Core Viewpoint - HSBC Holdings announced a proposal to privatize Hang Seng Bank through its wholly-owned subsidiary, HSBC Asia Pacific, reflecting a significant investment in Hong Kong's economy and confidence in its role as a leading international financial center [1][2]. Group 1: Proposal Details - If approved, HSBC Asia Pacific will acquire all remaining shares held by minority shareholders of Hang Seng Bank and delist its shares from the Hong Kong Stock Exchange [2]. - The proposed cash consideration for each share is HKD 155, representing a substantial premium over past trading prices and market levels [5][6]. - The offer price reflects a premium of approximately 30.3% over the last closing price of HKD 119.00 and 18.3% over the highest target price of HKD 131.00 set by analysts [6]. Group 2: Brand and Operations - HSBC plans to retain the Hang Seng brand, its traditions, and its unique market positioning while enhancing investment in products, services, and technology [2][8]. - The privatization will not alter the daily interactions between Hang Seng Bank and its customers, who will continue to enjoy the benefits of HSBC's global network [9]. Group 3: Strategic Implications - The proposal aims to streamline HSBC's operations in Hong Kong, allowing for quicker decision-making and better responsiveness to market demands [10]. - HSBC believes that the privatization will create more investment opportunities and further drive growth in its Hong Kong business [10]. Group 4: Financial Impact - HSBC anticipates that the proposal will enhance earnings per share by eliminating non-controlling interest earnings deductions [11]. - The bank's asset size reached USD 32,140 billion as of June 30, 2025, positioning it as one of the largest banking and financial services institutions globally [12].

10月9日，汇丰控股、汇丰亚太及恒生银行联合宣布，汇丰亚太作为要约人，已要求恒生银行董事会向 计划股东提呈建议，以协议安排方式将恒生银行私有化。 这意味着若计划生效，恒生银行将成为汇丰的全资附属公司，其在香港联交所超过50年的上市历程或将 终止。 消息一出，恒生银行股价应声大涨，盘中一度涨超40%，最高触及168港元/股。截至10月9日收盘，恒 生银行报149.80港元/股，上涨25.88%。汇丰控股的股价则出现下跌，报收104港元/股，跌幅为5.97%。 溢价超30% 汇丰控股透露，完成该交易将对其资本充足率产生影响，预计通过内生性资本增长，并暂停未来三个季 度的股票回购计划，其普通股权一级资本（CET1）比率将恢复至14.0%—14.5%的目标运营区间。 摩根大通发表报告认为，该交易或带来短期阵痛。但长远而言，对汇丰控股具有正面效益，不仅体现在 营收协同效应或成本优化上，还将体现在每股盈利及派息上。 不改变核心运营架构 公开资料显示，恒生银行创立于1933年，是香港最大的本地银行之一，于1972年6月在香港联交所上 市。恒生中国官网称，恒生银行在香港本土的现时服务近400万名客户。 需要注意的是，业绩方面 ...

Core Viewpoint - HSBC Holdings plans to privatize Hang Seng Bank at a price of HKD 155 per share, totaling HKD 106.156 billion, which represents a premium of over 30% compared to the last trading price of HKD 119 per share [3][4]. Group 1: Privatization Details - HSBC Asia has requested the board of Hang Seng Bank to present a proposal for privatization, with HSBC Asia currently holding 63.34% of Hang Seng Bank's shares [4]. - The proposed price of HKD 155 per share is higher than the highest share price reported since March 2022, which was HKD 154 [4]. - The plan aims to provide immediate liquidity to shareholders and reflects the potential value of Hang Seng Bank's future business development [5]. Group 2: Financial Implications - HSBC and its financial advisors have confirmed sufficient financial resources to pay the proposed price to shareholders, and HSBC will not repurchase its own shares in the next three quarters [5]. - JPMorgan believes the transaction may cause short-term pain but will have long-term positive effects on HSBC, including revenue synergies and cost optimization [5]. - The privatization reflects confidence in Hang Seng Bank's future and demonstrates HSBC's strategic positioning in the Asian market [5]. Group 3: Operational Efficiency - The privatization is expected to streamline HSBC's business structure in Hong Kong, enhance decision-making flexibility, and improve operational risk management [6]. - HSBC anticipates closer synergies with Hang Seng Bank, which will enhance operational efficiency [6]. Group 4: Current Challenges - Hang Seng Bank has faced significant pressure from real estate credit, reporting a 28.39% year-on-year decline in pre-tax profit for the first half of the year, amounting to HKD 8.097 billion [7]. - The bank's expected credit loss provisions increased significantly, with total impaired loans rising from HKD 51 billion at the end of 2024 to HKD 55 billion by mid-2025 [7]. - The overall non-performing loan ratio has risen to 6.69%, primarily due to pressures in the commercial real estate sector [8].

