Group 1 - Hang Seng Bank has received a privatization proposal from HSBC Holdings, which has been approved at a special shareholders' meeting and court session, leading to the bank's delisting on January 27 [1] - UBS anticipates that the completion of the transaction will be expedited by 4 to 5 months [1] - HSBC Holdings is expected to provide more financial details when it announces its fiscal year 2025 results on February 25 [1] Group 2 - UBS holds a more positive view on the transaction compared to the market, although it does not alter the ultimate value of HSBC Holdings [1] - UBS maintains a "Neutral" rating on HSBC Holdings listed in London with a target price of £10.35 [1]

Core Viewpoint - HSBC Holdings plans to privatize Hang Seng Bank, which has been publicly traded for 53 years, with the privatization expected to take effect on January 26, 2026, and the bank's listing on the Hong Kong Stock Exchange to be canceled on January 27, 2026 [1][2][10]. Privatization Approval - The privatization plan received overwhelming support at the court meeting and shareholders' meeting, with approximately 85.75% of the voting rights in favor and 14.25% against [4][12]. - The special resolution related to the privatization achieved a 97.30% approval rate [4][12]. Financial Details - HSBC Asia Pacific offered HKD 155 per share as the cash consideration for the privatization [3][11]. - As of January 8, Hang Seng Bank's share price was HKD 153.9, only HKD 1.1 below the proposed acquisition price [7][15]. Index Removal - Following the approval of the privatization plan, Hang Seng Bank will be removed from various indices, including the Hang Seng Index, effective January 14, 2026 [2][10]. Brand and Operations - Post-privatization, Hang Seng Bank will retain its brand, branch network, and independent banking license under Hong Kong banking regulations, maintaining its corporate governance and market positioning [8][16]. Market Context - Concerns have been raised regarding Hang Seng Bank's increasing bad debts in the real estate sector, with credit impairment for commercial real estate loans reaching HKD 250.12 billion, a 26% increase from six months prior [9][16]. - HSBC's CEO has stated that the privatization is a strategic decision unrelated to the bank's bad debt situation, reflecting confidence in Hong Kong's future [9][16].

【#恒生指数将再无恒生银行#】#恒生银行成为汇丰全资附属公司# 上市53年的恒生银行（0011.HK）， 即将退出港交所舞台。2026年1月8日，恒生银行召开股东大会，以85.75%赞成、5.94%反对的投票结果 正式通过私有化决议。这意味着汇丰控股获准收购恒生银行全部股份，恒生银行成为汇丰全资附属公 司。 在获得恒生银行股东批准，并得到香港高等法院的认可后，私有化决议预期将于2026年1月26日生效， 并预计于1月27日从香港交易所撤销上市地位。 值得注意是的，此前2025年12月30日，香港恒生指数公司表示，若恒生银行私有化决议获股东大会及法 院会议批准，恒生银行将于2026年1月14日收市后从恒生指数、恒生综合指数等共41个指数及子指数当 中剔除，相关调整自2026年1月15日起生效。 这也意味着，恒生指数将再无恒生银行。（21财经） 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内容而產 生或因倚颠誇內容而引致的任何損失承擔任何責任。 (股份代號:11(港幣櫃台)及 80011(人民幣櫃台)) 本公 ...

Core Viewpoint - HSBC Holdings has successfully obtained approval for the privatization of Hang Seng Bank, which will become a wholly-owned subsidiary of HSBC by January 26, 2026, marking the end of Hang Seng Bank's 53 years of public trading since its listing in 1972 [1][2]. Group 1: Privatization Approval - The privatization proposal was publicly announced on October 9, 2025, with HSBC Asia Pacific offering HKD 155 per share for the privatization [2]. - During the court meeting, approximately 237 million shares (85.75% of voting rights) voted in favor, while 39.3 million shares (14.25%) voted against [2]. - The special resolution related to the privatization received a 97.30% approval rate at the shareholders' meeting [2][3]. Group 2: Timeline and Stock Status - The expected delisting of Hang Seng Bank from the Hong Kong Stock Exchange is set for January 27, 2026, with trading expected to cease on January 14, 2026 [3][4]. - Share transfer registration will be suspended starting January 20, 2026, and no share transfers will be processed during this period [4]. Group 3: Financial Context and Strategic Considerations - Concerns have been raised regarding Hang Seng Bank's increasing credit impairment in commercial real estate loans, which reached HKD 25.012 billion as of June 2025, a 26% increase from the previous period [5]. - HSBC's CEO has stated that the privatization is a strategic business decision aimed at demonstrating confidence in Hong Kong's future and is not directly related to the bank's bad debt situation [5]. - Post-privatization, Hang Seng Bank will retain its banking license, corporate governance, brand image, market positioning, and branch network [5].

