Traders expressed that worries of the credit market have been temporarily relieved due to the better-than-expected performance of Citigroup.

It is reported that China Investment Corp., plans to buy into HSBC Holdings Plc. through share purchasing on the open market. Share price of HSBC thus skyrocketed by 4.17 % to HKD 125 per share at 10:11 am on 21 Jul 2008, with a turnover amount of HKD 760 mln.

Persons close to the matter, Britain-based Sunday Telegraph reported that CIC, the sovereign fund of China, may have been involved in negotiations with HSBC for the acquisition of stakes in HSBC during the past few months.


Source: http://www.aastocks.com

Date: 21 Jul 2008

CN01/BG/RZ/BT/WH