HSBC to Boost Stake in China Fund JV to Become Majority Owner
- UK lender agrees to buy Shanxi Trust’s 31% stake in JV
- HSBC has been deepening presence in China despite slowdown
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HSBC Holdings Plc agreed to buy part of its partner’s stake in a China fund venture, becoming a majority shareholder and adding to its expansion in the world’s second-largest economy.
HSBC, which owns 49% of HSBC Jintrust Fund Management, reached an agreement with Shanxi Trust to acquire a further 31% of the venture, according to people familiar with the matter.