香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 2025 年 11 月 27 日 （香港股份代號：5） HSBC Holdings plc 滙豐控股有限公司 公告 香港上海滙豐銀行有限公司根據公司條例第673條 以協議安排方式將恒生銀行有限公司私有化之建議 執行人員根據收購守則給予相關同意 茲提述滙豐控股有限公司（「本公司」）、香港上海滙豐銀行有限公司（「滙豐亞太」）及恒生銀行有限 公司（「恒生銀行」）於2025年10月9日聯合刊發的公告（「該公告」），內容關於滙豐亞太以協議安排 方式將恒生銀行私有化之建議（「建議」）。除文義另有所指外，本公告所使用的詞彙與該公告中界定者 具有相同涵義。 執行人員根據收購守則給予相關同意 本公司謹此通知各股東，就建議而言，滙豐亞太及任何與其一致行動的人士在買賣、借出及借入恒生銀行 相關證券時，均須遵守收購守則項下的若干限制，當中包括但不限於收購守則規則21.2、21.7、23及24的 規定。 鑑於本公司及其附屬公司（ ...

Core Insights - HSBC Group's recent global trade outlook survey indicates that despite uncertainties in global trade policies and tariffs, mainland companies are adapting to the "new normal" of trade, gaining clearer insights and increased confidence in their revenue prospects [1] - Mainland companies are actively expanding their business presence in emerging markets, particularly in Asia and the Middle East, demonstrating strong resilience and business flexibility in response to challenges [1] Regional Focus - Approximately 28% of surveyed mainland companies plan to increase their business presence in Southeast Asia, followed by 24% in Northeast Asia and 23% in the Middle East [1] - Saudi Arabia ranks as the top target market for mainland companies in terms of both sales and production [1] Strategic Measures - In response to the changing trade landscape, mainland companies are implementing various measures, including: - Expanding online business and developing new revenue sources (86%) [1] - Formulating risk management and business continuity plans (85%) [1] - Adjusting products and services to mitigate tariff impacts (85%) [1]

Group 1 - Wall Street anticipates continued investment in AI, with HSBC projecting the S&P 500 to reach 7,500 by December 2026, indicating confidence in the AI-driven market rally [2][3] - HSBC's forecast suggests a potential 12% gain from current levels, reminiscent of the late 1990s tech boom, driven by an ongoing AI investment boom [3] - The firm recommends broadening the AI trade, suggesting that market rallies can persist despite concerns about a potential AI bubble [3] Group 2 - HSBC expects 2026 to be characterized by a "two-speed economy," highlighting disparities in consumer spending and confidence levels [6][10] - High earners and those with better credit scores are more optimistic and spending more, while low-income earners are more cautious and spending less [7][10] - The current earnings season supports the notion of a K-shaped economy, with premium-focused companies like Delta and Walmart performing well amid consumer pressure [9][10]

Core Points - The documents primarily focus on HSBC's fine gold products, specifically highlighting their specifications such as weight and purity [1][2]. Group 1: Company Overview - HSBC offers fine gold products with a net weight of 1000 grams and a purity of 999.9 [1][2]. Group 2: Industry Context - The documents do not provide specific industry context or market analysis related to HSBC's gold offerings.

Core Viewpoint - The integration and development of the Greater Bay Area (GBA) is accelerating, with increasing cross-border financial and wealth management service demands driven by the growing interactions between Hong Kong and mainland residents [1][10]. Group 1: Cross-Border Financial Services - The demand for cross-border financial services is rising as more residents from Hong Kong and mainland China engage in consumption, investment, and relocation activities [1]. - HSBC is enhancing its personal banking and wealth management services in the GBA to cater to the diverse needs of clients from both regions [1][9]. - HSBC has launched over 500 products for cross-border investors, integrating services from Hong Kong and mainland China to facilitate easier account opening and financial transactions [9]. Group 2: Wealth Management Opportunities - The GBA is identified as one of China's wealthiest regions, presenting significant growth opportunities in the wealth management market as residents' wealth accumulates and their investment strategies mature [8]. - HSBC offers a variety of products, including QDII and QDLP funds, to meet the global asset allocation needs of clients [8][9]. - The bank's wealth management flagship branches in Shenzhen and Guangzhou are designed to provide a social and experiential banking environment, enhancing customer engagement [3][5]. Group 3: Comprehensive Financial Services - HSBC is expanding its financial services to cover various aspects of life, including health, retirement, and wealth management, to meet the evolving needs of GBA residents [10][12]. - The bank has established health management centers and partnerships with medical institutions to provide health and wellness solutions for clients [11]. - HSBC aims to create a full-chain financial service system that addresses the diverse financial needs of individuals and families throughout their life cycles [10][12]. Group 4: Future Outlook - The GBA's population exceeds 87 million, indicating a substantial demand for financial services related to retirement and wealth management [14]. - HSBC predicts that by 2030, Chinese household wealth will reach 800 trillion RMB, with a significant portion directed towards insurance and personal pension products [14]. - The bank remains committed to investing in the GBA, viewing it as a strategic priority for business expansion and development [14].

