HSBC plans three new mainland funds
HSBC is considering launching three new funds on the mainland next year to meet rising local demand for investment products, the Shanghai Business Journal reported. The London-based bank is currently managing three funds worth US$1.5 billion on the mainland under the joint venture HSBC JinTrust Fund Management Co, which is expecting to get regulatory approval for its fourth fund and will apply for a QDII quota in May 2008. HSBC JinTrust is looking to employ 20 additional staff as it expands its business. The mainland stock boom has led to the creation of 47.5 million stock and fund trading accounts in the first three quarters of the year. The combined market capitalization of Shanghai and Shenzhen bourses now exceeds Hong Kong, making China Asia’s second largest stock market after Tokyo.