HSBC increases ownership stake in Chinese securities joint venture
- HSBC now owns 90 per cent of HSBC Qianhai Securities, based in Shenzhen
- Qianhai Financial Holdings will retain 10 per cent stake in the business
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.
“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.”
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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.