2025 年 10 月 28 日 完 註： Morgan Stanley Capital Services LLC 是與受要約公司有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | 參考價 | 已支付／已收 | 交易後數額（包 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | | 日 | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | 何人士的證券） | | | | Morgan | 2025 | 年 | 10 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 2 ...

執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣出 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂有 | 佔該類別證券的百分比（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 協議或達成諒解的任何人士 | 括與其訂有協議或達成諒解 | | | | | | | | | | | | 的證券） | 的任何人士的證券）% | | | HSBC Global Asset | 2025 | 10 年 | 月 | 買入 | | 306 | | $151.5366 | 1,362,085 | | 0.0726% | | Management (UK) | 27 日 | | | | | | | | | | | | Limited | | | | | | | | | | | | 完 註： 2025 年 10 月 28 日 透過協議安排進行私有化 就 Hang Seng Bank Limit ...

| 賣出 | 1,189 | $151.7000 | 10,940,546 | 0.5841% | | --- | --- | --- | --- | --- | | 賣出 | 11,890 | $151.7000 | 10,928,656 | 0.5835% | 完 | 交易方 | 日期 | 買入／賣出 | 股份數目 | 每股價格 | | 交易後數額（包括與其訂有 | 佔該類別證券的百分比（包 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 協議或達成諒解的任何人士 | 括與其訂有協議或達成諒解 | | | | | | | 的證券） | | 的任何人士的證券）% | | 恒生投資管理有限公司 | 2025 年 10 月 | 賣出 | | 2,172 | $151.7000 | 10,952,725 | 0.5848% | | | 27 日 | 買入 | | 900 | $151.7000 | 10,953,625 | 0.5848% | | | | 買入 | | 1,189 | $151.7000 | 10,954,814 ...

透過協議安排進行私有化 就恒生銀行有限公司的股份的交易披露 2025 年 10 月 28 日 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 交易披露 註： Morgan Stanley & Co., International plc 是與受要約公司有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 | 交易方 | 日期 | | | 有關證券的 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取的 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | 出 | 總數 | 總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2025 | 年 | 10 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 ...

2025 年 10 月 28 日 透過協議安排進行私有化 就恒生銀行有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 交易是為本身帳戶進行的。 Merrill Lynch International 是最終由 Bank of America Corporation 擁有的公司。 交易披露 完 註： Merrill Lynch International 是與要約人有關連的獲豁免自營買賣商。 | 交易方 | 日期 | | | 有關證券的說 交易性質 | | | 買入／賣出 | 涉及的股份 | | 已支付／已收 已支付或已 | | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | | 取的總金額 收取的最高 | | 收取的最低 | | | | | | | | | | | | 價（H） | | 價（L） | | Merrill Lynch | 2025 | 年 | 10 月 | 普通股 ...

2025 年 10 月 28 日 透過協議安排進行私有化 | Delta 1 | 產品 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 100 | $15,190.3300 | $151.9033 | $151.9033 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 盤所平倉的 Delta 1 產品 | | | | | | | Delta 1 | 產品 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 800 | $121,366.6400 | $151.7083 | $151.7083 | | | | 盤所平倉的 Delta 1 產品 | | | | | | | 普通股 | | 就既有的觸及失效遠期合約而根據預定價格接 | 買入 | 214 | $24,057.5162 | $112.4183 | $112.4183 | | | | 收的股份 | | | | | | | 普通股 | | 就既有的觸及失效遠期合約而根據預定價格接 | 買入 | 220 | $27,506.2920 | $125.0286 | $125. ...

