智通财经APP获悉，中金发布研报称，10月9日早8点，汇丰控股(00005)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。若进展顺利，公司预计2026年中之前逐步完成私有化。 予汇丰"跑赢行业"评级，目标价111.9港元。 综合考虑股息率的提升和回购回报率的减少，2026E股权回报率由此前的9.4%降至7.5%，4Q25-3Q26E 股权回报率由此前的9.3%降至6.2%。 1)汇丰普通股EPS提升。收购完成后，作为分红基准的汇丰普通股EPS(不包括重大特殊项目)因不再扣除 归属于恒生少数股东的利润而提升，公司承诺会维持50%的分红率，则意味着汇丰普通股DPS增加，股 息率提升。该行测算加回归属恒生少数股东净利润至汇丰普通股净利润相当于提升股息率约3%，相 ...

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment towards these stocks [1][2][3] Short-Selling Ratios - Anta Sports-R (82020) has the highest short-selling ratio at 100.00%, followed by China Resources Beer-R (80291) at 83.97% and AIA Group-R (81299) at 83.31% [1][2] - Other notable companies with high short-selling ratios include Baidu Group-SWR (89888) at 82.82% and China Mobile-R (80941) at 81.66% [2][3] Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.286 billion, followed by Tencent Holdings (00700) at 1.980 billion and HSBC Holdings (00005) at 1.745 billion [1][3] - Other companies with significant short-selling amounts include SMIC (00981) at 1.343 billion and Zijin Mining (02899) at 1.338 billion [3] Deviation Values - Baidu Group-SWR (89888) has the highest deviation value at 45.67%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][3] - Jiangsu Nanjing-Hu Highway (00177) follows with a deviation value of 36.97%, and China Lilang (01234) at 34.06% [1][3]

HSBC Holdings Plc has stunned markets with a $12.4 billion USD proposal to acquire the remaining 37 per cent stake in Hang Seng Bank, a move that would fully privatise the Hong Kong lender and cement HSBC's dominance in Asia.The deal—positioned as a strategic long-term bet on Hong Kong's role as a global financial bridge—has triggered sharp market reactions, with investors now split over whether to hold, sell, or buy into the volatility.Market Reaction: Shares Slide on Buyback PauseHSBC's London-listed shar ...

Core Viewpoint - HSBC Holdings and its subsidiary, HSBC Asia Pacific, proposed to privatize Hang Seng Bank at a price of HKD 155 per share, representing a premium of over 30% [2][3] Group 1: Proposal Details - The proposed acquisition price of HKD 155 per share values Hang Seng Bank at approximately HKD 290 billion [2] - The offer price represents a premium of about 30.3% compared to Hang Seng Bank's last closing price of HKD 119 per share [2] - The offer also exceeds the highest target price of HKD 131 set by market analysts after Hang Seng Bank's mid-2025 earnings report, reflecting a premium of approximately 18.3% [2] Group 2: Strategic Implications - HSBC stated that the premium reflects the potential future value of Hang Seng Bank's business and provides shareholders with immediate investment returns without waiting for future dividends [3] - If the privatization is approved, Hang Seng Bank will become a wholly-owned subsidiary of HSBC Holdings, and its listing on the Hong Kong Stock Exchange will be withdrawn [3] - HSBC plans to retain the Hang Seng Bank brand and enhance investment in product, service, and technology innovation to provide more choices for customers [3] Group 3: Financial and Operational Impact - The privatization aligns with HSBC's strategy to simplify its organizational structure and focus on core markets, particularly in the increasingly competitive Hong Kong market [3] - The move is expected to enhance HSBC's earnings per share by eliminating non-controlling interest deductions from Hang Seng Bank's profits [3] - HSBC reiterated its commitment to maintaining its dividend payout ratio target for 2025 [3] Group 4: Share Buyback Suspension - To facilitate the transaction, HSBC announced that it will not initiate any further share buybacks for three quarters from the date of the announcement [4]

Core Viewpoint - HSBC Holdings Plc is shifting its strategy from cost-cutting to revenue growth, exemplified by its $14 billion buyout of Hang Seng Bank, marking a significant change in approach under CEO Georges Elhedery [1][3]. Group 1: Acquisition Details - HSBC has made an offer to take Hang Seng Bank private, valuing the subsidiary at $37 billion, which includes a 30% premium over its recent share price [3]. - The acquisition process was expedited, taking about four weeks, with significant involvement from major banks like Morgan Stanley, Goldman Sachs, and Bank of America [2][5]. - The deal is seen as a strategic investment aimed at enhancing operational efficiency and growth potential for HSBC [4][12]. Group 2: Market Context and Strategic Implications - Elhedery has expressed a bullish outlook on Hong Kong's financial future, predicting it will become the world's largest cross-border wealth hub by the end of the decade [6]. - The acquisition comes at a time when Hang Seng Bank is facing challenges, including a significant rise in credit impaired loans, which increased by 85% to HK$25 billion ($3.2 billion) [9]. - The deal has raised questions regarding its timing, especially as HSBC has been involved in pushing Hang Seng to offload bad real estate debt [8]. Group 3: Financial Considerations and Market Reactions - HSBC will not engage in share buybacks for at least three quarters to maintain capital levels during the acquisition, leading to a stock price drop of up to 7% [11]. - Analysts have expressed concerns about the high acquisition multiple relative to Hang Seng's profitability, suggesting potential political motivations behind the deal [10][12]. - Historical context indicates that HSBC has faced challenges with major acquisitions in the past, which adds a layer of scrutiny to this transaction [13][14].

