10月9日早间，汇丰控股、汇丰亚太及恒生银行联合发布公告，宣布汇丰亚太作为要约人，拟以协议安排方式将恒 生银行私有化，交易对价定为每股155港元现金（扣除股息调整金额，如有），较恒生银行前一交易日119港元的 收盘价溢价约30.3%。 从战略价值来看，汇丰在公告中表示，私有化恒生银行可实现多重目标。一是精简香港业务架构，简化决策流程 并提升决策灵活性，为增加投资、深化双品牌协作创造更好的经济效益；二是强化营运风险管理，优化资本投放 效率；三是发掘更紧密的协同效应，进一步提升整体营运效益。长远来看，依托汇丰亚太与恒生银行的品牌独特 优势，汇丰把握香港增长机遇的能力将得到增强，经营效益有望持续提升。 值得一提的是，香港是汇丰的核心本位市场与战略重点。汇丰认为，香港经济基本盘稳健，中期存在显著增长机 遇，为集团资本投入与业务扩张提供了优质空间。同时，面对香港市场日趋激烈的竞争，汇丰亚太与恒生银行需 更高效地发挥协同效应，才能快速响应市场变化与客户需求。 回溯来看，路透社去年曾报道，受全球经济逆风加剧等因素担忧影响，汇丰自2024年初已着手收紧对恒生银行的 风险管理。此次私有化，被外界视为汇丰加强对恒生银行管控、直接 ...

10月9日，恒生银行(00011.HK)股价大幅上涨，截至智通财经发稿，公司上涨26.47%，报150.5港元/股。 与此同时，汇丰控股（00005.HK）的股价则出现下跌，报102.9港元/股，跌幅6.87%。 片来源：界面图库 消息面上，10月9日上午，汇丰控股及恒生银行联合公布，汇丰亚太作为要约人，已要求恒生银行董事 会向计划股东提呈建议，根据公司条例第673条以协议安排方式将恒生银行私有化。 值得注意的是，汇丰亚太方面给出的私有化建议为每股计划股份提供港币155元的现金代价，较恒生银 行于香港联交所包括最后交易日前的30个交易日所报平均收市价每股港币116.5元溢价约33%。 图 公告还提到，这项建议须待多项条件达成后方可实施，包括获得计划股东、高等法院批准等。汇丰亚太 将以集团内部资源支付所需资金，预计交易将于2026年上半年完成。交易完成后，汇丰预期将透过剔除 非控股权益盈利扣减而提升每股普通股盈利，并维持2025年目标派息比率为每股普通股盈利的50%。 汇丰控股还表示，完成该交易将对其资本充足率产生影响。预计此次收购将使其普通股一级资本充足率 （CET1）下降约125个基点。截至6月底，汇丰的C ...

Core Viewpoint - HSBC Asia plans to privatize Hang Seng Bank, leading to a significant increase in Hang Seng Bank's stock price by 25% following the announcement [1] Group 1: Privatization Details - HSBC Asia, a wholly-owned subsidiary of HSBC Holdings, has requested Hang Seng Bank's board to propose a privatization plan to shareholders [1] - The proposed offer price is HKD 155 per share, representing premiums of approximately 30.3%, 33.1%, and 48.6% over the last trading day's closing price, the average closing price over the last 30 trading days, and the average closing price over the last 360 trading days, respectively [1] - Following the announcement, Hang Seng Bank's stock opened with a jump of 15% and reached a peak of HKD 168 per share during the trading day [1] Group 2: Shareholding Structure - HSBC Asia and its concert parties hold approximately 63.36% of Hang Seng Bank's total issued shares, with 11.88 billion shares being non-plan shares that will not be canceled upon the plan's effectiveness [2] - Hang Seng Bank has a total of 18.76 billion issued shares, of which 6.85 billion shares will constitute plan shares [2] - The total valuation of Hang Seng Bank's issued share capital is approximately HKD 290.3 billion, with a cash payment total of HKD 106.2 billion proposed for the plan shareholders [2] Group 3: Financial Performance - According to Hang Seng Bank's 2024 annual report, the bank's operating profit is projected to be HKD 21.6 billion, reflecting a year-on-year growth of 8.54% [2] - The bank's attributable profit to shareholders is expected to be HKD 18.4 billion, showing a year-on-year increase of 3.37% [2] - As of the end of 2024, Hang Seng Bank's total assets are estimated at HKD 1.7952 trillion, a growth of 6.09% compared to the end of 2023 [2]

