On 13 November 2025, a disclosure of dealings in the shares of Hang Seng Bank (0011) was submitted under the Hong Kong Code on Takeovers and Mergers, in connection with the proposed privatisation of the bank by way of a scheme of arrangement. The disclosure was made by Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and affiliates, who are exempt principal traders connected with the offeror.

According to the disclosure, Goldman Sachs (Asia) L.L.C. conducted several derivative transactions on 12 November 2025. These included entering into a derivative contract referencing 24,300 Hang Seng Bank shares set to mature on 25 September 2026. The reference price was US$151.9423, with a total amount of approximately US$3.69 million, leaving a resultant balance of 347,955. The same day also saw the closing out of two separate derivative contracts referencing 1,800 and 1,600 shares, respectively, both with maturity dates of 5 November 2035. Each was closed at a reference price of US$151.9573, with total amounts of approximately US$273,523 and US$243,132, resulting in balances of 1,100 and 1,000.

Additionally, two derivative rights were exercised. One involved 214 shares at a reference price of US$112.4183, effective 22 April 2026, with a total amount of around US$24,058 and a resultant balance of 22,684. The other covered 220 shares at US$125.0286, effective 7 August 2026, with a total amount of approximately US$27,506 and a balance of 39,380.

Goldman Sachs (Asia) L.L.C. confirmed that these dealings were made for its own account, under ultimate ownership of The Goldman Sachs Group, Inc.