註： 2025 年 10 月 14 日 Global Markets of The Hongkong and Shanghai Banking Corporation Limited 是要約人。 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／已收取的 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | | 日 | | 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） | | | Global | 2025 | 年 | 10 月 | 普通股 | 其 ...

2025 年 10 月 14 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） | | Morgan | 2025 | 年 | 10 | 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 29,200 | 2027年 5 月31 | $150.6927 | $4,400,227.8036 | 0 | ...

2025 年 10 月 14 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 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 1,800 | 2026年 7 月31 | $150.4831 | $270,869.5800 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ─ 買入 | | 日 | | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 1,800 | 2026年 7 月31 | $150.4831 | $270,869.5800 | 0 | | | | ─ 賣出 | | 日 | | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 2,600 | 2026年 7 月31 | $150.4831 | $391,256.0600 | 0 | | | | ─ 買入 | | 日 | | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 2,600 | 2026年 7 月31 | $150.4831 | $391,256.0600 | 0 | | | | ─ ...

2025 年 10 月 14 日 透過協議安排進行私有化 | 賣出 | 205,697 | $151.0000 | 11,239,608 | 0.5992% | | --- | --- | --- | --- | --- | | 賣出 | 1,189 | $151.0000 | 11,238,419 | 0.5991% | | 賣出 | 1,189 | $151.0000 | 11,237,230 | 0.5991% | | 賣出 | 39,237 | $151.0000 | 11,197,993 | 0.5970% | | 賣出 | 3,567 | $151.0000 | 11,194,426 | 0.5968% | | 賣出 | 1,189 | $151.0000 | 11,193,237 | 0.5967% | | 賣出 | 16,646 | $151.0000 | 11,176,591 | 0.5959% | | 賣出 | 19,024 | $151.0000 | 11,157,567 | 0.5948% | 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 ...

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。 Merrill Lynch International 是最終由 Bank of America Corporation 擁有的公司。 2025 年 10 月 14 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 | 因應建立新的追蹤指數 ET ...

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） | | 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 | 139,900 | $21,072,090.0000 | $151.0000 | $150.3000 | | Markets of | 13 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 ...

就恒生銀行有限公司的股份的交易披露 2025 年 10 月 14 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： 透過協議安排進行私有化 | 交易方 | 日期 | | | | 有關證券的說明 | 借用交易／借出交易／解除 | 證券數目 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 借貸交易 | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | | 證券）% | | | Global Markets of | 2025 | 年 | 10 | 月 | 普通股 | 借用 | | 1,551,400 | | 160,400 | | 0.0085% | | The Hongkong and | 13 日 | | | | ...

Core Viewpoint - JPMorgan's report indicates that HSBC Holdings' privatization of Hang Seng Bank will have a positive impact on profitability, maintaining an "overweight" rating with a target price of HKD 122 [1] Financial Impact - The privatization is expected to increase HSBC's net profit after tax (NPAT) by 3.7% by 2027, with earnings per share rising by 0.1% [1] - The average return on tangible equity (ROTE) is projected to improve by 38 basis points [1] - The privatization will release approximately 40 basis points in HSBC's Common Equity Tier 1 (CET1) capital ratio [1] Strategic Outlook - The report suggests that the privatization will help HSBC optimize capital utilization and enhance the long-term profitability of its Hong Kong operations [1] - Despite short-term challenges, including a lack of positive catalysts and no share buyback support, HSBC's long-term yield is still expected to reach 5% [1] - The report notes that the recent currency depreciation has already factored in the downside risks associated with the transaction [1]

Core Viewpoint - Morgan Stanley anticipates that HSBC's privatization of Hang Seng will have a positive impact on profitability, maintaining an "overweight" rating with a target price of HKD 122 [1] Group 1: Financial Impact - The privatization is expected to increase HSBC's net profit after tax (NPAT) by 3.7% by 2027, with earnings per share rising by 0.1% [1] - The average return on tangible equity (ROTE) is projected to improve by 38 basis points due to the privatization [1] - HSBC's common equity tier 1 capital ratio (CET1) is estimated to be enhanced by approximately 40 basis points as a result of the privatization [1] Group 2: Market Outlook - Morgan Stanley believes that the recent decline in exchange rates has already accounted for the downside risks associated with the transaction, predicting that the stock price will remain range-bound in the short term [1] - Despite a lack of positive catalysts and no share buyback support in the near term, HSBC's long-term yield is still expected to reach 5%, with tariff-related downside risks already factored in [1]

Group 1 - The core viewpoint of the article is that JPMorgan expects HSBC's privatization of Hang Seng to have a positive impact on profitability [1] - JPMorgan calculates that the privatization will increase HSBC's net profit after tax (NPAT) by 3.7% by 2027, and earnings per share will rise by 0.1% [1] - The average return on tangible equity (ROTE) is projected to improve by 38 basis points due to the privatization [1] Group 2 - The privatization is expected to release approximately 40 basis points of HSBC's common equity tier 1 capital ratio (CET1) [1] - JPMorgan believes that the decline in HSBC's stock price has already reflected the downside risks associated with the transaction, predicting a sideways movement in the stock price in the short term [1] - Despite a lack of positive catalysts and no share buyback support, HSBC's long-term yield is still expected to reach 5%, with the risks from tariffs already considered [1] Group 3 - In light of the renewed tensions in US-China trade relations, JPMorgan anticipates that HSBC will outperform the Hang Seng Index, maintaining an "overweight" rating with a target price of HKD 122 [1]