恒生指数或将再无恒生银行

Core Viewpoint - Hang Seng Bank (0011.HK), listed for 53 years, is set to delist from the Hong Kong Stock Exchange following a privatization decision approved by shareholders with 85.75% in favor and 5.94% against, allowing HSBC Holdings to acquire all shares and make Hang Seng a wholly-owned subsidiary [1][6]. Group 1: Privatization Process - The privatization process began with an announcement in the second half of 2025, requiring at least 75% of the plan shares to agree and no more than 10% to oppose, excluding HSBC Asia's direct holding of 63.43% [4]. - HSBC proposed to acquire all plan shares at HKD 155 per share, representing a 30.3% premium over the closing price on October 8, 2025 [4]. - Following the announcement, Hang Seng Bank's stock surged by 25.88% on October 9, 2025, reaching a high of HKD 168 before settling at HKD 149.8 [4]. Group 2: Shareholder Approval and Index Removal - The privatization was confirmed with 97.3% of all voting shareholders in favor, meeting the required conditions for approval [6]. - Hang Seng Bank will be removed from the Hang Seng Index and 40 other indices effective January 15, 2026, following the approval of the privatization [3][10]. Group 3: Financial Performance and Market Position - Hang Seng Bank is currently facing pressure from rising bad debt rates, with a non-performing loan ratio of 6.69% in the first half of 2025, an increase of 1.37 percentage points year-on-year [9]. - The bank reported a net operating income of HKD 20.975 billion, a 3% year-on-year increase, but a 25% decrease in operating profit to HKD 8.549 billion, and a 30.46% drop in profit attributable to shareholders to HKD 6.880 billion [9]. - HSBC's CEO emphasized the privatization as a growth investment based on their deep understanding of the Hong Kong market, aiming to create synergies while respecting Hang Seng's traditions and market positioning [9]. Group 4: Historical Context - Hang Seng Bank was founded in 1933 and faced a liquidity crisis in 1965, leading to HSBC acquiring 51% of its shares to stabilize the situation [8]. - Over the years, HSBC gradually increased its stake while maintaining the Chinese management structure of Hang Seng Bank, which was seen as key to its success [8].