Core Viewpoint - HSBC is increasing salaries for certain employees in its Swiss private banking division to prevent talent loss amid recent departures [1] Group 1: Employee Compensation and Retention - HSBC is taking measures to enhance employee compensation in its Swiss private banking sector to retain talent [1] - The bank's Middle East business chairman, Samir Assaf, has been assigned to assist the Swiss private banking division and is currently working in Geneva [1] Group 2: Business Expansion and Talent Management - HSBC stated that it is continuously attracting talent and investing in its employees [1] - The bank is undergoing significant expansion in its wealth management business [1] - Several employees have left HSBC's Swiss private banking division in recent months, including the temporary head John Shipman, who transitioned to Barclays last month [1]

Core Viewpoint - Deutsche Bank predicts that the S&P 500 index will rise to 8000 points by the end of next year, driven by strong corporate earnings and AI-driven growth, making it the most optimistic among major global brokerages [1] Group 1: Predictions and Targets - Deutsche Bank's target implies a potential increase of up to 21% from the previous closing price of 6602.99 points [1] - HSBC sets a target for the S&P 500 index at 7500 points by the end of 2026, also optimistic about AI's strong development [1] - Morgan Stanley forecasts that the U.S. stock market will outperform other global markets next year, estimating the index will reach 7800 points by the end of 2026 [1] Group 2: Market Drivers - The S&P 500 index has risen approximately 12.3% this year, primarily due to investor optimism regarding AI, strong corporate profits, and expectations of declining interest rates [1] - Major tech companies like Nvidia, Microsoft, and Google are the main drivers of this upward trend, with AI-driven spending supporting record capital expenditure levels [1] - Deutsche Bank strategists emphasize that rapid investment and application of AI will continue to dominate market sentiment [1] Group 3: Investor Sentiment - HSBC analysts suggest that regardless of potential market bubbles, historical trends indicate that bullish markets can last for several years, recommending an expansion of AI-related trades [1] - Active investors' portfolio allocations are seen as a potential source for market uptrends [1]

Core Insights - The private credit market has experienced significant growth, quadrupling in size over the last decade [1] - Despite recent high-profile credit defaults, the perception that private credit is inherently risky is challenged by industry experts [1] Market Growth - The private credit market has increased fourfold in the past ten years, indicating a robust expansion in this sector [1] Risk Perception - High-profile defaults, such as those from Tricolor and First Brands, have raised concerns, but industry leaders argue that private credit does not equate to high risk [1]

Core Insights - HSBC's Swiss private bank is implementing staff retention measures, including increased compensation, due to a series of executive exits [1][2] - The bank is leveraging leadership from its Middle East business to support its Swiss operations, with Samir Assaf advising the Swiss private bank [2][3] - HSBC's Swiss business is ending relationships with over 1,000 wealthy clients in the Middle Eastern region, including those with assets exceeding $100 million [3] Staff Retention Measures - The Swiss arm has raised pay for certain staff, including relationship managers, to discourage departures [1] - Retention packages are a common strategy to retain key employees during uncertain times, as seen with UBS awarding approximately $500 million in retention packages to Credit Suisse staff [5] Executive Changes - Recent executive exits include interim head John Shipman, who left to join Barclays, and Daniel Calado has been appointed as the interim head of the Swiss private bank [2][4] - Samir Assaf, chairman of HSBC's Middle East business, is spending time in Geneva to assist the Swiss private bank [2] Regulatory Scrutiny - The Swiss private bank is under scrutiny from Swiss regulator Finma for inadequate due diligence on high-risk accounts owned by politically exposed persons [4] - Swiss federal prosecutors have opened an investigation into the division [4]

Geopolitical and Economic Overview - Geopolitical tensions between Russia and Western powers remain high, with the Kremlin indicating no immediate plans for US meetings and a lack of official information from Ukraine peace talks in Geneva [2][9] - Germany's Ifo Business Climate Index for November unexpectedly declined to 88.1, missing estimates of 88.5, while the German Finance Agency projects bond issuance to exceed €500 billion in 2026, indicating a substantial fiscal outlook [3][9] Corporate Developments - JP Morgan has upgraded Baidu Inc (BIDU) to Overweight from Neutral, raising its price target to $188 from $110, driven by strong growth expectations in artificial intelligence and cloud computing [5][9] - HSBC is experiencing positive trends with an uptick in its financing pipeline, suggesting healthy demand for financing services [6][9] Monetary Policy Actions - The People's Bank of China (PBOC) plans to sell 1 trillion yuan of one-year Medium-Term Lending Facility (MLF) loans on November 25 to ensure ample liquidity in the banking system [4][9] - Switzerland's total sight deposits increased to CHF 460.2 billion, reflecting a rise in domestic sight deposits to CHF 439.4 billion [6]