Market Overview - The A-share market experienced a significant upward movement, with the Shanghai Composite Index surpassing 3900 points for the first time in 10 years, closing up 1.24% [1][3][4] - The Shenzhen Component Index and the ChiNext Index also showed strong performance, with both indices rising over 2% during the session, reaching new highs for the year [4] Sector Performance - The metals and semiconductor sectors were the main drivers of the market rally, with the metals sector seeing a surge of over 5%, leading to multiple stocks hitting the daily limit [6][7] - International gold prices rose significantly during the National Day holiday, with London gold exceeding $4000 per ounce, and domestic gold futures also jumping over 5% to surpass 900 RMB per gram [7] - The electronics sector also performed well, with gains exceeding 4%, particularly among semiconductor stocks, some of which saw increases of over 10% [7] Hong Kong Market - The Hong Kong stock market experienced narrow fluctuations, with the Hang Seng Bank's stock price soaring by over 40% due to privatization news [8][9] - Hang Seng Bank announced a proposal for privatization, offering shareholders HKD 155.00 per share, which will not be increased according to the announcement [10][11]

中新社香港10月9日电 (记者 戴小橦)汇丰控股有限公司(简称"汇丰控股")9日表示，拟以每股155元(港 币，下同)将恒生银行有限公司(简称"恒生银行")私有化，溢价30.25%。汇丰控股表示，私有化建议代表 着对香港的重大投资，彰显汇丰控股对香港作为其主要本位市场的长期承诺。 汇丰控股行政总裁艾桥智(Georges Elhedery)表示，此次私有化计划为汇丰控股及恒生银行带来前所未有 的机遇。计划将保留恒生银行的品牌、传统、独特的市场定位和分行网络，同时加大投资力度，推动产 品、服务及科技创新，为客户带来更多选择。他形容这是汇丰控股对香港经济的一项重大投资，反映其 对香港市场的信心，亦标志着汇丰控股相信香港将继续发挥其作为领先国际金融中心，以及连接国际市 场与中国内地"超级联系人"的角色。 汇丰控股补充指，此次私有化不会改变恒生银行与其客户的日常互动。客户的银行账户和客户经理等将 维持不变。在此基础上，恒生银行客户可享受汇丰控股更广阔的全球网络及金融产品配套。 香港金融管理局回应称，交易完成后，汇丰控股及恒生银行将继续作为两家独立认可机构营运。香港金 融管理局会继续与相关机构保持沟通。 目前市场对该消息 ...

Market Overview - The Hong Kong stock market indices rebounded after an initial dip, with the Hang Seng Index slightly up by 0.04%, and the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.52% and 0.63% respectively, ending a three-day decline [1] Sector Performance - Large technology stocks showed mixed results, with Kuaishou up by 1.69%, while Meituan, JD.com, and Baidu also saw gains. Alibaba, NetEase, Xiaomi, and Tencent experienced slight declines [1] - Copper prices surged due to supply shortages and a computing power revolution, leading to significant gains in copper mining stocks. China Daye Non-Ferrous Metals soared nearly 20%, Jiangxi Copper rose over 11%, and China Nonferrous Mining increased by 8% [1] - Hong Kong local bank stocks surged, particularly HSBC, which plans to privatize through an agreement, causing Hang Seng Bank's stock to spike by 41%, reaching a historical high [1] - Mining resource stocks and high-speed rail infrastructure stocks saw substantial increases, with China Railway Group rising over 10% [1] - Institutional analysts are focusing on Q4 demand recovery due to low baselines, leading to a collective rebound in airline stocks, with China Eastern Airlines up nearly 10%. Wind power, semiconductor, telecommunications, oil, and property management stocks also saw gains [1] Declines in Specific Sectors - Pharmaceutical stocks fell across the board, with Innovent Biologics, SiHuan Pharmaceutical, and I-Mab leading the decline in innovative drug stocks [1] - The film industry faced a downturn due to poor box office performance during the National Day holiday, resulting in a collective drop in cinema stocks [1] - The automotive sector mostly declined [1]

