Hang Seng Bank Limited – Disclosure of Dealings by Goldman Sachs (Asia) L.L.C.

Bulletin Express12-02

On 2 December 2025, Hang Seng Bank Limited announced details of dealings under its proposed privatisation by way of a scheme of arrangement. The Executive received a report from Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and its affiliates, disclosing multiple transactions on 1 December 2025 involving ordinary shares and related Delta 1 products. These transactions were carried out in connection with wholly unsolicited client-driven orders, including the creation and unwinding of hedging positions.

Major dealings included the sale of 23,400 ordinary shares for approximately US$3.56 million at around US$152.16 per share, as well as corresponding Delta 1 product purchases for an equivalent number of units at matching prices. Additional reported activities involved smaller share sales, share purchases at predetermined prices for existing knock-out forward contracts, and hedging of a derivative referencing a basket or index that included Hang Seng Bank Limited’s securities.

According to the announcement, Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and its affiliates is acting as an exempt principal trader connected with the offeror and executed these dealings for its own account.

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