21世纪经济报道记者 吴霜 汇丰、恒生两家银行跨越六十年的股权关系将进入新的阶段。 10月9日，汇丰银行和恒生银行联合发布公告称，汇丰银行将私有化恒生银行。目前，汇丰银行是恒生 银行的控股股东，持股比例为63.36%，两者均在香港联合交易所（香港联交所）上市。 此前，恒生银行在与英资汇丰银行保持品牌独立运营的同时，有着浓浓的"港资味道"。它成立于1933 年，在香港有超过250个服务网点，是香港的四大银行之一。1969年恒生银行编制恒生指数，早已成为 香港股市的代名词。 而在私有化完成之后，恒生银行将继续以独立品牌运营，但其在香港联交所超过50年的上市地位或将成 为历史。 消息发布后 ，10月9日，恒生银行股价早盘高开后迅速拉升，盘中一度涨近30%，最终收盘上涨 26.22%，报149.80港元，创历史新高；而汇丰控股或因私有化恒生银行将消耗大量资本，当日股价承 压，下跌6.06%，报103.90港元。 高溢价收购 十一假期结束后的第一天，汇丰银行和恒生银行发布联合公告称，香港上海汇丰银行有限公司已根据 《公司条例》第673条，提出以协议安排方式将恒生银行私有化的建议。倘若建议获批准，汇丰亚太将 收购由恒生少 ...

Core Viewpoint - HSBC Holdings plans to privatize Hang Seng Bank at a price of HKD 155 per share, totaling HKD 106.16 billion, reflecting a premium of over 30% compared to the last trading price [1][2] Group 1: Privatization Details - HSBC Asia has requested Hang Seng Bank's board to present a proposal for privatization, with HSBC Asia currently holding 63.34% of Hang Seng Bank's shares [2] - The proposed price of HKD 155 per share is higher than the highest price reported since March 2022, which was HKD 154 [2] - The plan aims to provide immediate liquidity to shareholders and reflects the potential value of Hang Seng Bank's future business development [2] Group 2: Market Reaction - Following the announcement, Hang Seng Bank's stock price surged by 25.88%, while HSBC Holdings' stock fell by 5.97%, resulting in a market value loss exceeding HKD 100 billion [1][2] Group 3: Strategic Implications - The privatization reflects HSBC's confidence in Hang Seng Bank's future and its strategic positioning in the Asian market [3] - Post-privatization, Hang Seng Bank will retain its independent banking license and governance structure, ensuring minimal impact on its brand and services [3] - HSBC aims to streamline its operations in Hong Kong, enhance decision-making flexibility, and improve operational risk management through this move [3] Group 4: Financial Performance and Challenges - Hang Seng Bank has faced significant pressure from real estate credit, reporting a 28.39% drop in pre-tax profit and a 30.46% decline in profit attributable to shareholders in the first half of the year [4] - The bank's expected credit loss provisions increased significantly, primarily due to new default risks and an oversupply in the commercial real estate market [4][5] - The overall non-performing loan ratio for Hang Seng Bank has risen to 6.69%, indicating ongoing challenges in the commercial real estate sector [5]

记者丨谭婷 见习记者刘夏菲 编辑丨江佩霞 10月9日，港股恒生银行（0011.HK）盘中一度飙升41％，报168港元，股价创历史新高，截至收盘，涨 25.88%，报149.8港元/股。值得注意的是，其控股股东汇丰控股（0005.HK）则跌5.97%，报104港元/ 股。 | １０４．０００ 額 96.3亿 股本 172.51亿 市盈 " 12.8 万得 盘口 | | --- | | -6.600 -5.97% 換 0.54% 市值 17942亿 市净 1.19 >> | 消息面上，汇丰亚太拟以30.3%的溢价对恒生银行进行私有化。10月9日，汇丰控股及恒生银行联合公 告称，汇丰亚太作为要约人，已要求恒生银行董事会向计划股东提呈建议，以协议安排方式将恒生银行 私有化。根据建议，恒生银行股票将被注销，以换取每股155港元的现金支付，交易估值约为2903亿港 元。该计划对价相当于较恒生银行上一日119.00港元/股的收盘价溢价约30.3%。 按照计划，私有化交易需在2026年9月30日或更早的日期前达成或获得豁免。根据公告披露，目前恒生 银行已根据收购准则要求成立恒生银行独立董事委员会，将就上述建议是否公平和合理及 ...

