On 7 November 2025, Hang Seng Bank Limited announced a public disclosure of dealings under its privatisation by way of a scheme of arrangement. The disclosure, submitted in accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers, focuses on transactions undertaken by Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and affiliates.

According to the document, Goldman Sachs (Asia) L.L.C. executed several trades on 6 November 2025 involving both ordinary shares and Delta 1 products, which were created or unwound entirely in response to unsolicited client-driven orders. In ordinary share transactions, 4,500 shares were purchased for a total of US$683,340 at prices ranging from US$151.70 to US$151.90, and additional smaller lots of shares were acquired at predetermined prices under pre-existing knock-out forward contracts.

The disclosure also records sales of Delta 1 products in multiple tranches—3,800, 300, 300, and 100 units—at prices between US$152.0478 and US$152.0952, with total transaction values reflecting the various volumes involved. Each of these Delta 1 product dealings was similarly attributed to client-driven hedging or unwinding activities.

The announcement confirms that Goldman Sachs (Asia) L.L.C. is an exempt principal trader connected with the offeror and that all dealings were conducted on its own account. The entity is ultimately owned by The Goldman Sachs Group, Inc.