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HONG KONG - HSBC Holdings plc announced Thursday it has received approval to extend the deadline for dispatching scheme documents related to its proposed privatization of Hang Seng Bank Limited.
The Hong Kong Securities and Futures Commission’s Executive has granted consent to postpone the document dispatch from October 30 to December 17, 2025, according to a joint announcement from HSBC Holdings, The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific), and Hang Seng Bank.
The extension was requested due to time needed for preparing information for the scheme document, including the letter of advice from Hang Seng Bank’s independent financial adviser and recommendations from its independent board committee, as well as High Court procedures related to the scheme.
The privatization proposal, first announced on October 9, involves HSBC Asia Pacific acquiring Hang Seng Bank through a scheme of arrangement under section 673 of the Companies Ordinance, followed by the withdrawal of Hang Seng Bank shares from listing.
Subject to satisfaction or waiver of conditions, the companies expect to complete the privatization within the first quarter of 2026.
Morgan Stanley is serving as financial adviser to Hang Seng Bank, while BofA Securities and Goldman Sachs are joint financial advisers to HSBC Holdings and HSBC Asia Pacific.
The announcement cautioned shareholders and potential investors to exercise caution when dealing in securities of HSBC Holdings and Hang Seng Bank, noting the proposal will only be implemented if all conditions are satisfied or waived by the deadline.
This article is based on a press release statement from the companies involved.
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