Clifford Chance advises HSBC on its HK$106 billion (US$13.6 billion) proposed privatisation of Hang Seng Bank
10 October 2025
- Richard Crosby, Virginia Lee, Tommy Tam, Alex Bidlake, James Bole, Chloe Choy, Winnie Poon, Anson Wong, Priscilla Au-Yeung, Minnie Xu, Rui Huo, Jennifer Xue, Tom Masters, Rocky Mui, Andre Da Roza, Caroline Dawson, Matteo Sbraga, Jonathan Zonis (He/Him)
- Hong Kong, London, New York
Clifford Chance advises HSBC on its HK$106 billion (US$13.6 billion) proposed privatisation of Hang Seng Bank
Global law firm Clifford Chance is advising HSBC Holdings plc (HSBC) and The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific) on its HK$106 billion (approximately US$13.6 billion) proposed privatisation of Hang Seng Bank Limited (Hang Seng), its Hong Kong-listed subsidiary. The transaction values Hang Seng at HK$290 billion (approximately US$37.3 billion) on an equity value basis.
The proposed privatisation through a scheme of arrangement will involve HSBC Asia Pacific, a wholly owned subsidiary of HSBC, acquiring all the remaining shares of Hang Seng held by the minority shareholders and the delisting of Hang Seng from the Hong Kong Stock Exchange.
Partners Richard Crosby, Virginia Lee, Tommy Tam and Alex Bidlake, with support from partner James Bole, led the cross-border team in London, Hong Kong, New York and Shanghai that advised on this complex transaction:
- M&A aspects: Chloe Choy, Winnie Poon, Anson Wong, Priscilla Au-Yeung and Minnie Xu (Hong Kong), Rui Huo, Jennifer Xue and Tom Masters (London);
- Financial Regulatory aspects: Rocky Mui, Andre Da Roza (Hong Kong) and Caroline Dawson (London);
- Debt/US Capital Markets aspects: Matteo Sbraga (London) and Jonathan Zonis (New York).
Kimi Liu from Shanghai He Ping Law Firm* provided Financial Regulatory advice on PRC law aspects.
* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.
