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 | 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） | | Bank of | 2025 | 年 | 10 | 月 9 | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | | 6,600 | 2027 年 8 月 31 | $150.0645 | $990,396.0000 | 0 | | America, | 日 ...

2025 年 10 月 10 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） | | 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 | 574,600 | $87,413,478.5420 | $152.1293 | $152.1293 | | Markets of | 9 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | The | | | | 普通股 | 因全屬 ...

对于持有实物股票如何处理，该会提及，过户处将按既定程序，向登记在册的实物股票持有人寄发收购 支票或安排自动转账。请勿相信任何声称可"代办"手续的第三方，此类要求均属可疑。 该会指出，尽管退市后无需单独向港交所披露业绩，但恒生作为汇丰集团附属公司，其财务数据将合并 至汇丰的上市公司报表中。此外，所有持牌银行均须按香港金融管理局规定公开年报，公众可随时到香 港金管局网页查阅，并指出私有化后恒生成为汇丰全资附属公司，有助于简化企业架构、加速技术升级 与资源整合。此举旨在强化两个品牌的协同效应，并非削弱其市场角色。 智通财经APP获悉，汇丰控股(00005)10月9日发布公告称，计划以协议安排方式私有化恒生银行 (00011)。香港证券及期货专业总会表示，此次以约1061亿港元现金私有化恒生，属于战略性投资。公 告明确表示将在人才与科技(包括人工智能)领域加大投入，反映其对香港市场的长期承诺，而非撤资行 为。 ...

该会指出，尽管退市后无需单独向港交所披露业绩，但恒生作为汇丰集团附属公司，其财务数据将合并 至汇丰的上市公司报表中。此外，所有持牌银行均须按香港金融管理局规定公开年报，公众可随时到香 港金管局网页查阅，并指出私有化后恒生成为汇丰全资附属公司，有助于简化企业架构、加速技术升级 与资源整合。此举旨在强化两个品牌的协同效应，并非削弱其市场角色。 对于持有实物股票如何处理，该会提及，过户处将按既定程序，向登记在册的实物股票持有人寄发收购 支票或安排自动转账。请勿相信任何声称可"代办"手续的第三方，此类要求均属可疑。 汇丰控股(00005)10月9日发布公告称，计划以协议安排方式私有化恒生银行(00011)。香港证券及期货专 业总会表示，此次以约1061亿港元现金私有化恒生，属于战略性投资。公告明确表示将在人才与科技 (包括人工智能)领域加大投入，反映其对香港市场的长期承诺，而非撤资行为。 ...

该会指出，尽管退市后无需单独向港交所披露业绩，但恒生作为汇丰集团附属公司，其财务数据将合并 至汇丰的上市公司报表中。此外，所有持牌银行均须按香港金融管理局规定公开年报，公众可随时到香 港金管局网页查阅，并指出私有化后恒生成为汇丰全资附属公司，有助于简化企业架构、加速技术升级 与资源整合。此举旨在强化两个品牌的协同效应，并非削弱其市场角色。 对于持有实物股票如何处理，该会提及，过户处将按既定程序，向登记在册的实物股票持有人寄发收购 支票或安排自动转账。请勿相信任何声称可"代办"手续的第三方，此类要求均属可疑。 智通财经APP获悉，汇丰控股(00005)10月9日发布公告称，计划以协议安排方式私有化恒生银行 (00011)。香港证券及期货专业总会表示，此次以约1061亿港元现金私有化恒生，属于战略性投资。公 告明确表示将在人才与科技(包括人工智能)领域加大投入，反映其对香港市场的长期承诺，而非撤资行 为。 ...

Core Viewpoint - HSBC Holdings (00005) announced plans to privatize its subsidiary Hang Seng Bank (00011) at a price of HKD 155 per share, which will impact its Common Equity Tier 1 (CET1) capital ratio [1] Group 1: Transaction Details - The privatization will result in a decrease of 125 basis points in HSBC's CET1 ratio, prompting the company to suspend share buybacks for three quarters to maintain the ratio within regulatory guidelines [1] - The transaction is expected to reduce buybacks by approximately USD 7 billion [1] Group 2: Financial Projections - JPMorgan estimates that the CET1 ratio will be 14% by the end of Q2 2026, indicating a long-term positive impact from the privatization [1] - Even without considering revenue synergies or cost optimization, earnings per share and dividends per share are projected to exceed baseline forecasts by 1.5% and 3.1% respectively by 2027, primarily due to the exclusion of minority interests from Hang Seng Bank [1] Group 3: Performance Metrics - HSBC reported a tangible return on equity of 38% for its Hong Kong operations in 2024, while Hang Seng Bank reported only 11% for the same period [1]

