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HSBC sees CIC as portal to Chinese mainland

(chinadaily.com.cn)
Updated: 2008-07-23 11:41

HSBC Holdings, a world banking giant, is in private talks with China's sovereign wealth fund for a possible strategic stock investment, the Forbes website reported Tuesday.

Stephen Green, group chairman of the UK-based banking giant, is reported to have met with senior officials from China Investment Corp (CIC) several times in recent months, the website said. Shares of HSBC jumped 4.1 percent to 124.90 HK Dollars on the news on Monday.

"We don not need to raise fund from any market placement but we welcome investors from everywhere," Vincent Cheng, chairman of Hong Kong and Shanghai Corporation Limited -- a subsidiary of HSBC Holdings, told reporters at a public function in Hong Kong on Monday.

It is widely believed that HSBC, whose China business is expanding, is interested to be the first foreign company to get listed in Shanghai stock market. Some market watchers say HSBC, if taking investment from CIC, will facilitate the realization of that ambition. HSBC is already listed in Hong Kong, London and the United States.

The revelation that CIC might invest in HSBC has also aroused the interest of many. One online commentator said that HSBC "definitely has a bright business future in China because it has sound performances and networkers."