HONG KONG (Reuters) – HSBC (0005.HK)(HSBA.L) said on Friday that it had expanded its Asian research team by hiring 15 analysts following the launch of HSBC Qianhai Securities, the first Chinese securities joint venture to be majority-owned by a foreign bank.
A new team of equity research analysts based in Shenzhen will work with Asian and global colleagues to deliver a research view across sectors, including IT hardware, software, healthcare, internet, media, consumer staples and autos, the bank said.
HSBC Qianhai will continue to add to this team, which is expected to reach 50 people over the medium-term.
“With the launch of HSBC Qianhai Securities, we will significantly expand our onshore A-share research offerings and help our clients navigate this exciting market,” said William Bratton, Asia-Pacific head of equity research at HSBC.
China said last month it would allow foreign ownership in joint-venture firms involved in the futures, securities and funds markets to rise to 51 percent from the current 49 percent.
Beijing has been slow to give foreign players more access to its financial sector, but has promised to quicken the pace as foreign investment into Asia’s economic powerhouse slows.
Reporting by Michelle Chen; Editing by Kim Coghill