36.65%恒生银行股份。若 交易完成，恒生银行将结束其长达53年的上市历程。 这笔交易也创下了香港银行业近年私有化纪录。 根据汇丰控股公告，155港元的每股收购价较恒生银行最后交易日收盘价119港元溢价30.3%，较其过去360个交易日的平均收市 价溢价约48.6%。按此价格计算，恒生银行的总估值达到2903亿港元，隐含2025年上半年市账率1.8倍，显著高于香港同业水平。 一场溢价三成的资本豪赌香港银行业"整合时代"到来？ 2025年10月9日，香港联交所早盘的行情曲线划出刺眼反差。恒生银行（00011.HK）股价开盘即暴涨41%，盘中触及168港元历 史峰值，最终收涨25.88%，报149.8港元。而其控股股东汇丰控股（00005.HK）却因千亿资金支出压力下跌 5.97%，报收104港 元。 这场异动的源头，是汇丰集团抛出的重磅方案，通过全资附属公司汇丰亚太，以每股 155港元的现金对价私有化恒生银行，交易 总估值达2900亿港元，涉及现金支付 1062亿港元。这一金额， ...

Core Viewpoint - HSBC Holdings announced a plan to privatize Hang Seng Bank at a premium of over 30%, leading to a 25.88% surge in Hang Seng Bank's stock price on the same day, highlighting a growing trend of privatization in the Hong Kong stock market [1] Group 1: Privatization Trends - There have been over 20 privatization-related cases in the Hong Kong stock market this year, spanning various sectors including finance, real estate, and consumer goods [1] - The privatization activities are reshaping the equity structure of listed companies and serve as a key window to observe market valuation logic and capital movements [1] Group 2: Market Reactions - The announcement by HSBC triggered significant market interest in privatization, as evidenced by the immediate stock price reaction of Hang Seng Bank [1] - The performance of stocks related to privatization varies significantly, with some companies experiencing drastic changes in their stock prices [1]

Market Overview - The three major U.S. stock indices experienced declines on Friday, with the Hang Seng Index ADR closing at 25,322.53 points, down 967.79 points or 3.68% compared to the Hong Kong close [1] - The trading volume was 134 million, with a high of 26,451.01 and a low of 25,275.38 [1] Major Blue-Chip Stocks - Most large-cap stocks fell, with HSBC Holdings closing at HKD 102.604, down 0.87% from the Hong Kong close [2] - Tencent Holdings closed at HKD 622.285, down 4.48% from the Hong Kong close [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 651.500, down 3.55%, ADR price HKD 622.285, down 4.48% [3] - Alibaba Group: Latest price HKD 165.400, down 4.56%, ADR price HKD 154.686, down 6.48% [3] - HSBC Holdings: Latest price HKD 103.500, down 0.48%, ADR price HKD 102.604, down 0.87% [3] - Xiaomi Group: Latest price HKD 52.050, down 2.44%, ADR price HKD 49.061, down 5.74% [3] - AIA Group: Latest price HKD 73.900, down 0.27%, ADR price HKD 70.412, down 4.72% [3] - Hong Kong Exchanges: Latest price HKD 444.600, down 2.67%, ADR price HKD 419.007, down 5.76% [3]

Group 1 - S&P indicates that HSBC's privatization plan for Hang Seng Bank will involve share buybacks at a premium, which will put some pressure on HSBC's capital, but overall capital strength is expected to remain strong [1] - The privatization transaction is expected to be completed in the first half of 2026, leading to a projected reduction in HSBC's risk-adjusted capital (RAC) ratio from 12.6% at the end of 2024 to between 11% and 12% by the end of 2026, still above the 10% threshold set for strong capital assessment [1] - S&P continues to view Hang Seng Bank as a core subsidiary of HSBC, and the planned full ownership will strengthen the ties between Hang Seng Bank and the HSBC Group, reflecting HSBC's long-term commitment to the Hong Kong market [1][2] Group 2 - The privatization plan is expected to enhance governance consistency and facilitate closer business and operational cooperation between HSBC and Hang Seng Bank, allowing for cost efficiencies and better alignment with group strategies [2] - S&P anticipates that the capital pressure resulting from the buyback of all circulating shares of Hang Seng Bank will be manageable for both HSBC and its parent company [2]

