恒生指数或将再无恒生银行

Core Viewpoint - Hang Seng Bank is set to delist from the Hong Kong Stock Exchange following a privatization decision approved by shareholders, allowing HSBC Holdings to acquire all shares and make Hang Seng a wholly-owned subsidiary [2][4][10]. Group 1: Privatization Details - The privatization resolution was passed with 85.75% approval and 5.94% opposition during the shareholders' meeting on January 8, 2026 [2][7]. - The privatization process began in the second half of 2025, with HSBC offering HKD 155 per share, a 30.3% premium over the closing price before the announcement [7]. - Following the approval, Hang Seng Bank's shares will be delisted from the Hong Kong Stock Exchange on January 27, 2026, with adjustments to various indices effective from January 15, 2026 [4][10]. Group 2: Financial Performance - As of the first half of 2025, Hang Seng Bank reported a non-performing loan ratio of 6.69%, an increase of 1.37 percentage points year-on-year [10]. - The bank's net operating income before expected credit losses was HKD 20.975 billion, a 3% increase year-on-year, while net profit attributable to shareholders decreased by 30.46% to HKD 6.880 billion [10]. Group 3: Historical Context - Hang Seng Bank was founded in 1933 and faced a liquidity crisis in 1965, leading to HSBC acquiring a controlling stake to stabilize the bank [8][9]. - HSBC has gradually increased its ownership while maintaining the bank's Chinese management structure, which was deemed crucial for its success [9]. Group 4: Future Outlook - HSBC's CEO expressed confidence in the privatization as a growth investment, emphasizing the potential for closer synergies while respecting Hang Seng Bank's traditions and market positioning [10]. - Despite the privatization, Hang Seng Bank will retain its independent brand and governance structure, along with its banking license under Hong Kong's banking regulations [10].