Over 100 shareholders of Hang Seng Bank (0011) presented to vote for the privatization proposal at the Hopewell Hotel on Thursday, with some expressing dissatisfaction, particularly with the offer price.
Mr Kwan, who bought Hang Seng's shares at its peak in the 1970s, said that the offer price is low as the privatization was proposed at the bank's worst performance timing.
He also showed concern that Hang Seng's reputation will be damaged, worrying that the situation will get worse after privatizing.
"It seems to be at a discount," said Joseph, who lived in Hong Kong for 30 years, adding that "If we wait, we can attain that price."
He previously purchased the bank's shares at a price lower than HK$100, saying the capital adequacy ratio of Hang Seng was robust and he estimated the shares could top HK$200 in the long term.
Many shareholders present feared that the bank would eventually be merged or rebranded, losing its identity, said Mr Kwok.
He noted that HSBC (0005) could inject capital rather than acquire Hang Seng Bank to help the local lender amid the downturn in Hong Kong's commercial property market.
Shareholder Ho also expressed disappointment about the proposal, saying that "I originally planned to hold the shares until I died." However, he felt content with the bank's services, and he has no concern over its bad loans.
Conversely, Ms Chung approved the privatization and pointed out that getting cash back is significant. She expected that Hang Seng's businesses will become various under HSBC's management.
