Clifford Chance advises HSBC on its HK$106 billion (US$13.6 billion) proposed privatisation of Hang Seng Bank

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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.

高伟绅为汇丰控股拟以约136亿美元私有化恒生银行交易提供法律服务

国际领先律师事务所高伟绅就汇丰控股有限公司（“汇丰控股”）及香港上海汇丰银行有限公司（“汇丰亚太”）拟以1,060亿港元（约合136亿美元）对其香港上市子公司恒生银行有限公司（“恒生银行”）进行私有化的交易提供法律服务。此次交易对恒生银行的股权估值达2,900亿港元（约合373亿美元）。
本次私有化交易拟通过协议安排实施，汇丰控股的全资子公司汇丰亚太将收购恒生银行少数股东持有的全部恒生银行剩余股份。此后恒生银行将从香港联合交易所退市。

本交易由高伟绅合伙人Richard Crosby、李婉雯(Virginia Lee)、谭诗聪(Tommy Tam)及Alex Bidlake共同牵头，并由合伙人James Bole提供支持。其他主要团队成员还包括来自高伟绅伦敦、香港和纽约办公室的多名律师：