该行估计，私有化恒生将减少约70亿美元的回购，预计2026年第二季度末的CET1比率为14%，长远而 言私有化可能带来正面影响。 即使不考虑收入协同效应或成本优化，预计2027年每股盈利及每股股息 可较基准预测分别高出1.5%及3.1%，主要由于剔除恒生银行的少数股东权益。值得注意的是，汇控披 露其2024年香港业务的有形股本回报率为38%，而恒生同期仅报11%的股本回报率。 智通财经APP获悉，摩根大通发布研报称，汇丰控股(00005)周四(9日)发公告，拟以协议安排方式将同 系恒生银行(00011)私有化，每股作价155港元。上述交易将令汇控的普通股权一级资本(CET1)比率下降 125个基点，为维持比率在指引范围内，汇控将在公告后的三个季度暂停股份回购。小摩预计，短期内 汇率可能会下跌中单位数百分点，若股价反应过度，则视为累积机会，给予汇控"增持"评级，目标价 122港元。 ...

Group 1 - S&P Global Ratings indicates that HSBC Holdings' plan to privatize Hang Seng Bank will strengthen the relationship between the two banks [1][2] - The privatization is expected to enhance governance consistency and promote closer business and operational cooperation, benefiting Hang Seng Bank through broader resource sharing [1] - S&P anticipates that the capital pressure from repurchasing Hang Seng Bank's shares will be manageable, with HSBC's overall capital strength remaining robust [1] Group 2 - The privatization transaction is projected to be completed in the first half of 2026, leading to a reduction in HSBC's risk-adjusted capital (RAC) ratio by approximately 2% [1] - S&P estimates that HSBC's RAC ratio will decline from 12.6% at the end of 2024 to between 11% and 12% by the end of 2026, still above the 10% threshold for strong capital assessment [1] - S&P will continue to view Hang Seng Bank as a core subsidiary of HSBC, reflecting HSBC's long-term commitment to the Hong Kong market [2]

Group 1 - UBS upgraded the investment rating of Cheung Kong Property (01113) from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] - UBS removed Cheung Kong and Hang Seng Bank (00011) from its most bearish list, indicating a positive shift in outlook for these companies [1] - The bank's top picks include Henderson Land Development (00012), Sun Hung Kai Properties (00016), Link REIT (00823), Wynn Macau (01128), Galaxy Entertainment (00027), and Cathay Pacific Airways (00293), all rated "Buy" [1] Group 2 - Potential catalysts for value release in Cheung Kong include acquisitions of distressed Hong Kong commercial real estate assets, improving profitability of Hong Kong hotels, opportunities to convert hotels into student dormitories due to structural growth in non-local student enrollment, disposal of UK railway assets, and higher foreign exchange conversion gains following potential Fed rate cuts [1] - HSBC Holdings (00005) proposed privatizing Hang Seng Bank with an offer reflecting a price-to-book ratio of 1.8 times for the first half of the year, representing a valuation premium of 30% [1]

Market Performance - The Hang Seng Index closed at 26,752, down 0.29% for the day but up 33.36% year-to-date [1] - The Hang Seng Tech Index fell by 0.66% to 6,471, with a year-to-date increase of 44.83% [1] - The Shanghai Composite Index rose by 1.32% to 3,933, marking a year-to-date increase of 17.37% [1] Currency and Commodity Overview - The Renminbi Index stands at 96.970, with a 1-month increase of 0.21% but a 6-month decline of 2.25% [2] - Brent crude oil is priced at $66.450 per barrel, reflecting a 1-month increase of 0.56% and a 6-month increase of 4.92% [2] - Gold is trading at $4,039.99 per ounce, up 11.36% over the past month and 31.01% year-to-date [2] Company-Specific Developments - HSBC announced plans to privatize Hang Seng Bank at a price of HKD 155 per share, a 30% premium over the previous closing price, and will withdraw its listing status [10] - Alibaba has established an AI robotics team to enhance its competitive edge in AI-driven mechanical products, with significant investments anticipated in the AI sector [12] - WuXi AppTec sold shares of WuXi Biologics for approximately HKD 23.46 billion, which will be used to accelerate global capacity and capability development [16] Economic Indicators - During the recent National Day and Mid-Autumn Festival holiday, an average of 2.043 million people crossed borders daily, a year-on-year increase of 11.5% [13] - Germany's exports unexpectedly fell by 0.5% in August, influenced by U.S. tariffs, with exports to the U.S. dropping by 2.5% [14][15] Stock Performance Highlights - HSBC's stock fell nearly 6% following the privatization announcement, while Hang Seng Bank's stock surged nearly 26% [6] - Semiconductor stocks, including SMIC and Hua Hong Semiconductor, saw declines of over 6% [6] - Notable gainers included Lenovo Group, which rose by 7.26%, and Zijin Mining, which increased by 5.43% [17] IPO and Market Trends - Recent IPOs have shown strong performance, with companies like Changfeng Pharmaceutical achieving a first-day gain of 161.02% [24] - Upcoming IPOs include companies in various sectors, such as construction and biotechnology, indicating a diverse market interest [25]