Hang Seng Bank Soars Over 40% on HSBC's Privatization Bid
HSBC's shares dropped over 5% after announcing plans to privatize its Hong Kong unit, Hang Seng Bank, in a $13.6 billion deal that involves acquiring the remaining stake at a premium, aiming to simplify operations and focus on the local market, with the transaction expected to be approved by shareholders and completed by mid-2026.