On 14 November 2025, Hang Seng Bank Limited (0011) released a report regarding its proposed privatisation by way of a scheme of arrangement. The Executive received disclosure of securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers, detailing transactions by Goldman Sachs (Asia) L.L.C. on behalf of The Goldman Sachs Group, Inc. and its affiliates.

According to the disclosure, Goldman Sachs (Asia) L.L.C. engaged in various purchase and sale activities on 13 November 2025 involving the ordinary shares of Hang Seng Bank as well as the creation and unwinding of Delta 1 products. These transactions included hedging shares resulting from wholly unsolicited client-driven orders and receiving shares under pre-existing knock-out forward contracts. In one instance, 46,700 ordinary shares were purchased for a total consideration of US$7,076,510, and several smaller transactions involved creating or unwinding Delta 1 product positions linked to Hang Seng Bank’s shares.

The filing also noted that Goldman Sachs (Asia) L.L.C. is an exempt principal trader connected with the offeror and conducted the transactions for its own account. Ownership of Goldman Sachs (Asia) L.L.C. ultimately resides with The Goldman Sachs Group, Inc.