Group 1 - Israel and Hamas have reached a preliminary agreement allowing humanitarian aid into Gaza, releasing 20 hostages, and adjusting the Israeli military withdrawal roadmap. This agreement is seen as progress but not a complete resolution, influenced by the upcoming Nobel Peace Prize announcement [1] - HSBC plans to privatize Hang Seng Bank at a price of 155 HKD, leading to a 30% increase in the bank's stock price. High interest rates have significantly benefited foreign banks, prompting major shareholders to take action [2] - JPMorgan anticipates that Macau's October gaming revenue will increase by approximately 12% year-on-year, reaching a six-year high, yet most casino stocks are valued at less than half of their 2019 levels, indicating a potential expectation gap [3] Group 2 - International flight schedules increased by 11.8% year-on-year during the first seven days of the National Day holiday, while the number of travelers opting for camping has also risen, suggesting a K-shaped trend in tourism consumption, with some upgrading and others downgrading [4] - The semiconductor sector continues to experience explosive growth, supported by strong fundamentals, although the rapid pace of increase raises concerns about potential adjustments in the future [5]

3）现金减少、普通股股东权益增加。汇丰此前持有恒生银行67%的股权，资产负债表已对恒生银行进 行并表。本次收购预计使得汇丰控股现金和净资产减少136 亿美元，同时此前少数股东权益变为普通股 股东权益，普通股股东权益增加73 亿美元。总体而言，当期普通股净资产减少、普通股净利润增加， ROTE 会有小幅增加。 机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 事件 10 月9 日早8 点，汇丰公告计划以每股155 港币的价格以现金收购恒生银行6.8 亿股（前一日恒生银行收 盘价119 港币，对应1.4x P/B，收购价较公开价溢价30%，对应1.8x P/B；收购价高于2022 年3 月以来恒 生银行最高收盘价154 港币），收购总价1060 亿港币（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1。若进展顺利，公司预计2026 年中之前逐步完成私有化。 评论 收购目的在于加强协同、简化运营。汇丰公告表示，恒生在香港本土拥有深厚传统与独特地位，私有化 后不会取消恒生银行品牌与独立法人地位，计划仍继续通过汇 ...

新华社香港10月10日电（记者郑静霞、林迎楠）"香港是我们的主市场，是我们拥有领导地位和创造回 报的重要增长机遇所在。"汇丰集团行政总裁艾桥智日前接受新华社记者专访时说。 160年前诞生于香港和上海，这家国际金融巨头见证香港成为国际金融中心的历程。展望未来，艾桥智 对香港的经济前景抱有坚定信心。 "香港拥有悠久的历史、突出的能力和专业知识，这已成为香港基因的一部分。"他指出，金融中心的建 设非一日之功，香港作为成熟的金融中心已运行了几十年。 艾桥智说，对汇丰而言，香港是重要的"国际连接器"。汇丰依托以香港为枢纽的全球网络，持续支持企 业或投资者之间的联系。 关于香港的离岸人民币业务，艾桥智认为，目前的发展态势令人鼓舞，看好未来香港推动人民币国际化 的前景。香港既能准确把握国家政策导向，又能理解国际参与者在贸易和投资方面的需求，是理想的平 台和最好的"连接器"。 当前，香港正大力发展数字资产，相关法律条例也正式生效。对此，艾桥智表示，健全的监管框架是数 字资产领域健康发展的首要前提，香港在数字资产监管方面的进展也令人鼓舞。 他预测，到2030年，香港有望成为全球最大的跨境财富管理中心。"越来越多国际及内地客户正 ...

Core Viewpoint - HSBC Holdings has announced the issuance of conditional awards to employees under the HSBC International Employee Share Purchase Plan, allowing the subscription of a total of 321,679.21759 shares of common stock at a par value of $0.5 per share [1] Summary by Category - **Employee Share Awards** - The company granted a total of 321,679.21759 shares to employees under the plan [1] - This includes 161,206.61948 shares listed on the London Stock Exchange and 160,472.59811 shares listed on the Hong Kong Stock Exchange [1]