HSBC gets JV nod in China

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 remaini…