HSBC to Boost Stake in China Fund JV to Become Majority Owner

HSBC Holdings Plc agreed to buy part of its partner’s stake in a China fund venture, becoming a majority shareholder and adding to its expansion in the world’s second-largest economy.

HSBC, which owns 49% of HSBC Jintrust Fund Management, reached an agreement with Shanxi Trust to acquire a further 31% of the venture, according to people familiar with the matter.

HSBC will pay about 1 billion yuan ($138 million) and the transaction is still awaiting regulatory approval, the people said, asking not to be identified discussing a private matter. Shanxi Trust said last year it planned to sell a ...