According to @ReutersBiz, HSBC has proposed to privatise Hang Seng Bank in a transaction valued at USD 37.36 billion. According to CFA Institute, privatisation announcements often create merger-arbitrage spreads between a target’s trading price and the implied offer value that reflect deal risk and timeline. According to HKEX, Hang Seng Bank (0011.HK) and HSBC Holdings (0005.HK) are listed in Hong Kong, allowing direct trading access to both names during local market hours. According to the Hong Kong SFC’s Takeovers and Mergers Code, privatisations in Hong Kong are subject to shareholder and regulatory approvals that define closing conditions, timing, and arbitrage carry. According to HKEX, Hong Kong also lists spot Bitcoin and Ether ETFs, enabling traders to observe equity and crypto ETF (BTC, ETH) flows within the same session for cross-asset liquidity monitoring. According to @ReutersBiz, the report does not mention cryptocurrencies, so no direct crypto-market impact was stated.