In the News: HSBC Insurance Buyout; Kingsoft Cloud IPO; and Online Lending Rules

May 11, 2020 | BY

Vincent Chow

HSBC becomes sole controller of Chinese life insurance venture; first U.S. IPO from China after Luckin scandal raises $510 million; and the CBIRC proposes new rules to regulate online lending.

HSBC to take full control over China life insurance JV

HSBC is taking full control of its life insurance joint-venture (JV) in China on the back of new foreign ownership rules that took effect in January. The global bank announced on May 4 that it will be the sole controller of HSBC Life China following the buyout of its JV partner National Trust Ltd's 50% stake in the business. The deal will involve a transfer of equity interest and is subject to regulatory approvals, including from the China Banking and Insurance Regulatory Commission, the bank said. No financial details were disclosed.

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