HSBC has reportedly agreed to acquire the 51% stake held by Shanxi Trust in its China fund management joint venture, HSBC Jintrust Fund Management. HSBC currently holds a 49% stake in the joint venture, and the acquisition will be subject to regulatory review and approval, as well as a public auction of the shares. The acquisition will allow HSBC to expand its presence in China's fund management market, which is worth around $3.8tn. HSBC's move comes as the bank seeks to expand its operations in the world's second-largest economy. The bank recently announced plans to invest USD6bn in the Pearl River Delta region, as well as increasing its stake in its China life insurance joint venture, which it owns with Ping An Insurance.