2025 年 10 月 20 日 透過協議安排進行私有化 完 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 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | 出 | 總數 | 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 | 賣出 | 10,200 | $1,549,250.0000 | $152.2000 | $151.7000 | | International | 17 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | 交易是為本身帳戶進行的。 ...

就恒生銀行有限公司的股份的交易披露 2025 年 10 月 20 日 透過協議安排進行私有化 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。 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 | 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 | 341,100 | $51,830,131.8900 | $152.4000 | $151.6000 | | Stan ...

Group 1 - HSBC Holdings plans to privatize Hang Seng Bank with approximately HKD 106 billion, amidst market speculation regarding Hang Seng's real estate bad debts, despite management's insistence on no connection [1] - Hang Seng Bank's financial report indicates an increase in provisions, expecting credit losses of HKD 4.86 billion, with HKD 2.54 billion attributed to Hong Kong commercial real estate [1] - The total impaired loans for Hang Seng reached HKD 54.82 billion, with HKD 25 billion already impaired in Hong Kong commercial real estate [1] Group 2 - HSBC Holdings anticipates a credit loss of HKD 1.9 billion for the first half of the year, an increase of HKD 0.9 billion compared to the first half of 2024, reflecting updated models for expected credit losses [2] - The bond maturity scale for Hong Kong real estate developers is projected to rise from USD 4.2 billion this year to USD 7.1 billion next year, indicating a nearly 70% increase in repayment pressure [2] - The real estate sector accounts for about one-quarter of Hong Kong's GDP, and rising defaults could impact the economic outlook and creditors, including HSBC [2] Group 3 - Analysts predict more defaults among small developers in Hong Kong due to tightened bank lending, with office and retail asset valuations dropping over 50% since their peak in 2019 [3] - Major developers like New World Development and Lai Sun Development face significant bond repayment obligations in the coming years, with New World expected to repay USD 168 million next year and USD 630 million by 2027 [3] - Several small developers have high net debt ratios, with Kaiming Group at 213.6%, indicating financial strain [3] Group 4 - The Hong Kong Monetary Authority believes that the credit risk associated with commercial real estate loans is manageable, with most exposures directed towards financially stable large local enterprises [4] - Banks have implemented credit risk buffers for loans to small and medium-sized developers, with most loans secured by collateral [4] Group 5 - The calculation of "expected credit losses" is primarily an accounting measure and does not necessarily indicate bad debts, suggesting a more nuanced view of bank asset quality is needed [5] - The specific classified loan ratio has risen from 0.89% at the end of 2021 to around 2%, still significantly lower than the 7.43% seen after the Asian financial crisis in 1999 [5]

Core Viewpoint - Hang Seng Bank has appointed Lin Huihong as the new CEO and Executive Director, effective October 20, 2023, following the retirement of former CEO She Yingyin [1][2] Group 1: Leadership Changes - Lin Huihong will serve as the CEO and Executive Director until the conclusion of the 2026 Annual General Meeting, with a fixed annual salary of HKD 8.5 million and performance-based bonuses [2] - She Yingyin has officially retired and will return to HSBC Holdings as the Vice Chairman for Hong Kong, providing advisory support [1][2] Group 2: Lin Huihong's Background - Lin Huihong, aged 51, has 26 years of banking experience, having joined HSBC Singapore in 1999 and held various senior positions across multiple countries [2][4] - She has served as the Chief Operating Officer for Hong Kong since 2017 and has held the position of Acting CEO since September 2021 [4] Group 3: Financial Performance - Hang Seng Bank reported a profit attributable to shareholders of HKD 6.88 billion for the first half of 2025, a decline of 31.5% year-on-year, primarily due to increased provisions for credit losses in the real estate sector [5] - The bank's non-performing loan ratio rose to 6.69%, with total impaired loans reaching HKD 55 billion, indicating accumulating credit risks [5] Group 4: Privatization Plans - HSBC's wholly-owned subsidiary, HSBC Asia Pacific, has requested Hang Seng Bank's board to propose a privatization plan, with HSBC Asia Pacific holding 63.3381% of shares prior to the transaction [5][6] - The proposed plan includes a cash offer of HKD 155 per share for the privatization, with a total valuation of HKD 290.3 billion for all issued shares [6]

Core Viewpoint - Hang Seng Bank has announced the appointment of Ms. Lin Huihong as the Executive Director and Chief Executive Officer, effective from October 20, 2025, marking a significant leadership change within the bank [1] Group 1: Leadership Changes - Ms. Lin Huihong will take over as Executive Director and Chief Executive Officer of Hang Seng Bank, also serving as the Chairman of the Operations Committee and a member of the Nomination Committee [1] - Ms. Shi Yingyin will step down from her roles as Executive Director and Chief Executive Officer, as well as from the positions of Chairman of the Operations Committee and member of the Nomination Committee, transitioning to a role as Vice Chairman of HSBC Hong Kong [1]

完 註： HSBC Global Asset Management (UK) Limited 是與要約人有關連的根據一致行動的定義第(1)類別屬第(1)類別聯繫人。 2025 年 10 月 16 日 透過協議安排進行私有化 就 Hang Seng Bank Limited 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 | | | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 括與其訂有協議或達成諒解 | | | | 協議或達成諒解的任何人士 | | | | | | | | | | 的證券） | | | | | | | 的任何人士的證券）% | | | HSBC Global Asset | 2025 | 年 10 | 月 | 買入 | | | 1,100 | | ...

透過協議安排進行私有化 註： 交易披露 交易披露 就恒生銀行有限公司的股份的交易披露 2025 年 10 月 17 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： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | 出 | 總數 | 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 | 46,100 | $7,008,470.0000 | $152.4000 | $151.7000 | | International | 16 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | ...

2025 年 10 月 17 日 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。 交易是為本身帳戶進行的。 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 | 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／已收取 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 關的參照證券 | 日 | | | 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） | | Merrill | 2025 | 年 | 10 月 | | 衍生工具 | 其他類別產品 | ...

完 2025 年 10 月 17 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 | 229,300 | $34,904,487.8400 | $152.4957 | $151.6540 | | Stanley & | 16 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | Co., | | | | 普通股 | ...

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 | | 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） | | Global | 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 | 105,100 | $15,980,620.0000 | $151.7000 | $152.4000 | | Markets of | 16 日 | | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | The | | | | Delta 1 | 產品 | 將因客戶主動發出且由客戶需求帶動的交易而 | 賣 ...