(China Alert) HSBC: Qianhai and mighty
·HSBC has announced the first majority-owned JV brokerage
·It was obtained through CEPA
·Majority ownership is widening on all fronts in China
Update: In a release yesterday, HSBC announced an agreement with the Shenzhen Qianhai government to establish the first majority-owned joint venture (JV) securities company in China. A 51% stake has been secured by HSBC through the Closer Economic Partnership Arrangement (CEPA) with immediate onshore business scope and operational licenses still to be confirmed. This announcement follows Hang Seng (majority-owned by HSBC) announcing a JV fund management company (FMC) under the same arrangement last month. HSBC has chosen to utilize CEPA to cement its position on the Mainland. Whether it is through this agreement or the numerous other foreign ownership liberalizations, China’s financial industry is opening up and foreign participation is accelerating.
HSBC has obtained this unique position via ……
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