HONG KONG, Jan. 8 (China News Service reporter Dai Xiaotong) -- HSBC Holdings plc and The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific) jointly announced on January 8 that their plan to privatize Hang Seng Bank Limited (Hang Seng Bank) through a scheme of arrangement was approved at the Hang Seng Bank court meeting and shareholders' meeting held on the same day.
According to the announcement, at the Hang Seng Bank court meeting, approximately 86% of the voting rights attached to disinterested shares as defined in the Hong Kong Code on Takeovers and Mergers (hereinafter referred to as the "Hong Kong Takeovers Code") were in favor of the privatization plan. All approval thresholds stipulated in the Hong Kong Companies Ordinance and the Hong Kong Takeovers Code have been met, indicating broad shareholder approval of the transaction.
The privatization plan was officially disclosed in October 2025. HSBC proposed to privatize Hang Seng Bank at HK$155 per share, a premium of over 30% over the closing price before the acquisition announcement. The plan clearly states that after privatization, Hang Seng Bank will retain its brand identity, branch network, and unique market positioning, and customer accounts and service experience will remain unchanged. At the same time, it will be able to share HSBC's broader global resources and financial product system.
According to the transaction timetable, the Hong Kong High Court will hold a hearing on the petition to authorize the privatization plan on January 23, 2026, and the result is expected to be announced on the same day. If all subsequent conditions are met (or waived), the privatization plan is expected to officially take effect on January 26, 2026, and Hang Seng Bank's shares will be delisted from the Hong Kong Stock Exchange on January 27. After the transaction is completed, Hang Seng Bank will become a wholly-owned subsidiary of HSBC Asia Pacific, and subsequently a wholly-owned subsidiary of HSBC Holdings.
HSBC CEO John A. K. said the shareholder vote fully reflects their confidence in Hang Seng Bank's business and the development opportunities that will be available after it becomes a wholly-owned subsidiary of HSBC.
