HSBC may be targeting the mainland’s Fujian-based Industrial Securities for a stake purchase, the South China Morning Post reported. The medium-sized Industrial Securities, with registered capital of about than US$290 million, was reported to be readying an application for an initial public offering, a move which usually sees large private investors being taken on board before hand to boost the appeal in a public listing. Peter Wong Tung-shun, an executive director of HSBC’s Asia-Pacific unit, said on September 25 that the bank hopes to conclude a long-awaited deal with a mainland securities partner before seeking a listing on the Shanghai Stock Exchange.
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