Core Viewpoint - HSBC Holdings has proposed to privatize Hang Seng Bank at a price of HKD 155 per share, valuing the transaction at USD 13.7 billion, aligning with HSBC's strategy to deepen its business in Hong Kong and expected to generate long-term revenue and cost synergies [1] Group 1: Financial Impact - The impact on HSBC's earnings per share is expected to be minimal, with stock buybacks paused for the next three quarters [1] - DBS maintains a "buy" rating on HSBC, raising the target price from HKD 98.7 to HKD 113.7, implying a price-to-book ratio of 1.18 times for the fiscal year 2026 [1] - Expected dividends for HSBC from 2025 to 2027 are projected at HKD 5.31, HKD 5.56, and HKD 5.94, with dividend yields of 5.1%, 5.3%, and 5.7% respectively [1] Group 2: Earnings and Growth Projections - Earnings per share assumptions for HSBC for fiscal years 2026 to 2027 remain largely unchanged, with strong growth anticipated in wealth management fees, which will be a key growth driver during the interest rate cut cycle [2] - The bank is expected to maintain credit costs at around 40 basis points due to ongoing uncertainties in Hong Kong's commercial real estate sector [2] - The return on tangible equity (ROTE) for HSBC is projected to be between 15% and 16% for the fiscal years 2025 to 2027, supporting further re-rating potential [2]

中金发布研报称，汇丰控股(00005)上周四(9日)公布以每股155港元的价格以现金收购恒生银行 (00011)6.8亿股，收购总价1,060亿港元(约136亿美元)，收购后汇丰对恒生的持股比例由此前的63%提升 至100%。该收购待恒生少数股东中75%持股者同意+少于10%持股者反对方可推进。若进展顺利，公司 预计2026年中之前逐步完成私有化。该行予汇控"跑赢行业"评级，目标价111.9元。 中金表示，综合考虑股息率的提升和回购回报率的减少，2026财年股权回报率由此前的9.4%降至 7.5%，2025年第四季至2026年第三季股权回报率由此前的9.3%降至6.2%。 该行测算加回归属恒生少数股东净利润至汇丰普通股净利润相当于提升股息率约3%，相当于2026财年 股息率从5.3%提升至5.4%;但预计2026财年回购金额从此前的100亿美元降至50亿美元，相当于回购回报 率自4.1%降至2%。中金又指，短期而言，分红+回购回报率下滑或拖累汇控股价表现，中长期关注收购 带来的协同能否可持续地提振每股权益，也关注三个季度后的回购恢复情况。 报告称，分红与回购折现模型来看，不考虑合并三年后ROE和回报比率的变化 ...

Core Viewpoint - HSBC Holdings proposed to privatize Hang Seng Bank at HKD 155 per share, valuing the transaction at USD 13.7 billion, aligning with HSBC's strategy to deepen its business in Hong Kong and expected to generate long-term revenue and cost synergies [1] Group 1 - DBS believes the impact on earnings per share from this move will be minimal [1] - Stock buybacks are expected to be paused for the next three quarters [1] Group 2 - DBS reiterated a "Buy" rating for HSBC, raising the target price from HKD 98.7 to HKD 113.7 [1] - DBS forecasts HSBC's dividends per share for 2025 to 2027 to be HKD 5.31, HKD 5.56, and HKD 5.94, with dividend yields of 5.1%, 5.3%, and 5.7% respectively [1]

Core Insights - The Bank of England (BoE) is prioritizing tokenization in its digital finance strategy while limiting the use of stablecoins [1][7] - Governor Andrew Bailey has shifted his perspective on stablecoins, recognizing their potential but still advocating for tokenization as a superior innovation [5][7] Tokenization Strategy - The BoE is focusing on tokenized bank deposits rather than stablecoins, with major UK banks like HSBC, NatWest, Lloyds, and Barclays piloting tokenized deposits for various applications [7][8] - The central bank's approach aims to keep money within the regulated banking system, enhancing financial stability [5][7] Stablecoin Regulation - The BoE plans to impose limits on stablecoin holdings, allowing individuals to hold between £10,000 and £20,000 ($13,400–$26,800) and companies up to £10 million [2] - Exemptions for certain crypto firms, such as exchanges and custodians, are expected, indicating a more flexible regulatory stance [3] Digital Securities Sandbox - The BoE intends to modify its Digital Securities Sandbox to permit limited use of regulated stablecoins for settlement, allowing for real-world testing of these assets [3][4]

