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HSBC China securities JV opens

Hongkong & Shanghai Banking Corp. Ltd.'s joint venture securities company, HSBC Qianhai Securities Ltd., has formally opened for business.

The joint venture, which is the first company in China to be majority-owned by a foreign bank, has obtained licenses to offer services including equity and debt sponsoring, and underwriting, according to a Dec. 7 release.

HSBC owns a 51% stake in HSBC Qianhai, which will initially deal with corporate and institutional clients.