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HSBC plans to take its subsidiary, Hang Seng Bank, private in a deal valued at over $37 billion. Hang Seng shares surged 29.5% on the news, with HSBC offering HK$155 per share, a 33% premium. HSBC aims to strengthen its Hong Kong presence and believes the move will unlock new growth opportunities for Hang Seng, preserving its brand and heritage. The deal underscores confidence in Hong Kong's financial hub status.

Prepared by Christopher Adams and reviewed by editorial team.