June 30, 2015 / 2:49 AM / in 3 years

Caixin to take over China Markit PMI sponsorship from HSBC

BEIJING, June 30 (Reuters) - China’s Caixin Media Co Ltd said on Tuesday it would take over sponsorship of the closely watched China Purchasing Managers Index (PMI) now that HSBC has ended its tie-up with financial information firm Markit Ltd.

Chinese manufacturing and services PMI surveys would be released under the new partnership from August, Caixin said in a statement.

“This is a very important step Caixin has taken in its quest for a strategic transformation,” Hu Shuli, Caixin’s editor-in-chief, said in a statement.

Hu, seen as influential and well connected, established Caixin, which publishes a financial news magazine, in 2009. Tencent Holdings, one of China’s biggest Internet firms, invested in Caixin in 2012.

HSBC and Markit told Reuters on Friday they had ended their five-year relationship. They said HSBC had ended its sponsorship of the China Purchasing Managers Index and other emerging market indexes compiled by Markit.

Caixin said the agreement with Markit was part of its strategy to increase its capabilities in financial information and that the deal could be extended to include further cooperation on financial data and other services.

Reporting by Kevin Yao; Editing by Alan Raybould

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