彼时，汇丰行政总裁艾桥智曾表示，私有化恒生银行是促进增长的投资，30%溢价是非常可观、具吸引 力的报价，展现汇丰集团对香港前景的信心，与恒生银行坏账情况无关。 对于今后恒生银行的独立性，汇丰此前在公告中表示，将保留恒生作为独立持牌银行的身份，并维持独 立的企业管治、品牌形象、独特的市场定位，以及分行网络。不过，从资本市场表现看，截至今天收 盘，汇丰控股报124.3港元，下跌2.28%。 记者查阅公开资料了解到，恒生银行于1933年3月由林炳炎、何善衡、梁植伟、盛春霖及何添创立，为 香港当时主要华资银行之一。1965年，该行遭遇挤兑危机，当年4月汇丰控股以5100万港元收购其的 51%股权，平息了挤兑风波。1972年6月，恒生银行在香港交易所上市。 恒生银行的私有化进程始于去年。2025年10月9日，汇丰控股、香港上海汇丰银行有限公司与恒生银行 联合公告，宣布汇丰亚太拟依据香港《公司条例》第673条以协议安排方式私有化恒生银行，并建议撤 销其港交所上市地位。有观点认为，私有化恒生银行的一个因素是坏帐问题。根据其2025年半年报，该 行不良贷款率为6.69%，较2024年同期上升1.37个百分点。 1月8日，汇丰 ...

Group 1 - Two major energy state-owned enterprises, China Petroleum & Chemical Corporation and China Aviation Oil Group, announced a merger approved by the State Council, aiming to leverage advantages in refining integration and aviation fuel supply systems to reduce costs and promote high-quality development of the industry [1] - Vanke A announced that Yu Liang, a representative figure in the real estate sector, has retired after 35 years with the company, holding 739,490 shares valued at over 36 million yuan as of January 8 [1] - Gold has officially surpassed U.S. Treasury bonds for the first time in 30 years, becoming the largest reserve asset globally, with a value of $3.93 trillion compared to $3.88 trillion for U.S. Treasury bonds [1] Group 2 - The Ministry of Commerce held a press conference addressing recent hot topics, including the evaluation of Meta's $2 billion acquisition of AI platform Manus, which must comply with Chinese laws and regulations [2] - The Ministry of Finance expressed confidence in China's economic stability and invited the London Stock Exchange Group to deepen cooperation [2] - The U.S. government is pushing a bill to strengthen sanctions against Russia, which may affect countries like China, India, and Brazil in purchasing cheap Russian oil [2] Group 3 - Guangzhou has introduced a plan to build a strong advanced manufacturing city, focusing on five strategic industries including AI, semiconductors, and new energy [3] - The A-share market saw a slight decline, with the Shanghai Composite Index down 0.07% and the Shenzhen Component Index down 0.51%, while the total market turnover reached 2.83 trillion yuan [3] - The Hong Kong stock market experienced a drop, with the Hang Seng Index down 1.17%, while the "first global large model stock" Zhiyuan surged over 13% on its debut [3] Group 4 - The margin financing balance in the A-share market reached a historical high of 2.6047 trillion yuan, marking a significant increase of approximately 248 billion yuan in a single day [4] - Ping An Life announced its fourth stake increase in China Merchants Bank H-shares, holding 20% of the total share capital [4] - HSBC and Hang Seng Bank announced the approval of HSBC's proposal to privatize Hang Seng Bank, with shares expected to be delisted on January 27 [4] Group 5 - Bawang Tea Princess is considering an IPO in Hong Kong, with preliminary discussions with investment banks for a potential fundraising of several hundred million dollars [5] - Major announcements from listed companies include Vanke A's announcement of Yu Liang's resignation due to retirement and Industrial Fulian's semi-annual dividend distribution of 6.55 billion yuan [6] Group 6 - The market regulatory authority has warned major polysilicon companies against monopolistic practices, emphasizing the need for compliance in capacity management and pricing [7] - The Ministry of Industry and Information Technology held a meeting addressing irrational competition in the battery industry, calling for better capacity management [7] - The Chinese automotive market is experiencing a promotional wave at the start of the year, with several companies offering discounts to counteract the impact of new taxes on electric vehicles [7]

