On 6 November 2025, a public disclosure was made regarding the proposed privatisation of Hang Seng Bank Limited by way of a scheme of arrangement. According to the notice, Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and its affiliates, an exempt principal trader connected with the offeror, reported a series of dealings in Hang Seng Bank Limited’s ordinary shares and Delta 1 products on 5 November 2025. All transactions were made for Goldman Sachs’s own account, fully arising from client-driven orders.

Goldman Sachs purchased and sold ordinary shares and Delta 1 products in various quantities, largely for hedging and unwinding positions related to unsolicited client-driven orders. These included purchases of 33,531 shares at a total of US$5,087,556.80, sales of 100 shares at US$15,170.00, and additional share receipts for pre-existing knock-out forward contracts. Dealings in Delta 1 products involved several purchases and sales, including 1,200 and 1,100 units purchased at a combined total of nearly US$348,267 and multiple sales ranging from 2,000 to 27,531 units at prices close to US$152.00 per unit. Certain ordinary share transactions were executed at predetermined prices of US$112.4183 and US$125.0286 for the knock-out forward agreements.

Goldman Sachs (Asia) L.L.C. is ultimately owned by The Goldman Sachs Group, Inc., with all reported transactions connected to the code on takeovers and mergers. No additional information beyond the announced details was disclosed in the filing.