HSBC increased its stake in Chinese joint venture HSBC Qianhai Securities, to 90% from the earlier 51%. The move is said to be in-line with its statement last year to invest $6bn in Asia over a five-year period. The remaining 10% will be held by Qianhai Financial Holdings. The transaction amount was not disclosed. HSBC established HSBC Qianhai Securities in 2017. In May 2021, HSBC agreed to buy out its life insurance JV partner in China and take full control of the business. SCMP notes that the Qianhai economic zone is expected to increase in size to 120.6 sq km as part of a new expansion plan. This plan can be a boon for Hong Kong financial services companies that plan to to capitalize on rising income and wealth in the Greater Bay Area, it added.  “Our increasing stake in HSBC Qianhai Securities reflects our commitment in developing China’s rapidly growing capital markets, and bolsters our presence in a key market for the HSBC Group”, said David Liao, co-CEO of HSBC Asia-Pacific.

HSBC’s dollar bonds were stable with its 6.25% Perp at 101.2, yielding 4.95%.

For the full story, click here

Show Buttons
Hide Buttons