Group 1 - The Guangzhou Municipal Government has issued a plan to accelerate the construction of an advanced manufacturing city, aiming to double industrial added value by 2035 and focusing on new industrialization [2] - The plan emphasizes the development of 15 strategic industrial clusters and six emerging pillar industries, including smart connected vehicles, ultra-high-definition video, biomedicine, green petrochemicals, software and the internet, and intelligent equipment [2] - Five strategic leading industries are to be cultivated, including artificial intelligence, semiconductors, new energy, low-altitude economy, and biomanufacturing [2] Group 2 - The plan includes a focus on commercial aerospace, aiming to develop reusable rocket technology and establish testing bases for liquid rockets, which will be open to national research institutions and enterprises [3] - The plan supports the construction of satellite constellations and aims to attract talent and capital to build a complete commercial aerospace ecosystem in Guangzhou [3] Group 3 - The Ministry of Industry and Information Technology has warned against irrational competition in the lithium battery industry, involving major companies like CATL and BYD, and has called for a meeting to regulate competition [18] - The meeting included 16 companies and emphasized the need for self-regulation within the industry to prevent monopolistic practices [18] Group 4 - Xiaomi Group plans to invest an additional 200 billion yuan in research and development over the next five years, indicating a strong commitment to innovation [11] - JD.com has established a new business unit to oversee the development and commercialization of AI products, with plans to launch a second batch of self-developed AI toys [9] Group 5 - TSMC is experiencing a shortage in its 3nm process technology, leading to increased prices and a halt on new project initiations due to overwhelming demand [8] - The company is encouraging clients in the early stages of product planning to consider transitioning to 2nm technology for future production [8]

Macro Economy - The Ministry of Commerce announced an evaluation of Meta's acquisition of the AI platform Manus, focusing on compliance with laws related to export control and foreign investment [2] - Guangzhou has introduced a plan to develop advanced manufacturing, emphasizing the cultivation of five strategic industries including AI, semiconductors, and new energy [2] - A meeting by the Ministry of Industry and Information Technology highlighted irrational competition in the battery industry, calling for capacity management and macroeconomic regulation to prevent overcapacity risks [2] - Recent geological surveys reported breakthroughs in chromium ore and unconventional oil and gas exploration in China [2] - The China Manned Space Engineering Office announced 86 new scientific projects for the space station in 2025, marking several firsts [2] Investment News - The A-share market's margin trading balance reached a historical high of 26,047 billion yuan, with a daily increase of approximately 24.8 billion yuan [4] - HSBC and Hang Seng Bank announced the approval of HSBC's privatization proposal for Hang Seng, with shares expected to be delisted on January 27 [4] - Gold has surpassed U.S. Treasury bonds to become the largest reserve asset globally, with a value of 3.93 trillion USD compared to 3.88 trillion USD for U.S. bonds [4] - The AI search market is experiencing significant changes, with Google Gemini's daily page views increasing by 24% to 56 million, while ChatGPT's views decreased by 9% to 178 million [4] - New stock issuance on the Shanghai and Shenzhen exchanges increased by 110% year-on-year, with first-day gains averaging 213% [5] Company Movements - A merger between China Petroleum & Chemical Corporation and China Aviation Oil Group has been approved, aiming to enhance supply chain efficiency and reduce costs [6] - Alibaba's Taobao Flash has stabilized at an average of 10 million non-food orders per day, with plans for increased investment to capture market share [6] - NIO plans to enter the Australian and New Zealand markets this year, with a launch in Thailand scheduled for March [6] - Industrial Fulian announced a cash dividend of 6.55 billion yuan for the first half of 2025, with the record date set for January 15, 2026 [7]

