Core Viewpoint - HSBC Holdings announced a cash acquisition of 680 million shares of Hang Seng Bank at HKD 155 per share, totaling HKD 106 billion (approximately USD 13.6 billion), increasing its stake from 63% to 100% [1] Group 1: Acquisition Details - The acquisition requires approval from 75% of Hang Seng's minority shareholders and less than 10% opposition to proceed, with completion expected by mid-2026 [1] - After the acquisition, HSBC's earnings per share (EPS) will increase as profits attributable to minority shareholders will no longer be deducted, leading to a higher dividend per share (DPS) [1] Group 2: Financial Impact - The estimated return on equity (ROE) for FY2026 is projected to decrease from 9.4% to 7.5%, and from 9.3% to 6.2% for Q4 2025 to Q3 2026 [1][2] - The dividend yield is expected to rise from 5.3% to 5.4% for FY2026, while the share buyback amount is forecasted to drop from USD 10 billion to USD 5 billion, reducing the buyback return rate from 4.1% to 2% [2] Group 3: Valuation and Market Reaction - The acquisition is anticipated to slightly increase dividends but reduce buybacks, negatively impacting the company's valuation by approximately 5% [2] - The price-to-book (P/B) ratio valuation indicates a net asset reduction of about 4%, assuming the P/B ratio remains at 1.6x [2] - Following the announcement, HSBC's stock price fell by 6%, suggesting that the market has already priced in the short-term impacts of the acquisition [2]

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 ...