HSBC gets JV nod in China

Its first mutual fund should be ready to hit the markets shortly after Chinese New Year.

The Chinese Securities Regulatory Commission CSRC has, at long last, given HSBC Investments and Shanxi Trust and Investment a license to set up a Sino-foreign fund management joint venture.

The new company, to be named HSBC Jintrust Fund Management, will be headquartered in Shanghai and capitalized at Rmb200 million $24.7 million. HSBC Investments will take up 49% of the equity in the new company for a consideration of Rmb98 million $12 million. Jintrust will take the remaining 51% in the joint venture company. HSBCs consideration will be met by HSBC Group internal cash resources and injected as capital into the joint venture company.


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