Group 1 - HSBC Holdings has agreed to pay approximately €300 million (equivalent to $350 million) to settle criminal and tax dual investigations initiated by France regarding its involvement in the "Cum-Cum" dividend tax avoidance scandal [1] - The settlement includes a fine of about €268 million and approximately €30 million in taxes already paid by HSBC, with a French judge set to decide on the approval of the agreement [1] - HSBC acknowledged the basic facts of the case, stating that the involved transactions were executed by its Paris traders between 2014 and 2019, and admitted that the relevant transactions did not pay sufficient French taxes [1] Group 2 - The "Cum-Cum" trading scheme allegedly involved lending French stocks to local banks with tax-exempt status during dividend distribution seasons, helping foreign stockholders avoid withholding taxes [2] - The French authorities have adopted a dual-track approach to combat such transactions, with the tax department aiming to recover approximately €4.5 billion in tax revenue lost due to related transactions by domestic banks [2] - Despite ongoing investigations, the French banking lobby has long denied any wrongdoing, asserting that the controversial transactions were conducted for economic purposes such as hedging short positions and not for tax evasion [2] Group 3 - The "Cum-Cum" scandal has also led to political tensions, as the French government seeks to balance the pursuit of tax fraud with maintaining Paris's attractiveness to the financial sector [3] - The French Treasury has previously opposed strict interpretations of new tax law provisions to prevent a significant loss of stock derivative trading business to other financial hubs like London [3]

Group 1: Central Bank Operations - The People's Bank of China conducted a 1.1 trillion yuan reverse repurchase operation to offset the same amount maturing this month, ensuring liquidity in the market [1] Group 2: Digital Currency Innovations - The digital yuan app launched a "carbon inclusive" service in Shanghai, allowing users to earn carbon credits for eco-friendly behaviors, which can be exchanged for digital yuan [2] Group 3: HSBC and Hang Seng Bank Privatization - HSBC announced the results of Hang Seng Bank's privatization, emphasizing the goal of enhancing complementary advantages rather than erasing differences between the two entities [3] Group 4: Banking Security Measures - Several regional small banks, including Anping Huimin Village Bank, suspended overseas transactions to mitigate cross-border fraud risks, following similar actions by larger banks [4] Group 5: Credit Market Developments - A competitive lending environment has emerged, with personal loan rates dropping to the "2s" as banks simplify approval processes and enhance loan disbursement efficiency [5] Group 6: Leadership Changes in Financial Leasing - The Shanghai Financial Regulatory Bureau approved the appointment of a new chairman for China Everbright Financial Leasing, amidst a wave of leadership changes in the financial leasing sector [6] Group 7: Agricultural Bank Personnel Adjustments - Agricultural Development Bank is undergoing personnel adjustments, with new appointments in its northeastern branches aimed at optimizing regional business management [7] Group 8: Capital Increase at Chang'an Bank - Shaanxi Guotou plans to increase its stake in Chang'an Bank through a capital increase of up to 800 million yuan, raising its shareholding to 6.23% post-transaction [8][9] Group 9: Political Aspirations of Banking Executives - The chairman of Liaoning Rural Commercial Bank, Yang Jishi, is nominated as a candidate for a city mayor position, indicating a significant career transition [10] Group 10: Anti-Corruption Efforts in Banking - The deputy secretary of Hunan Rural Credit Cooperative, Jiang Junwen, is under investigation for serious violations, highlighting ongoing anti-corruption efforts within the financial system [11]

滙豐控股有限公司 （香港股份代號：5） 恒生銀行有限公司 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公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 或要約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬， 亦不構成於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券 的邀請、要約或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉 讓滙豐控股、滙豐亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規， 則本公告所載全部或部分資料不得於、向或從該司法管轄區發佈、刊發或分發。 （股份代號：11（港幣櫃台）及 80011（人民幣櫃台）） 香港上海滙豐銀行有限公司 聯合公告 (1) 香港上海滙豐銀行有限公司根據《公司條例》第673條 以協議安排方式將恒生銀行有限公司私有化之建議 (2) 建議撤銷恒生銀行股份的上市地位 (3) 恒生銀行法院會議及恒生銀行股東大會 ...

Market Overview - On January 7, U.S. stock markets experienced significant volatility, with the Dow Jones Industrial Average dropping 466 points, a decline of 0.94%, closing at 48,996.08 points [4] - The market initially showed optimism with a high opening but faced a sharp decline towards the end of the trading session, reflecting a shift in investor sentiment from anticipation of interest rate cuts to concerns over tightening policies [4] Federal Reserve Commentary - Recent statements from Federal Reserve officials have dampened expectations for interest rate cuts in 2026, with officials indicating that the current policy is close to "neutral" and that the space for rate cuts is limited [4] - Key economic indicators, including a slower pace of inflation decline and a strong labor market, have contributed to the Fed's cautious stance, reducing the likelihood of a rate cut in March [4] Chinese Assets Performance - In contrast to the U.S. market, Chinese assets showed strong performance on January 7, with several Chinese concept stocks experiencing significant gains, including a 70.83% increase in Zhongchi Chefu and a 28.53% rise in 3ENetwork Technology [5] - The Hong Kong ADR index also saw a positive trend, closing at 23,246 points, up 174.04 points, with major stocks like Tencent and HSBC contributing to the upward movement [5]

