JULYASIA BUSINESS OUTLOOK9Adeclaration from an online auction reveals that HSBC's Chinese partner has put a 31 Percentage stake in a joint venture up for sale, with the European bank having the right of first refusal.After sources told Reuters in May that Europe's largest bank was looking to increase ownership and grow its footprint in the asset management industry of the world's second-largest economy, the auction of a stake in HSBC Jintrust Fund Management was announced.According to a webpage from China's National Public Resource Trading Platform, the Chinese state-owned Shanxi Trust, which holds a 51 percent stake in the joint venture, is auctioning off the partial ownership with an asking price of 1 billion yuan ($138.27 million).The China fund unit is valued at 3.2 billion yuan, calculations based on the asking price shown.The auction started to receive bids on Thursday last week. China Fund News first reported the stake auction late on Monday.In response to an inquiry about whether it was considering purchasing the shares up for auction, HSBC stated that the bank was "eager to grow our businesses in China, including our fund management JV HSBC JinTrust, which is a strong, profitable business."The statement said, "The Group is open to opportunities to grow its companies at the appropriate time and in line with its strategic growth plans.According to the auction page, HSBC, which presently controls 49 Percentage of the fund unit, has the first opportunity to buy the stake. The bank still has the option to exercise its right. Existing shareholders have the right to reject auctioned shares first according to the preemptive right. NEWSROOMHSBC CHINESE COUNTERPART AUCTIONS 31 PERCENTAGE OF ITS STAKE IN A JOINT VENTURE85 sovereign wealth funds and 57 central banks, representing $21 trillion in assets, claim that India has surpassed China as the most alluring emerging market for investment.According to a study by the international investment management company Invesco, perceptions of India are improving due to its increased economic and political stability, favourable demographics, regulatory initiatives, and welcoming environment for sovereign investors.The 'Invesco Global Sovereign Asset Management Study' report featured opinions from 142 chief investment officers, heads of asset classes, senior portfolio strategists, and representatives from 85 sovereign wealth funds and 57 central banks.Amid persistent high inflation and real interest rates, investors are recalibrating portfolios.According to the report, sovereign wealth funds favour fixed income and private debt, while emerging markets (EMs) with strong demographics, stable governments, and proactive regulation, particularly India, have become popular places to invest."Among the Emerging Markets, India has piqued sovereign investors' interest, overtaking China," the report stated.India, it said, exemplifies the attributes sought by sovereign investors. "India has now overtaken China as the most attractive Emerging Market for investing in Emerging Market debt." A development sovereign fund based in the Middle East noted, "We don't have enough exposure to India or China. However, India is a better story now in terms of business and political stability. Demographics are growing fast, and they also have interesting companies, good regulation initiatives, and a very friendly environment for sovereign investors". INDIA SURPASSED CHINA AS THE MOST ATTRACTIVE EMERGING MARKET FOR INVESTING
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