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]

Core Viewpoint - HSBC Holdings plans to privatize its approximately 63% stake in Hang Seng Bank at a cash price of HKD 155 per share, representing a 30% premium over the previous closing price, with a total transaction value of approximately HKD 166 billion [3]. Group 1: Transaction Details - The acquisition will lead to a short-term impact on HSBC's capital position, with the Common Equity Tier 1 (CET1) capital ratio expected to drop by about 125 basis points from 14.6% to approximately 13.4% [3]. - The proposed purchase price equates to a price-to-book (P/B) ratio of about 1.8 for Hang Seng Bank, compared to HSBC's own P/B ratio of approximately 1.42 [3]. Group 2: Strategic Implications - The significant premium indicates management's intention to integrate retail and wealth management businesses to enhance capital efficiency [3]. - There is a risk that HSBC may be overestimating Hang Seng's current profitability, as Hang Seng's return on equity (ROE) for the first half of 2024 is only 11.3%, while HSBC's return on tangible equity (ROTE) in Hong Kong is higher [3]. Group 3: Market Considerations - Market attention is focused on the funding sources for the transaction and subsequent shareholder buyback arrangements [3]. - If the HKD 67.5 billion premium is considered as the cost of synergy, short-term returns may fall below expectations, and the timing of realizing cost synergies needs to be monitored [3]. Group 4: Overall Assessment - The strategic significance of the privatization transaction outweighs its financial contribution, as HSBC aims to enhance asset flexibility and capital allocation efficiency [3]. - However, short-term capital pressures and market uncertainties remain, suggesting that investors should adopt a wait-and-see approach while monitoring subsequent approvals and funding developments [3].

Core Viewpoint - HSBC Holdings is moving to take its Hang Seng Bank subsidiary private as part of a strategic overhaul, with the troubled property market in Hong Kong potentially facilitating this transition [1][2]. Group 1: Strategic Rationale - The proposal for privatization has been in development for "many months" and is not related to Hang Seng Bank's bad-debt situation, according to HSBC group CEO Georges Elhedery [2]. - Elhedery described the move as "an investment for growth" that benefits both HSBC and the Hong Kong economy [2]. - The alignment of strategies between HSBC and Hang Seng Bank is seen as overdue, as both banks currently operate relatively independently, sometimes competing with each other [5]. Group 2: Financial Implications - The privatization deal is expected to be accretive for HSBC, allowing full access to Hang Seng Bank's earnings without deducting non-controlling interests [4]. - Analysts anticipate additional benefits from revenue and cost synergies through expanded product offerings and a stronger international network [4]. - The deal could attract Hang Seng Bank's minority shareholders to sell, particularly due to concerns over the bank's non-performing loan ratios [5].

Core Points - HSBC Holdings has announced the grant of conditional awards to employees under the HSBC International Employee Share Purchase Plan on October 9, 2025 [1] - A total of 321,679.21759 shares of common stock with a par value of $0.5 per share have been allocated [1] - The awarded shares consist of 161,206.61948 shares listed on the London Stock Exchange and 160,472.59811 shares listed on the Hong Kong Stock Exchange [1]

Core Viewpoint - HSBC Holdings has granted conditional awards to employees under the HSBC International Employee Share Purchase Plan, allowing them to subscribe to a total of 322 million shares at a par value of $0.50 each, effective October 9, 2025 [1] Summary by Relevant Sections - Employee Share Purchase Plan - HSBC has issued conditional awards for 322 million shares to employees [1] - The shares have a par value of $0.50 each [1] - The effective date for this issuance is October 9, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 2025年10月10日 （香港股份代號：5） 授出詳情如下： | 授出日期 | 2025年10月9日 | | --- | --- | | 承授人類別 | 僱員 | | 獎勵下之股份數目 | 161,206.61948股倫敦證交所上市股份 | | | 160,472.59811股香港聯交所上市股份 | | 授出日於倫敦證券交易所及香港 | 10.086英鎊 | | 聯合交易所之普通股收市價 | 104.00港元 | | 授出獎勵之購買價格 | 零英鎊 | | 獎勵實際授出期 | 兩年 | | 表現目標及撤回 | 由於本計劃屬全體僱員性質，根據計劃授出之獎勵並無 | | | 表現條件或撤回條款 | | 本公司或附屬公司安排向承授人 | 無 | | 提供財政援助 | | | 根據計劃授權可供日後授出之股 | 本計劃須符合所有計劃獎勵下承諾發行股份數目之限 | | 份數目 | 制： | | 緊接該日前本公司已發 ...

对于持有实物股票如何处理，该会提及，过户处将按既定程序，向登记在册的实物股票持有人寄发收购 支票或安排自动转账。请勿相信任何声称可"代办"手续的第三方，此类要求均属可疑。 该会指出，尽管退市后无需单独向港交所披露业绩，但恒生作为汇丰集团附属公司，其财务数据将合并 至汇丰的上市公司报表中。此外，所有持牌银行均须按香港金融管理局规定公开年报，公众可随时到香 港金管局网页查阅，并指出私有化后恒生成为汇丰全资附属公司，有助于简化企业架构、加速技术升级 与资源整合。此举旨在强化两个品牌的协同效应，并非削弱其市场角色。 智通财经APP获悉，汇丰控股(00005)10月9日发布公告称，计划以协议安排方式私有化恒生银行 (00011)。香港证券及期货专业总会表示，此次以约1061亿港元现金私有化恒生，属于战略性投资。公 告明确表示将在人才与科技(包括人工智能)领域加大投入，反映其对香港市场的长期承诺，而非撤资行 为。 ...