当前，全球经济格局加速演变，准确理解中国宏观趋势与市场机遇尤为重要，国际金融机构正深入研 判"十五五"开局之年的发展路径与投资机会。 新年伊始，来自汇丰银行、渣打银行等多家国际金融机构的首席经济学家、投资策略总监接受了证券时 报记者的采访，多家机构不约而同地将"十五五"规划建议作为分析核心，从增长目标、政策重点、产业 动能到资产"跟投"，系统勾勒出一幅以"内需主导、创新驱动、高水平开放"为关键词的中国经济新图 景。 保持中高速增长 向内需与创新要动力 对于2026年中国经济的增速设定，外资机构给出了贴近"潜在增长水平"的预测。 渣打银行大中华区及北亚首席经济学家丁爽预计，2026年的增长目标将设定在4.5%—5%，实际增速预 测为4.6%。"这一目标与潜在增长水平及2035年长期发展目标相匹配，也意味着增长模式将更侧重内需 主导与创新驱动。"丁爽指出。 汇丰银行环球投资研究大中华区首席经济学家刘晶认为，中国经济将继续推进结构性转型并保持合理增 长。他强调，在进出口更加趋于平衡的同时，包括消费和投资在内的国内需求将成为驱动增长的主要动 能。 "渣打银行自身也超配中国股票，预期定向的政策刺激，以及与人工智能主题相 ...

Core Viewpoint - HSBC Holdings is proposing a privatization of Hang Seng Bank for a cost of HKD 100 billion, aiming to enhance the complementary strengths of both banks and provide greater value to shareholders [1] Group 1: Privatization Proposal - The proposal for privatization was first announced in October of the previous year, with the intention of leveraging synergies between HSBC and Hang Seng [1] - The decision reflects confidence in Hang Seng and Hong Kong's status as an international financial center, emphasizing long-term investment rather than short-term returns [1] Group 2: Strategic Intent - HSBC Chairman Mark Tucker stated that the banking environment requires more than just scale; financial institutions must be flexible and resilient, continuously investing in technology, talent, and risk management [1] - A closer collaboration between HSBC and Hang Seng is expected to better address market changes and meet the needs of existing and new customers [1] Group 3: Brand and Governance - HSBC has committed to retaining Hang Seng's independent brand, corporate governance, customer base, and banking license while increasing investment in talent to enhance Hang Seng's unique advantages [2] - The distinct roles of HSBC and Hang Seng in Hong Kong will benefit from a tighter partnership, allowing for clearer and more confident operations [2]

Core Viewpoint - HSBC Holdings is proposing a privatization of Hang Seng Bank for HKD 100 billion, aiming to enhance the complementary strengths of both banks and better serve customers and communities, ultimately creating greater value for shareholders [1] Group 1: Privatization Proposal - The proposal for privatization was announced in October last year, with the intention of releasing greater synergy between HSBC and Hang Seng [1] - This move is seen as a significant investment in the Hong Kong market, reflecting confidence in Hang Seng and Hong Kong's role as an international financial center [1] - The proposal is characterized as a long-term investment based on belief, patience, and commitment, rather than a short-term return strategy [1] Group 2: Market Environment and Strategy - In the current banking environment, mere scale is insufficient for competitiveness; financial institutions must possess higher flexibility and resilience [1] - HSBC and Hang Seng's closer collaboration is expected to enable both banks to respond more effectively to market changes and meet the needs of existing and new customers [1] Group 3: Brand and Governance - HSBC has committed to retaining Hang Seng's independent brand, corporate governance, customer base, and banking license while increasing investment in talent to enhance Hang Seng's unique advantages [2] - The distinct roles of HSBC and Hang Seng in Hong Kong will be reinforced through a closer partnership, providing clearer and more confident operations for both banks [2]

Core Viewpoint - HSBC Holdings is proposing to privatize Hang Seng Bank at a price of HKD 155 per share, with a valuation of approximately HKD 290.3 billion, representing a 30.3% premium over the previous closing price of HKD 119 per share [1] Group 1 - HSBC Holdings shares fell over 2%, specifically down 2.67% to HKD 123.8, with a trading volume of HKD 417 million [1] - The court meeting and special shareholder meeting regarding the privatization will be held on January 8, 2026 [1] - The privatization proposal will be presented to shareholders by the board of Hang Seng Bank as requested by HSBC Asia-Pacific [1]

Group 1 - HSBC Holdings has seen a decline of over 2%, currently down 2.67% at HKD 123.8, with a trading volume of HKD 417 million [1] - In 2025, HSBC proposed to privatize Hang Seng Bank at a price of HKD 155 per share, with a court meeting and special shareholder meeting scheduled for January 8, 2026 [1] - The privatization transaction is valued at approximately HKD 290.3 billion, with the offer price representing a 30.3% premium over Hang Seng Bank's previous closing price of HKD 119 [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,184.20, down by 274.75 points or 1.04% from the previous close of 26,458.95 [1] - The index reached a high of 26,390.97 and a low of 26,183.42 during the trading session, with an average price of 26,287.19 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 124.996 HKD, down 1.73% from the previous close [2] - Tencent Holdings closed at 619.762 HKD, down 0.76% from the previous close [2] - Alibaba Group (W) saw a decline of 3.25%, closing at 145.900 HKD [3] - Other notable declines include: - Xiaomi Group (W) down 1.55% to 38.160 HKD [3] - NetEase (S) down 2.88% to 222.600 HKD [3] - Meituan (W) down 1.51% to 104.500 HKD [3] ADR Performance - Tencent's ADR closed at 619.762, reflecting a decrease of 0.76% compared to its Hong Kong stock price [3] - HSBC's ADR was at 124.996, down 1.73% from its Hong Kong counterpart [3] - Alibaba's ADR closed at 142.841, down 2.10% compared to its Hong Kong price [3]