Group 1 - The restructuring of two major energy state-owned enterprises, China Petroleum & Chemical Corporation and China Aviation Oil Group, has been approved by the State Council, aiming to enhance supply chain efficiency and reduce costs [3] - Vanke A announced the retirement of its representative manager Yu Liang after 35 years, with the board set to complete the director replacement process soon [3] - Gold has officially surpassed U.S. Treasury bonds to become the largest reserve asset globally for the first time in 30 years, with a value of $3.93 trillion compared to $3.88 trillion for U.S. bonds [3] Group 2 - The Ministry of Commerce held a press conference addressing recent hot topics, including the evaluation of Meta's $2 billion acquisition of AI platform Manus, which must comply with Chinese laws [4] - The Vice Minister of Finance expressed confidence in China's economic growth, welcoming deeper cooperation with the London Stock Exchange Group [4] - The U.S. President has agreed to promote a bill aimed at strengthening sanctions against Russia, impacting countries like China and India regarding cheap Russian oil purchases [4] Group 3 - Guangzhou has introduced a plan to build a strong advanced manufacturing city, focusing on five strategic industries including AI, semiconductors, and new energy [5] Group 4 - The A-share market showed slight fluctuations, with the Shanghai Composite Index down 0.07% and the Shenzhen Component down 0.51%, while the total market turnover reached 2.83 trillion yuan [6] - The Hong Kong stock market experienced a decline, with the Hang Seng Index down 1.17% [6] - The margin financing balance in the A-share market reached a historical high of 2.6047 trillion yuan, marking a significant increase [6] Group 5 - Ping An Life announced its fourth stake increase in China Merchants Bank H-shares, holding 20% of the total share capital [7] - HSBC and Hang Seng Bank announced the approval of HSBC's proposal to privatize Hang Seng Bank, with shares expected to be delisted [7] - There are reports that Bawang Tea Princess is considering an IPO in Hong Kong, potentially raising several hundred million dollars [7] Group 6 - The market regulator has warned major polysilicon companies against monopolistic practices, emphasizing the need for fair competition [9] - The Ministry of Industry and Information Technology held a meeting addressing irrational competition in the battery industry, calling for better capacity management [9] - The Chinese automotive market has seen a wave of promotions from various manufacturers, indicating a positive growth outlook for 2026 [9] Group 7 - The Sichuan Provincial Medical Insurance Bureau has set the costs for invasive brain-computer interface procedures at various public medical institutions [10] - The AI search market is undergoing significant changes, with Google Gemini's daily web visits increasing by 24% while ChatGPT's visits decreased by 9% [10] Group 8 - Tether has launched a new unit called Scudo, representing one-thousandth of a gold ounce, aimed at lowering transaction barriers [11] Group 9 - NVIDIA has requested full prepayment for its H200 AI chips from overseas customers amid regulatory uncertainties, with orders exceeding 2 million units [12] - Apple announced that CEO Tim Cook's total compensation for 2025 will be $74.3 million, and JPMorgan will replace Goldman Sachs as the issuer of Apple's credit card [12] - Glencore confirmed discussions with Rio Tinto regarding a potential business merger, which may involve a full stock merger [12] Group 10 - Geopolitical tensions have led to a significant increase in Venezuelan assets following a U.S. military raid, with the Caracas stock index soaring by approximately 124% [18] - Samsung Electronics reported a 208.2% year-on-year increase in operating profit for Q4 2025, driven by rising storage chip prices [18]

Market Overview - The Hang Seng Index (HSI) closed at 26,310.99, up by 161.68 points or 0.62% as of January 8, 16:00 Eastern Time [1] - The index reached a high of 26,311.38 and a low of 25,998.12 during the trading session, with a trading volume of 50.328 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 125.439, up by 0.92% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 615.197, down by 0.13% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 616.000, down by HKD 8.500 or 1.36%, with an ADR price of 615.197, reflecting a decrease of 0.13% [3] - Alibaba Group: Latest price HKD 142.600, down by HKD 3.300 or 2.26%, with an ADR price of 150.458, reflecting an increase of 5.51% [3] - HSBC Holdings: Latest price HKD 124.300, down by HKD 2.900 or 2.28%, with an ADR price of 125.439, reflecting an increase of 0.92% [3] - Other notable movements include Meituan-W down by 3.35% and JD.com down by 2.02% [3]