China’s Caixin Media said on Tuesday it would take over sponsorship of the closely watched China Purchasing Managers Index (PMI) now that HSBC has ended its tie-up with financial information company Markit.
The Chinese manufacturing and services PMI surveys would be released under the new partnership from August, Caixin said in a statement.
“This is a very important step Caixin has taken in its quest for a strategic transformation,” Hu Shuli, Caixin’s editor-in-chief, said.
Hu, an influential and well-connected veteran journalist, established the media group Caixin, which publishes a financial news magazine, in 2009.
The magazine is also known for its investigative and critical reporting.
Tencent Holdings, one of China’s biggest internet companies, invested in Caixin in 2012.