"Clifford Chance Advises HSBC on Proposed HK$106 Billion Privatization of Hang Seng Bank"

"Clifford Chance is advising HSBC on its proposed HK$106 billion (approximately US$13.6 billion) privatization of Hang Seng Bank, its Hong Kong-listed subsidiary. The transaction, which values Hang Seng at HK$290 billion (around US$37.3 billion), involves HSBC Asia Pacific acquiring all remaining shares from minority shareholders and delisting Hang Seng from the Hong Kong Stock Exchange. A cross-border team from Clifford Chance, with support from Shanghai He Ping Law Firm, is handling various aspects of the complex transaction."

**Law Firms Involved in the Transaction:** Clifford Chance LLP and Shanghai He Ping Law Firm participated in the proposed privatization of Hang Seng Bank Limited, assisting HSBC Holdings PLC and The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific). **Transaction Overview:** The transaction involves HSBC's proposed HK$106 billion (approximately US$13.6 billion) privatization of its Hong Kong-listed subsidiary, Hang Seng Bank, which values the bank at HK$290 billion (approximately US$37.3 billion) on an equity value basis. The privatization will be executed through a scheme of arrangement, where HSBC Asia Pacific will acquire all remaining shares held by minority shareholders and subsequently delist Hang Seng from the Hong Kong Stock Exchange. **Legal Team:** - **Clifford Chance LLP:** - Partners: Richard Crosby, Virginia Lee, Tommy Tam, Alex Bidlake - Support Partner: James Bole - M&A Team: Chloe Choy, Winnie Poon, Anson Wong, Priscilla Au-Yeung, Minnie Xu (Hong Kong); Rui Huo, Jennifer Xue, Tom Masters (London) - Financial Regulatory Team: Rocky Mui, Andre Da Roza (Hong Kong); Caroline Dawson (London) - Debt/US Capital Markets Team: Matteo Sbraga (London); Jonathan Zonis (New York) - **Shanghai He Ping Law Firm:** - Kimi Liu (Financial Regulatory advice on PRC law aspects) Note: The press release does not specify the seniority of all lawyers involved, but partners are typically considered senior lawyers in their respective firms.

"Clifford Chance Advises HSBC on Proposed HK$106 Billion Privatization of Hang Seng Bank"

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