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HSBC buys bigger stake in its China securities venture -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This is a man walking past the logo of HSBC, Kuala Lumpur (Malaysia), August 6, 2019. REUTERS/Lim Huey Teng/

LONDON, (Reuters) HSBC announced Wednesday that it has increased its China Securities brokerage stake through a deal with Qianhai Financial Holdings to purchase equity.

According to the London-based bank, it had increased its stake in HSBC Qianhai Securities by 51% to 90%. HSBC declined to disclose the financial details.

Reuters reported January 1st that Qianhai Financial Holdings sold the majority of its equity stake in Shenzhen-based Venture Qianhai Financial Holdings and that HSBC would be bidding.

According to the statement, Qianhai Financial Holdings will keep a 10% interest after the deal.

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