3）现金减少、普通股股东权益增加。汇丰此前持有恒生银行67%的股权，资产负债表已对恒生银行进 行并表。本次收购预计使得汇丰控股现金和净资产减少136 亿美元，同时此前少数股东权益变为普通股 股东权益，普通股股东权益增加73 亿美元。总体而言，当期普通股净资产减少、普通股净利润增加， ROTE 会有小幅增加。 机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 事件 10 月9 日早8 点，汇丰公告计划以每股155 港币的价格以现金收购恒生银行6.8 亿股（前一日恒生银行收 盘价119 港币，对应1.4x P/B，收购价较公开价溢价30%，对应1.8x P/B；收购价高于2022 年3 月以来恒 生银行最高收盘价154 港币），收购总价1060 亿港币（约136 亿美元），收购后汇丰对恒生的持股比例 由此前的63%提升至100%。该收购待恒生少数股东中"75%持股者同意"+"少于10%持股者反对"方可推 进1。若进展顺利，公司预计2026 年中之前逐步完成私有化。 评论 收购目的在于加强协同、简化运营。汇丰公告表示，恒生在香港本土拥有深厚传统与独特地位，私有化 后不会取消恒生银行品牌与独立法人地位，计划仍继续通过汇 ...

（原标题：汇丰银行称越南将在未来十年受益于资本市场改革） 越通社10月8日报道，富时罗素宣布将越南股票市场升级为次级新兴市场，该升级将在2026年9月21 日正式生效。 汇丰银行专家评估，该升级将为越南未来十年吸引大量资本流入和提升其国际地位创造机会。尽管 此次升级附带一些条件，但对于距离发达市场仅两步之遥的越南来说意义重大。下一个目标是到 2030 年获得 MSCI新兴市场指数地位，预计将进一步带动资本流动。专家表示，此次评级上调不仅是一个象 征，还将影响分析师和媒体对市场的看法，以及全球投资者的资产配置决策。越南资本市场在质量和规 模上都取得了显著进步。过去10年，市值和交易账户数量增长了7倍。仅今年一年，越南指数就超过了 新冠疫情期间的峰值，表明市场对越南在全球供应链中的作用充满信心。 ...

智通财经APP讯，汇丰控股(00005)发布公告，该公司已于2025年10月9日根据汇丰国际雇员购股计 划(本计划)向雇员授出有条件奖励，以认购公司每股面值0.5美元的普通股合共321679.21759股。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 奖励下的股份数目为161206.61948股伦敦证交所上市股份及160472.59811股香港联交所上市股份。 ...

Core Viewpoint - HSBC Holdings plans to privatize its approximately 63% stake in Hang Seng Bank at a cash price of HKD 155 per share, representing a 30% premium over the previous closing price, with a total transaction value of approximately HKD 166 billion [3]. Group 1: Transaction Details - The acquisition will lead to a short-term impact on HSBC's capital position, with the Common Equity Tier 1 (CET1) capital ratio expected to drop by about 125 basis points from 14.6% to approximately 13.4% [3]. - The proposed purchase price equates to a price-to-book (P/B) ratio of about 1.8 for Hang Seng Bank, compared to HSBC's own P/B ratio of approximately 1.42 [3]. Group 2: Strategic Implications - The significant premium indicates management's intention to integrate retail and wealth management businesses to enhance capital efficiency [3]. - There is a risk that HSBC may be overestimating Hang Seng's current profitability, as Hang Seng's return on equity (ROE) for the first half of 2024 is only 11.3%, while HSBC's return on tangible equity (ROTE) in Hong Kong is higher [3]. Group 3: Market Considerations - Market attention is focused on the funding sources for the transaction and subsequent shareholder buyback arrangements [3]. - If the HKD 67.5 billion premium is considered as the cost of synergy, short-term returns may fall below expectations, and the timing of realizing cost synergies needs to be monitored [3]. Group 4: Overall Assessment - The strategic significance of the privatization transaction outweighs its financial contribution, as HSBC aims to enhance asset flexibility and capital allocation efficiency [3]. - However, short-term capital pressures and market uncertainties remain, suggesting that investors should adopt a wait-and-see approach while monitoring subsequent approvals and funding developments [3].

HSBC Holdings' US$13.6 billion bid to take full control of Hang Seng Bank could be enticing enough for investors to cash out as the deal creates long-term value for the London-based bank, although some analysts said the offer could be sweeter. On Thursday, HSBC offered to acquire the remaining 36.5 per cent stake in Hang Seng Bank it does not own at HK$155 per share, a 30 per cent premium over the previous closing price. The bank owns 63.5 per cent of Hong Kong's largest domestic bank. The proposal value ...

HSBC Holdings' plan to take its Hang Seng Bank subsidiary private marked a key step in the UK lender's strategic overhaul, with Hong Kong's troubled property market potentially aiding the move, according to analysts. The proposal on Thursday was "many months" in the making and had "nothing to do with the bad-debt situation" at Hang Seng Bank, HSBC group CEO Georges Elhedery said during a media round table in Hong Kong after the announcement. HSBC currently owns about 63 per cent of the city's largest dome ...