On 13 November 2025, an announcement was submitted regarding the privatisation of Hang Seng Bank Limited by way of a scheme of arrangement. In accordance with Rule 22 of the Hong Kong Code on Takeovers and Mergers, details of certain securities dealings in the offeree company's shares were disclosed.

Morgan Stanley Capital Services LLC, classified as a Class (5) associate of the offeree, reported multiple dealings in derivatives referencing Hang Seng Bank Limited. These products were described as “other types of products” under unsolicited client facilitation, involving both purchases and sales with various maturity dates ranging from 29 May 2026 to 30 July 2027. Reference prices per transaction ranged around the HKD 151 to HKD 152 range, with corresponding total amounts paid or received matching the transaction size. Reportedly, the resultant balance for each transaction was recorded as zero.

According to the filing, Morgan Stanley Capital Services LLC conducted the trades on its own account and is ultimately owned by Morgan Stanley. No additional information beyond the disclosed dealings was provided in the public document.