I imagine that some, even having bought at 3.5p are beginning to sell out, now with the belief that a 50% reduction from the current level is a near term possibility, bringing the valuation closer to tnav.
HSBC are buying out the stake in Hang Sang Bank that it does not already own and will de list it.
HSBC management have deemed this be be a beneficial move for the HSBC.
They are obviously having to pay a premium over what had been the market price.
Buybacks will be halted for a while.
That is all I personally need to know - it is managements job to run the business to the best of their ability for it's customers, staff and shareholders.