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HSBC Gets Green Light for China Venture

HSBC Holdings PLC (HSBC) won regulatory approval to operate a majority-owned joint-venture securities company based in China, the Wall Street Journal reported.

HSBC will join with state-owned financial company Qianhai Financial Holdings Co. Ltd to operate a new venture based in Shenzhen called HSBC Qianhai Securities Limited.

HSBC announced plans for the deal in November 2015. It is the first foreign bank to win approval from the China Securities Regulatory Commission for a majority stake in a joint...