Company: HBCYF
Filing Date: 2025-11-28
Form Type: 6-K
Source: 0001654954-25-013477
Chunk: 2

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-28
Form: 6-K
Chunk 2
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 Seng Bank by members of the Group will not have implications on the minimum level of consideration at which the Proposal is required to be made under Rule 23 and Rule 24 of the Takeovers Code; and

(iii) the Executive consents to the members of the Group entering into or taking action to unwind a securities borrowing or lending transaction in respect of Hang Seng Bank's securities under Rule 21.7 of the Takeovers Code.

Indemnity given under the Agency Lending Programme

The Group has established an agency securities lending programme for its clients in its ordinary course business (the " Agency Lending Programme "), under which clients of the Group may lend securities (which may include securities of Hang Seng Bank) maintained with members of the Group (as custodians) to borrowers under the programme. As part of the agency securities lending programme, certain members of the Group provide indemnities in favour of their clients, under which such members of the Group will be obliged to perform the obligations of the borrower under a securities lending and borrowing transaction, including acquiring the lent securities (which may include securities of Hang Seng Bank) and redelivering them to the lender, in the event of a default by the borrower.

On 8 October 2025, following an application by the Group:

(i) the Executive confirmed that any purchase of securities of Hang Seng Bank for fulfilment of any indemnity by members of the Group triggered under the Agency Lending Programme will not have implications on the minimum level of consideration at which the Proposal is required to be made under Rule 23 and Rule 24 of the Takeovers Code; and

(ii) the Executive granted its consent to the delivery of any securities of Hang Seng Bank by members of the Group to their clients (as lenders) under the Agency Lending Programme for the fulfilment of the indemnity triggered under the Agency Lending Programme during the offer period in respect of the Proposal without the need to give 24-hours' public notice prior to such deliveries under Rule 21.2 of the Takeovers Code.**

#### Market Making Activities
**Certain members of the Group, in their ordinary course of business, act as authorised participating dealers and/or market makers to certain exchange traded funds (" ETFs ") in which shares in Hang Seng Bank are included as constituent stock, and which are listed and traded on the Hong Kong Stock Exchange (such activities, the " Market Making Activities ") and will engage in the creation, redemption, sale or purchase of ETFs and other inventory management