On 7 November 2025, a privatisation by way of scheme of arrangement was announced in relation to Hang Seng Bank Limited. According to the disclosure of dealings submitted under Rule 22 of the Hong Kong Code on Takeovers and Mergers, Morgan Stanley Hong Kong Securities Ltd (MSHK), on behalf of Morgan Stanley Asia Products Ltd (MSAP), reported activity involving derivative warrants on 6 November 2025.

The transaction was identified as market making or liquidity providing in pre-existing derivatives or exchange-traded options by a designated market maker before the offer period. MSHK purchased 100,000 derivative warrants, totaling HKD 5,700.0000 in value. The highest and lowest prices paid were both HKD 0.0570.