HSBC 02 (0005) (Jun 10 - Dec 24)
Posted: Wed Jun 09, 2010 11:39 am
Hmm... when a company is doing so well, why do they want to share their profits with you ?
DJ HSBC CEO: Planned Shanghai Listing To Raise 'Significant Amount'
SHANGHAI (Dow Jones)--HSBC Holdings PLC (HBC) expects to raise 'a significant amount' of funds from its planned listing on the Shanghai Stock Exchange, Chief Executive Michael Geoghegan said Wednesday.
Geoghegan didn't specify the fund-raising target, but told reporters at the launch of the bank's new China head office in Shanghai that HSBC would use the proceeds from listing yuan-denominated A shares to finance the bank's China operations.
'As the rules haven't been published it will be difficult to say how much we will raise from China, but I'd say it would be a significant amount,' Geoghegan said.
The U.K.-based bank, which on Wednesday opened its 100th outlet in China, is working toward becoming one of the mainland's first foreign-listed companies when regulations allow, to tap into the country's huge liquidity and to raise its local profile.
In January, Geoghagan relocated to Hong Kong from London, highlighting the rising importance HSBC places on Asia for growth.
By Rose Yu, Dow Jones Newswires
DJ HSBC CEO: Planned Shanghai Listing To Raise 'Significant Amount'
SHANGHAI (Dow Jones)--HSBC Holdings PLC (HBC) expects to raise 'a significant amount' of funds from its planned listing on the Shanghai Stock Exchange, Chief Executive Michael Geoghegan said Wednesday.
Geoghegan didn't specify the fund-raising target, but told reporters at the launch of the bank's new China head office in Shanghai that HSBC would use the proceeds from listing yuan-denominated A shares to finance the bank's China operations.
'As the rules haven't been published it will be difficult to say how much we will raise from China, but I'd say it would be a significant amount,' Geoghegan said.
The U.K.-based bank, which on Wednesday opened its 100th outlet in China, is working toward becoming one of the mainland's first foreign-listed companies when regulations allow, to tap into the country's huge liquidity and to raise its local profile.
In January, Geoghagan relocated to Hong Kong from London, highlighting the rising importance HSBC places on Asia for growth.
By Rose Yu, Dow Jones Newswires