Core Insights - The 2025 Hurun Rich List reveals that Li Ka-shing and his son Li Zeju have a combined wealth of 235 billion RMB, an increase of approximately 35 billion RMB, or 18% from the previous year, although their ranking dropped from 6th to 9th [1][2] Group 1: Wealth and Ranking - Li Ka-shing, aged 97, and his son Li Zeju, aged 61, saw their wealth grow by 35 billion RMB, reaching 235 billion RMB, despite a three-place drop in ranking to 9th [1] - The primary business of Cheung Kong Holdings spans real estate, infrastructure, retail, and more, with significant investments planned for the future [1][2] Group 2: Business Developments - Cheung Kong and Vodafone completed a merger in the UK telecommunications sector, with plans to invest 100 billion RMB over the next decade to create one of Europe's most advanced 5G networks [1] - Li Zeju's company, FWD Group, successfully listed on the Hong Kong Stock Exchange in July, contributing to the family's wealth [1]

Core Viewpoint - Southbound funds reduced their holdings in Hang Seng Bank (00011.HK) by 11,600 shares on October 27, 2025, while there were net increases on 3 out of the last 5 trading days, totaling a net increase of 168,300 shares [1][2]. Summary by Sections Southbound Fund Activity - Over the last 5 trading days, southbound funds have increased their holdings for 3 days, resulting in a cumulative net increase of 168,300 shares [1]. - In the last 20 trading days, there were reductions in holdings for 5 days, leading to a cumulative net decrease of 234,400 shares [1]. - As of now, southbound funds hold 11,118,700 shares of Hang Seng Bank, which represents 0.59% of the company's total issued ordinary shares [1]. Shareholding Changes - On October 27, 2025, the total number of shares held was 11,118,700, reflecting a decrease of 11,600 shares, or a change of -0.10% [2]. - On October 24, 2025, the total number of shares held was 11,130,300, with an increase of 143,400 shares, or a change of 1.31% [2]. - The shareholding fluctuated over the previous days, with notable changes on October 23 (decrease of 31,200 shares), October 22 (increase of 49,400 shares), and October 21 (increase of 18,300 shares) [2]. Company Overview - Hang Seng Bank Limited primarily engages in banking and related financial services through five segments: Wealth Management and Personal Banking, Commercial Banking, Global Banking, Global Capital Markets, and Other Businesses [2]. - The Wealth Management and Personal Banking segment offers personal banking, consumer loans, time deposits, mortgages, credit cards, insurance, investment, and wealth management services [2]. - The Commercial Banking segment provides corporate loans, trade and receivables financing, payment and cash management, treasury and foreign exchange, non-life insurance, and investment services [2].

Core Viewpoint - The article discusses the trend of privatization and delisting of Hong Kong-listed companies, highlighting that 21 companies have completed this process in 2023 due to factors such as low trading volumes, loss of financing capabilities, and strategic transformations [2][4]. Group 1: Privatization Details - Minmetals Land announced its plan to privatize and delist from the Hong Kong Stock Exchange, offering a buyout price of HKD 1 per share, which represents a premium of approximately 104.08% over the last trading day [4]. - The privatization process typically involves the controlling shareholders proposing to buy out all issued shares, often at a price higher than the market value, indicating a willingness to compensate minority shareholders [4][5]. - In addition to small-cap companies, larger firms like HSBC have also announced privatization plans, with HSBC proposing a cash buyout of HKD 155 per share, reflecting a 30% premium over the previous closing price [4]. Group 2: Reasons for Privatization - The primary reasons cited for privatization include providing exit opportunities for shareholders, long-term low liquidity of the company's stock, limited capital raising capabilities, and the need for strategic flexibility [4][6]. - Companies often face challenges such as low trading volumes and diminished financing abilities, which drive the decision to privatize [6]. Group 3: Market Reactions and Outcomes - Following the announcement of privatization plans, most companies experience significant stock price increases, as seen with Minmetals Land's stock surging by 90% on October 24 [4]. - However, there are instances where privatization proposals fail due to shareholder opposition, as demonstrated by the case of Goldlion, where a proposed buyout was rejected by a significant percentage of shareholders [5].

2025 年 10 月 27 日 完 註： Merrill Lynch International 是與要約人有關連的獲豁免自營買賣商。 透過協議安排進行私有化 就恒生銀行有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | | 價（H） | 價（L） | | Merrill Lynch | 2025 | 年 | 10 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | | 買入 | 300 | $45,520.0000 | $151.8000 | $151.7000 | | International | 24 ...