记者丨谭婷 见习记者刘夏菲 编辑丨江佩霞 10月9日，港股恒生银行（0011.HK）盘中一度飙升41％，报168港元，股价创历史新高，截至收盘，涨25.88%，报149.8港元/股。值得注意的 是，其控股股东汇丰控股（0005.HK）则跌5.97%，报104港元/股。 | < W | 恒生银行(0011) | | | --- | --- | --- | | | 闭市 10-09 16:08:34 通 | | | 149 800 额 84.4亿 股本 18.76亿 市盈"" | | 19.6 万得 | | 30.800 25.88% 换 2.99% 市值 2810亿 市净 1.65 | | 盘口 | | 人民币柜台 137.000 28.100 25.80% | | | | 关时 五日 日K | 周K 月K | | | 营加 | | 均价:150.470 盘口 成交 | | 168.000 | | 41.18% 卖10 150.800 4.20万(32) | | | | 卖9 150.700 9.00万(29) | | | | 卖8 150.600 6.40万(32) | | | | 实 / 150.500 2 ...

10月9日，汇丰控股（00005）、香港上海汇丰银行有限公司（下称"汇丰亚太"）与恒生银行（00011）联合公告，宣布汇丰亚太拟依据香港《公司条例》第 673条以协议安排方式私有化恒生银行，并建议撤销其港交所上市地位。 这一消息标志着自1972年上市以来，这家与香港金融史深度绑定的银行或将结束53年的公开交易历程，正式成为汇丰控股的全资附属公司。 私有化方案：高溢价对价、运营承诺与实施路径 根据公告，若此次私有化计划生效，所有"计划股份"（即汇丰亚太及其一致行动人以外的恒生股份）将被注销，小股东每股可获155港元现金对价（扣除股 息调整金额，如有）。 值得注意的是，恒生银行董事会预计于10月10日宣派的2025年第三次中期股息，将单独向股东派发且不从中扣除；但公告日后宣派、记录日期在计划生效 前的其他股息，将从155港元对价中相应扣减，且汇丰明确表示"不会提高对价，亦不保留提价权利"，为交易对价划定了明确底线。 从价格与估值维度看，此次对价的吸引力较为突出。对比市场数据，155港元/股的价格较10月8日（公告前最后交易日）收盘价119港元溢价30.3%，较过去 30个交易日平均收盘价116.49港元溢价33. ...

2025.10.09 本文字数：2633，阅读时长大约4分钟 作者 |第一财经 李隽 在香港的地铁站跟朋友见面，应该如何选择地点？一些香港本地人的通常做法是：在恒生银行 （00011.HK）柜员机旁边。 作为香港最大的本土银行之一，恒生银行可能即将退市。这家市值3000亿港元的香港本地银行，将被母 公司汇丰控股（00005.HK）私有化。 10月9日早上，恒生银行、汇丰控股联合公告称，建议撤销恒生银行股份的上市地位，私有化价格为155 港元/股。9日上午，恒生银行大涨26.3%，中午报收150.3港元，汇丰控股跌6.24%，报收103.7港元。 公开资料显示，汇丰控股在恒生银行持股比例超过63%，私有化可能花费上千亿港元现金。该公司汇宣 布，未来三个季度不再回购自身股份。 业内人士认为，恒生银行依然有部分地产方不良资产需要消化，私有化之后，汇丰控股要承担这部分责 任，这是两者股价表现差异的原因之一；展望未来，协同效应还有进一步再提升的空间，符合现在汇丰 内部改革的总体思路。 每股155港元现金付款 据此测算，此次现金私有化可能花费汇丰控股上千亿港元现金，交易估值也远高于同行业。业内人士向 第一财经记者分析，在 ...

2025.10. 09 本文字数：2633，阅读时长大约4分钟 作者 | 第一财经 李隽 在香港的地铁站跟朋友见面，应该如何选择地点？一些香港本地人的通常做法是：在恒生银行（00011.HK）柜员机旁边。 作为香港最大的本土银行之一，恒生银行可能即将退市。这家市值3000亿港元的香港本地银行，将被母公司汇丰控股（00005.HK）私有化。 10月9日早上，恒生银行、汇丰控股联合公告称，建议撤销恒生银行股份的上市地位，私有化价格为155港元/股。9日上午，恒生银行大涨26.3%，中午 报收150.3港元，汇丰控股跌6.24%，报收103.7港元。 据此测算，此次现金私有化可能花费汇丰控股上千亿港元现金，交易估值也远高于同行业。业内人士向第一财经记者分析，在香港上市的内地银行估值都 比较低，拉低了银行股平均估值，使得这一次私有化定价,相较于同业估值显得比较贵。 公开资料显示，恒生银行成立于1933年，是香港最大的本地银行之一。联合公告称，恒生银行植根香港近百年，有着深厚的传统。汇丰十分尊重恒生银 行的独特地位，计划继续通过汇丰及恒生银行两大品牌，在香港市场开展业务。因此，恒生银行将保留根据香港银行业条例所独立获授 ...