HSBC has increased its ownership stake in its Chinese joint venture to 90 per cent, becoming the latest Western lender to seek greater control of its onshore business as China further opens up its financial markets. The bank, which previously held a 51 per cent stake in HSBC Qianhai Securities, said its joint venture partner, Qianhai Financial Holdings, retained a 10 per cent stake in the business following the transaction. The further investment in the securities joint venture is the latest milestone in HSBC’s pivot to Asia, as it bets on rising incomes in the Greater Bay Area and other parts of China. HSBC is based in London, but generates much of its revenue in Asia. “China has one of the most significant capital markets in the world, supporting economic growth and investment opportunities,” David Liao, co-CEO of HSBC Asia-Pacific, said. “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, where we will continue to provide both clients in China and those overseas with professional financial services.” HSBC, Hong Kong’s biggest currency-issuing lender, established HSBC Qianhai Securities in 2017. Headquartered in Shenzhen, the business offers securities underwriting, brokerage and investment advisory services. It is based in an economic zone in Guangdong province for development and innovation in the Pearl River Delta, with a focus on promoting greater connectivity with Hong Kong. The Qianhai economic zone is expected to increase in size to 120.6 sq km (46.6 sq miles) as part of a new expansion plan, which could be a boon for Hong Kong financial services companies looking to capitalise on increasing wealth in the Greater Bay Area, including through the Wealth Management Connect scheme. HSBC said last year that it would invest US$6 billion in Asia over a five-year period , including a significant investment in its wealth management operations in the region, as it doubles down on future growth in China and other parts of Asia. The bank also is shifting four senior executives to Hong Kong and accelerating hiring for its mainland digital wealth planning venture, known as HSBC Pinnacle, as part of its Asia push. Last May, HSBC agreed to buy out its life insurance joint venture partner in China and take full control of that business. It was part of an ongoing push by financial services firms to take greater control of such onshore businesses since Beijing moved to relax rules on foreign ownership last year.