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.
Blair...
