On 23 January 2026, the Honourable Madam Justice Linda Chan sanctioned a scheme of arrangement concerning the privatisation of Hang Seng Bank Limited (“Hang Seng Bank”) by The Hongkong and Shanghai Banking Corporation Ltd (“HSBC Asia Pacific”) as the offeror, with reasons to be handed down later.
Members of Des Voeux Chambers, José-Antonio Maurellet SC and Jason Yu, appeared in the convening and sanction hearings for the scheme of arrangement on behalf of Hang Seng Bank in HCMP 2348 / 2025.
The privatisation is implemented by way of a scheme of arrangement under section 673 of the Companies Ordinance (Cap. 622) and involves a total cash consideration of HK$106 billion (US$13.6 billion). Under the proposed scheme, Hang Seng Bank’s issued share capital will be reduced by cancelling the scheme shares and immediately restored by issuing an equal number of new shares to HSBC Asia Pacific. Hang Seng Bank will become a wholly-owned subsidiary of HSBC Asia Pacific, and its shares will be delisted from the Hong Kong Stock Exchange, following the implementation of the scheme of arrangement.
The privatisation of Hang Seng Bank is the largest buyout of a Hong Kong financial services company since records began in 1980, according to data from the London Stock Exchange Group.[1] The privatisation represents a historic milestone in Hong Kong’s legal and financial landscape.
