Hang Seng Bank, with nearly 93 years of history, is about to bid farewell to the Hong Kong stock market.
This iconic listed company, founded in 1933 and acquired by HSBC in 1965, will officially terminate its listing status later this month, ending over 53 years as a public company.
On January 8, HSBC Holdings and Hang Seng Bank jointly announced that the proposal for privatization of Hang Seng Bank was approved by shareholder voting. At the shareholders' meeting, the special resolution related to privatization received 97.30% approval. At the court meeting, 85.75% of the voting rights present supported the proposal.
According to the relevant timetable, Hang Seng Bank's shares are expected to be delisted at 4 PM on January 27, with the last trading day being January 14. This means that for ordinary shareholders in the Hong Kong market, six days later will be the day to &#34;say goodbye&#34; to Hang Seng Bank's identity as a listed company.
After delisting, Hang Seng Bank will also be removed from the components of several indices, including the Hang Seng Index. This bank, which has deep ties to the Hang Seng Index—created in 1969 and managed by its wholly-owned subsidiary, Hang Seng Indexes Company—will completely exit this economic barometer of Hong Kong.
<h2>Listed for 53 Years</h2>
Hang Seng Bank is a well-established bank in Hong Kong, founded on March 3, 1933, by five founders including Lin Bingyan and He Shanheng. It is one of the leading local banks in Hong Kong, known for its outstanding personal and commercial banking and wealth management services, with a large service network in Hong Kong and mainland China.
Hang Seng Bank has been listed for over 53 years and is now a member of the HSBC Group. This privatization proposal was also proactively put forward by HSBC.
According to the joint announcement from HSBC Holdings and Hang Seng Bank, on January 8, the proposal for privatization of Hang Seng Bank was approved at the shareholders' meeting. At the court meeting, 85.75% of the voting rights present supported the proposal; at the shareholders' meeting, the special resolution related to privatization received 97.30% approval.
There has been much speculation about the true reasons for Hang Seng Bank's delisting. However, HSBC's management emphasized that the privatization is purely based on strategic considerations, and HSBC has committed to retaining Hang Seng as an independent licensed bank, maintaining independent corporate governance, brand image, and branch network.
<h2>HSBC's Acquisition 60 Years Ago</h2>
The relationship between Hang Seng Bank and HSBC began during the banking crisis in Hong Kong in 1965. That year, a large-scale bank run occurred in Hong Kong, and Hang Seng Bank faced liquidity difficulties due to massive deposit withdrawals. Founder He Shanheng convened a board meeting and resolved to grant control of the bank to HSBC.
On April 12 of the same year, HSBC acquired 51% of Hang Seng for HKD 51 million, later increasing its stake to 62.14%, thus calming the run on the bank. This crisis changed Hang Seng's fate—this major Chinese-funded bank, founded in 1933 by Lin Bingyan, He Shanheng, and others, became a member of the British-funded HSBC Group. However, Hang Seng continued to operate independently and was listed on the Hong Kong Stock Exchange in June 1972.
As one of the four major banks in Hong Kong, Hang Seng ranks third in deposits and currently serves nearly 4 million customers, with a vast service network in Hong Kong and mainland China, and owns a wholly-owned subsidiary, Hang Seng Bank (China) Limited
<h2>HKD 155 Consideration Completes Privatization</h2>
On October 9, 2025, HSBC Holdings, The Hongkong and Shanghai Banking Corporation Limited, and Hang Seng Bank jointly announced that HSBC would privatize Hang Seng Bank through a scheme of arrangement under the Hong Kong Companies Ordinance. The proposed consideration is HKD 155 per share, representing a premium of approximately 33% over the average closing price of HKD 116.49 per share for the 30 trading days prior to the announcement.
The voting results on January 8 showed overwhelming support for the proposal. At the court meeting, holders of 237 million planned shares voted in favor, with only 39.3 million shares voting against. According to the arrangement, Hang Seng Bank will suspend the registration of share transfers starting January 20 to determine which shareholders are eligible for the rights to the planned consideration.
The market had speculated that the privatization was related to Hang Seng's operational situation. Hang Seng Bank's mid-year report for 2025 indicated that the non-performing loan ratio was 6.69% in the first half of the year, an increase of 1.37 percentage points compared to the same period in 2024. As of the end of June 2025, total impaired loans amounted to HKD 55 billion. According to previous media reports, HSBC tightened its risk management on Hang Seng at the beginning of 2024.
<h2>Just Over Six Months Ago, a New &#34;Leader&#34; Took Charge</h2>
It is noteworthy that there have been &#34;dramatic&#34; personnel changes since last year.
On February 19, Hang Seng Bank announced that Chairman Li Yunlian would step down after the 2025 Annual General Meeting of Shareholders in May, ending his approximately 11-year tenure on the board.
Zheng Weixin, who was then the Vice Chairman and CEO of Yongtai Real Estate Co., Ltd., was announced to succeed him as Chairman. Zheng Weixin took office as an independent non-executive director of Hang Seng Bank on April 1, 2025.
Thus, the &#34;leadership&#34; of Hang Seng Bank transitioned from the fourth-generation &#34;leader&#34; of the Li family, Li Yunlian, to Zheng Weixin, who has deep ties with both Wharf Holdings and HSBC.
Additionally, according to an announcement released today by the Shanghai Bureau of the National Financial Regulatory Administration, Lin Huihong has been approved to serve as the Chairman of Hang Seng Bank (China) Limited. This subsidiary of Hang Seng Bank has also changed its &#34;leader.&#34;
<h2>Index Creator Exits Hang Seng Index</h2>
The delisting of Hang Seng Bank also means it will leave the Hang Seng Index, which it created. As a representative index of the Hong Kong market, the Hang Seng Index has always been regarded as a barometer of the Hong Kong stock market and economy.
It is reported that the index was launched by Hang Seng Bank in 1969, created by the then-head of the bank's research department, Guan Shiguang, to reflect the performance of the Hong Kong stock market. The compilation, calculation, and adjustment of constituent stocks of the Hang Seng Index are managed by the Hang Seng Index Company, which is wholly owned by Hang Seng Bank.
The Hong Kong Hang Seng Index Company previously stated that if the privatization proposal is approved, Hang Seng Bank will be removed from the Hang Seng Index, Hang Seng Composite Index, and several other index constituents after the market closes on January 14, with the relevant adjustments taking effect from January 15. This bank, closely related to the Hang Seng Index—being both the index's creator and parent company, as well as a constituent stock—will completely exit this important economic indicator of Hong Kong.
Although the Hang Seng Index Company operates as an independent index compilation institution, Hang Seng Bank's exit still carries symbolic significance. As of the close on January 8, Hang Seng Bank rose 0.07% to HKD 153.900 per share; HSBC Holdings fell 2.28% to HKD 124.300 per share

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The privatization proposal put forward by HSBC was approved by the shareholders' meeting

- Hang Seng Bank, established in 1933 and acquired by HSBC in 1965, will delist from the Hong Kong stock market later this month, ending over 53 years as a public company.  
- On January 8, a joint announcement from HSBC and Hang Seng revealed that shareholders overwhelmingly approved the privatization plan, with 97.30% of votes in favor.  
- Following the delisting on January 27, Hang Seng will also be removed from the Hang Seng Index, marking a significant shift for this historically influential bank in Hong Kong's financial landscape.

93-year-old HANG SENG BANK says "goodbye" to Hong Kong stocks!