Group 1 - S&P indicates that HSBC's privatization plan for Hang Seng Bank will involve share buybacks at a premium, which will put some pressure on HSBC's capital, but overall capital strength is expected to remain strong [1] - The privatization transaction is expected to be completed in the first half of 2026, leading to a projected reduction in HSBC's risk-adjusted capital (RAC) ratio from 12.6% at the end of 2024 to between 11% and 12% by the end of 2026, still above the 10% threshold set for strong capital assessment [1] - S&P continues to view Hang Seng Bank as a core subsidiary of HSBC, and the planned full ownership will strengthen the ties between Hang Seng Bank and the HSBC Group, reflecting HSBC's long-term commitment to the Hong Kong market [1][2] Group 2 - The privatization plan is expected to enhance governance consistency and facilitate closer business and operational cooperation between HSBC and Hang Seng Bank, allowing for cost efficiencies and better alignment with group strategies [2] - S&P anticipates that the capital pressure resulting from the buyback of all circulating shares of Hang Seng Bank will be manageable for both HSBC and its parent company [2]

Core Viewpoint - HSBC Holdings announced a privatization plan for Hang Seng Bank, proposing to acquire the remaining 36.65% of shares at HKD 155 per share, totaling HKD 106.16 billion, which represents a premium of over 30% compared to recent trading prices [1][4] Group 1: Transaction Details - The proposed acquisition price of HKD 155 per share is approximately 33.1% higher than the average closing price of HKD 116.49 over the past 30 trading days [4] - Following the announcement, Hang Seng Bank's stock price surged over 25% within two days, closing at HKD 150.4 per share [1] - If the plan is executed, Hang Seng Bank will delist from the Hong Kong Stock Exchange, ending its 53-year listing history [3] Group 2: Regulatory and Market Reactions - The Hong Kong Monetary Authority acknowledged the plan and stated that it would continue to communicate with relevant banks regarding regulatory approvals [3] - Analysts from various institutions have expressed mixed views on the high premium, with some suggesting that HSBC is paying a high cost for the acquisition [4][5] Group 3: Financial Implications - HSBC estimates that the cash transaction will impact its CET1 capital ratio by approximately 125 basis points, leading to a temporary suspension of share buybacks for three quarters to maintain its capital ratio within the target range of 14.0% to 14.5% [4][5] - Morgan Stanley predicts that this will reduce the buyback scale by about USD 7 billion, with the CET1 capital ratio expected to reach 14% by the end of Q2 2026 [5] Group 4: Strategic Intent - HSBC views the privatization as a key move to strengthen its Asian strategy, aiming to enhance its position and market share in Hong Kong [8][10] - The acquisition is expected to allow for more efficient capital management and operational flexibility for Hang Seng Bank under HSBC's ownership [10] Group 5: Long-term Outlook - Analysts suggest that the long-term value of the privatization will depend on cost synergies, capital allocation efficiency, risk management capabilities, and improvements in customer service and market share [11] - The integration is anticipated to enhance product offerings and operational efficiencies, potentially leading to increased shareholder value over time [12]

交易披露 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） | | Merrill Lynch | 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 | 187,000 | $28,169,001.0030 | $150.6364 | $150.6364 | | International | 9 日 | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | | | | 普通股 | 因全屬客戶主動發出且 ...

就恒生銀行有限公司的股份的交易披露 交易是為本身帳戶進行的。 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 | 9 | 普通股 | 借用 | | 93,000 | 2,940,394 | | 0.1568% | | HSBC Bank plc | 日 | | | | 普通股 | 借出 | | 93,000 | 2,940,394 | | 0 ...

| 賣出 | 1,189 | $149.8000 | 11,305,940 | 0.6027% | | --- | --- | --- | --- | --- | | 賣出 | 1,189 | $149.8000 | 11,304,751 | 0.6027% | | 賣出 | 16,646 | $149.8000 | 11,288,105 | 0.6018% | | 賣出 | 9,512 | $149.8000 | 11,278,593 | 0.6013% | 完 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 | | | 買入／賣出 | 股份數目 | 每股價格 | | 交易後數額（包括與其訂有 | 佔該類別證券的百分比（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 協議或達成諒解的任何人士 | 括與其訂有協議或達成諒解 | | | | | ...

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） | | Morgan | 2025年10月9 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 34,400 | 2025 年 12 月 | $150.1495 | $5,165,141.1832 | 0 | | Stanley & | 日 | | | ─ 賣出 | | 30 日 | | | | | Co., | | 衍生工具 | 其他類別 ...

2025 年 10 月 10 日 透過協議安排進行私有化 註： BofA Securities Europe SA 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。 就恒生銀行有限公司的股份的交易披露 BofA Securities Europe SA 是最終由 Bank of America Corporation 擁有的公司。 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 | | | | | | | ...

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： 2025 年 10 月 10 日 Morgan Stanley & Co., International plc 是與受要約公司有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 交易披露 | 交易方 | 日期 | 有關證券的說明 | 產品說明 | 交易性質 | 期權所涉及的證 | 行使期限－由 | 行使期限－至 | 行使價 | 已支付／已收取 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 券數目 | | | | 的期權金額 | 括與其訂有協議 | | | | | | | | | | | | 或達成諒解的任 | | | | | | | | | | | | 何人士的證券） | | Morgan | 2025年10月 | 期 ...

2025 年 10 月 10 日 透過協議安排進行私有化 註： 交易披露 交易披露 Morgan Stanley & Co., International plc 是與受要約公司有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 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） | | Morgan | 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 ...

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 完 註： Morgan Stanley Europe S.E.是與受要約公司有關連的第(5)類別聯繫人。 Morgan Stanley Europe S.E.是最終由摩根士丹利擁有的公司。 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 | 9 | 衍生工具 | 其他類 ...