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HSBC increases stake in Sparkice

18 July 2002  |  2571 views  |  0 HSBC increases stake in Sparkice

HSBC has invested an additional $5 million in Sparkice, the Beijing-based B2B outfit, taking its interest from five per cent to ten per cent.

Sparkice allows businesses to source and buy consumer products from China-based manufacturers online.

The investment from HSBC will be directed towards further developing the online trade finance, payments and marine cargo insurance services available on the company's B2B website.

Sir John Bond, group chairman of HSBC Holdings, says: "Since our initial investment last year, we have been impressed with the substantial developments made by Sparkice. In addition to the rapid global roll-out of its service, the company has grown its supplier database from 2000 last year to more than 10,000 today. Sparkice has also made headway with the introduction of new online sourcing and trade finance applications and processes."

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