On 13 November 2025, a public disclosure form outlined transactions under Rule 22 of the Hong Kong Code on Takeovers and Mergers in relation to the proposed privatisation by way of a scheme of arrangement for Hang Seng Bank Limited. The form revealed share dealings by Morgan Stanley & Co. International plc on 12 November 2025.

Morgan Stanley & Co. International plc, a Class (5) associate connected with the offeree, made multiple purchases and sales for its own account. The transactions involved ordinary shares of Hang Seng Bank Limited arising from hedging activity tied to wholly unsolicited client-driven orders, primarily concerning delta 1 and equity-related products.

The disclosure indicated a purchase of 358,205 shares at prices ranging between HKD151.60 and HKD152.00, and another purchase of 2,600 shares at HKD151.70. A sale of 3,400 shares took place at prices between HKD151.60 and HKD151.938. The total amounts transacted reached HKD54,371,737.2628 for the large purchase and HKD516,026.00 for the sale.

According to the announcement, Morgan Stanley & Co. International plc is ultimately owned by Morgan Stanley.