British multinational investment bank HSBC Holdings PLC (LON: HSBA) and State-owned Qianhai Financial Holding are in control of a joint venture (JV)- HSBC Qianhai Securities.
State-owned Qianhai Financial Holding announced that it is auctioning 39% of its shareholding with an asking price of $198 million. Shenzhen United Property and Equity Exchange filing states that HSBC Holdings PLC will make a bid offer.
Bank got approval for a JV from Chinese regulatory bodies after 20 month waiting period back in 2017. Once approved, Bank and State-owned entity shared 51% and 49% of the JV respectively. Up to that period, international companies were only allowed to hold 49% shareholding of local JV. That was the first JV with the majority of foreign shareholding.
For the 2021 reporting yea...
