Company: HBCYF
Filing Date: 2025-10-09
Form Type: 6-K
Source: 0001654954-25-011593
Chunk: 2

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-09
Form: 6-K
Chunk 2
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 role that Hang Seng Bank plays in the local community and will continue to support the community projects of which Hang Seng Bank has been a supporter.

One of HSBC’s strategic priorities is to grow in Hong Kong. HSBC believes it is best positioned to do so by strengthening the Hong Kong banking presence of both HSBC Asia Pacific and Hang Seng Bank, focusing on their relative strengths and competitive advantages, but continuing to allow all customers to choose where to bank. HSBC intends to continue to invest in people and technology across both HSBC Asia Pacific and Hang Seng Bank as part of that. At the same time, HSBC also expects there to be an opportunity to create greater alignment across HSBC and Hang Seng Bank that may result in better operational leverage and efficiencies. The changes necessary to effect such alignment will be made over time.**

#### III.
**HSBC HOLDINGS' AND HSBC ASIA PACIFIC'S REASONS FOR AND BENEFITS OF THE PROPOSAL

(a) The Proposal offers Scheme Shareholders an opportunity to realise their investment with immediate cash proceeds at a significant premium to historical trading prices and market trading level.

The Scheme Consideration represents:**

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an implied P/B (price-to-book) multiple significantly above Hong Kong Comparable Peers:

o

Implied 1H25A P/B 1.8x (actual and unaudited) vs. Hong Kong Comparable Peers median (0.4x);

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a premium of approximately 30.3% over the closing price of HK$119.00 per Hang Seng Bank Share as quoted on the Hong Kong Stock Exchange on the Last Trading Day;

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a premium of approximately 18.3% relative to the highest price target of HK$131.00 and a premium of approximately 41.6% relative to the median price target of HK$109.50 issued by research analysts covering Hang Seng Bank after its interim results announcement for the six months ended 30 June 2025; 1

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a premium of approximately 33.1% over the average closing price of HK$116.49 per Hang Seng Bank Share as quoted on the Hong Kong Stock Exchange over the last 30 trading days up to and including the Last Trading Day;

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a premium of approximately 48.6% over the average closing price of HK$104.30 per Hang Seng Bank Share as quoted on the Hong Kong Stock Exchange over the last 360 trading days up to and including the