After spending the past year shedding thousands of jobs and stripping out layers of management to rein in costs, HSBC Chief Executive Officer Georges Elhedery is now looking for ways to grow revenue https://t.co/gNQeEKEZcu ...

Core Insights - HSBC Holdings PLC is considering the privatization of its Hong Kong subsidiary, Hang Seng Bank, with a valuation of approximately $37 billion (HK$290 billion) [1][9] - The proposed valuation implies a price-to-book multiple of 1.8, significantly higher than Hang Seng's Hong Kong peers and its historical trading prices [1][9] - HSBC plans to fund the privatization through its own financial resources and expects an initial capital impact of about 125 basis points [4] Privatization Details - HSBC currently holds a 63% controlling stake in Hang Seng and intends to implement the delisting through a scheme of arrangement, offering HK$155 for each "Scheme Share," which represents a 33% premium over Hang Seng's 30-day average closing price of HK$116.5 [2] - The plan requires approvals from Hang Seng shareholders and sanction by the High Court in Hong Kong [2] - Upon approval, HSBC Asia Pacific will acquire all remaining shares held by minority shareholders and delist Hang Seng from the Hong Kong Stock Exchange [3] Strategic Rationale - The move aligns with HSBC's strategic shift to strengthen its market share and leadership position in areas where it has a competitive edge [7] - HSBC's CEO emphasized that the proposal represents a significant investment in Hong Kong's economy and aligns with the company's strategy to enhance growth and shareholder value [6] - More than 50% of HSBC's business is currently centered in the Asian region, with ongoing expansions in mainland China and India [8] Financial Implications - HSBC will pause its share buybacks for the next three quarters but continues to target a dividend payout ratio of 50% for 2025 [5] - The investment in Hang Seng is expected to be accretive to HSBC's basic earnings per share [5]

Core Viewpoint - HSBC Holdings announced a proposal to privatize Hang Seng Bank for a cash consideration of HKD 106 billion (approximately USD 13.6 billion), which will lead to a decrease in its CET1 capital ratio by 125 basis points [1] Group 1: Financial Impact - The cash offer translates to HKD 155 per share for minority shareholders [1] - The transaction is expected to reduce HSBC's share buyback scale by approximately USD 7 billion, with stock repurchases paused for three quarters to maintain the CET1 ratio within target range [1] - By the end of Q2 2026, HSBC's CET1 ratio is projected to be 14% [1] Group 2: Performance Metrics - HSBC's Hong Kong business is projected to have a ROTE of 38% for 2024, while Hang Seng Bank's ROE is reported at only 11% for the same period [1] Group 3: Market Reaction - Following the announcement, HSBC's stock price fell by 5%, closing at USD 67.89 [1] - Short-term expectations indicate a mid-single-digit percentage pullback in HSBC's stock price [1] - Despite the short-term challenges, the transaction is viewed positively for HSBC in the long run [1]

Core Viewpoint - HSBC Holdings announced a proposal to privatize Hang Seng Bank for a cash consideration of HKD 106 billion (approximately USD 13.6 billion), which will impact its CET1 capital ratio and lead to a temporary suspension of stock buybacks [1] Group 1: Transaction Details - The cash consideration for the acquisition is HKD 106 billion, equating to HKD 155 per share for minority shareholders [1] - The transaction will result in a decrease of 125 basis points in HSBC's CET1 capital ratio [1] Group 2: Financial Implications - To maintain the CET1 ratio within target ranges, HSBC will suspend stock buybacks for three quarters, which is estimated to reduce buyback scale by approximately USD 7 billion [1] - Morgan Stanley projects that by the end of Q2 2026, HSBC's CET1 ratio will be around 14% [1] Group 3: Performance Metrics - HSBC's Hong Kong business is expected to report a ROTE of 38% for 2024, while Hang Seng Bank's ROE is projected at only 11% for the same period [1] - Short-term price adjustments for HSBC are anticipated, with Morgan Stanley expecting a mid-single-digit percentage decline [1] Group 4: Long-term Outlook - Despite the short-term challenges posed by the transaction, Morgan Stanley believes it will have positive long-term effects for HSBC [1]

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].