HSBC wins Hang Seng shareholder backing for $14 billion buyout

About 86% of Hang Seng Bank's minority shareholders voted to approve HSBC's $14 billion buyout, and the bank's Hong Kong listing is expected to be withdrawn at 4 p.m. local time on Jan. 27.

Minority shareholders of Hang Seng Bank approved a $14 billion buyout offer from parent HSBC at a meeting in Hong Kong on Thursday. About 86% of votes were in favor, exceeding the required 75% threshold and staying within the limit on dissent. HSBC already holds roughly 63% of Hang Seng and offered $155 a share, valuing the unit at $37 billion. The listing on the Hong Kong Stock Exchange is slated for withdrawal effective 4 p.m. local time on Jan. 27. Key details: - Voting: Almost 86% of minority shareholders backed the offer; the deal needed at least 75% in favor and not more than 10% against. - Offer and valuation: HSBC offered $155 per share, valuing Hang Seng at about $37 billion while already owning about 63%. - Listing change: Hang Seng's Hong Kong listing is expected to be withdrawn at 4 p.m. local time on Jan. 27. - Financial context: Hang Seng's credit-impaired loans to commercial real estate rose to HK$25 billion as of June 2025, an 85% increase from a year earlier. - Governance and capital: HSBC said Hang Seng will keep its own licence, governance and brand, and HSBC will suspend its own buybacks for three quarters to manage capital ratios. Summary: The vote clears the path for HSBC to take Hang Seng private, a move described in reports as reinforcing HSBC's focus on Hong Kong amid a recovery in listings and dealmaking. The immediate next item on the timeline is the planned withdrawal of Hang Seng's Hong Kong listing on Jan. 27 at 4 p.m. local time.