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

Group 1 - Hong Kong's Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (02727) surged by 15.72%, with its A-shares hitting the daily limit, driven by positive developments in the controllable nuclear fusion sector [1] - Huahong Semiconductor (01347) climbed 6.75%, reaching a new high as domestic supply chain localization accelerates, with local foundry demand expected to expand rapidly [1] - Jiangxi Copper (00358) increased by 11%, being a leading copper smelting company in China, with a potential resumption of production at a copper mine owned by First Quantum [1] - Luoyang Molybdenum (03993) rose by 8%, as cobalt prices surged over 11% in the previous two days due to strict export controls in the Democratic Republic of Congo [1] - Hang Seng Bank (00011) jumped 26% following HSBC's recommendation to privatize the bank [1] - Solar stocks saw gains in early trading, with prices in the photovoltaic industry chain continuing to rise in September, particularly in upstream sectors [1] - High-speed rail infrastructure stocks led the gains, with record railway investment progress and the initiation of the "14th Five-Year" railway development planning [1] Group 2 - ZTE Corporation (00763) saw both A and H shares rise, with the overseas debut of its Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, making a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with several constituent stocks like Innovent Biologics (09969) and Sino Biopharmaceutical (01177) experiencing declines of over 6% [3] - Smoore International (06969) dropped over 9%, having fallen more than 30% from its yearly high, with UBS projecting lower earnings than market consensus [3]

Market Overview - The Shanghai Composite Index has surpassed 3900 points for the first time in over 10 years, closing up 1.24% [2][7] - The Shenzhen Component Index rose by 1.75%, and the ChiNext Index increased by 1.77% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 354.7 billion yuan compared to the previous trading day [2] Sector Performance - Nuclear power, semiconductors, and precious metals sectors saw significant gains, while cyclical sectors like tourism, shipping, and liquor stocks experienced declines [2] - The Science and Technology Innovation 50 Index surged over 5%, with multiple chip stocks hitting new highs [5][9] Notable Stocks - ZTE Corporation hit the daily limit with a trading volume exceeding 10 billion yuan, while its Hong Kong counterpart rose over 10% [3] - Red Tower Securities reached the daily limit, and several other securities firms saw notable increases [5] - The storage chip sector experienced a broad rally, with companies like Huahong Semiconductor nearing a 20% limit up [9] Gold and Precious Metals - Gold stocks opened strongly, with several companies like Chifeng Jilong Gold and Sichuan Gold hitting the daily limit [15] - The price of spot gold has surpassed $4000 per ounce for the first time, marking a year-to-date increase of over 52% [15] International Markets - Hong Kong's aviation stocks saw significant gains, with China Eastern Airlines up 10.6% and China Southern Airlines rising approximately 8% [2] - The Hang Seng Technology Index initially fell over 1% but later turned positive, reflecting volatility in the tech sector [2]

10月9日早盘，港股小幅高开，恒生指数上涨0.12%，恒生科技指数上涨0.41%。受私有化消息刺激，恒 生银行股价盘中大涨近26%，领涨蓝筹板块。 截至发稿，恒生银行（00011.hk）股价快速上涨26.22%，报价150.20港元/股。 谷歌财经 同日，恒生银行在港交所公告称，香港上海汇丰银行有限公司（汇丰亚太）作为要约人，已要求恒生银 行董事会向计划股东提呈建议，根据《公司条例》第673条以协议安排方式将恒生银行私有化。若计划 生效，计划股份将予以注销，计划股东每持有一股股份可获港币155元现金对价（扣除股息调整金额， 如有）。 155港元的对价也高于开盘前的股价119港元，溢价达30.3%，这也是开盘大涨的重要因素。从估值来 看，对应2025年上半年市帐率（PB）达1.8倍，远高于香港本地银行同业中位数的0.4倍，显示出汇丰对 恒生未来价值的高度认可。 | 灌量控股和灌量亞太的聯席財務顧問 | | --- | | 《按字母肌序排列》 Goldman 高盛 BofA SECURITIES Sachs | 公告指出，恒生银行将通过向汇丰亚太（或其代名人）发行与被注销股份等额的新股本，使其已发行股 本恢复至注 ...