Sinopia 1st Qtr Highlights

HSBC Hldgs PLC
26 April 2001


The following is a translation of a news release issued today by Sinopia Asset
Management, a 61 per cent indirectly-held subsidiary of HSBC Holdings plc.

   SINOPIA ASSET MANAGEMENT - FIRST QUARTER 2001 HIGHLIGHTS

* Consolidated turnover of EUR11 million for the first quarter of
2001, down 10.1 per cent compared with the first quarter of
2000.

* Assets under management (AUM) of EUR5.9 billion at 31 March
2001, down 11.2 per cent year-on-year and 6.5 per cent over the
quarter.

* The start of the year saw a sharp fall in equity prices, with
all major indices declining: the NASDAQ fell 25 per cent, while
the S&P 500, the Euro Stoxx 50 and CAC 40 all lost over 12 per
cent. With investors placing a premium on liquidity, sales in
Sinopia's range of protected and alternative products increased
and AUM held up relatively strongly despite the impact of
economic conditions on the asset management market.

* In France, sales from Sinopia's distribution network remained
stable due to the Clic Action range, with a total of almost
EUR650 million in assets under management. Alternatime, a new
alternative fund based on investment in a combination of long-
term and short-term bonds, received a promising reception from
institutional clients in France. It attracted EUR35 million in
the first month of its launch despite difficult market
conditions. This offer will be made available to international
clients in the second quarter.

* Outside France, the creation of a sales force in Italy and the
Hong Kong SAR, and business development in Japan via Sinopia
T&D (a joint-venture between Sinopia Asset Management and T&D
Taiyo Daido Asset Management), should bring renewed growth in
AUM in 2001.

Notes to editors:
1.Sinopia Asset Management
Sinopia Asset Management is a 61 per cent-owned asset
management subsidiary of CCF (Credit Commercial de France). It
is listed on the secondary market of the ParisBourse, with some
10 per cent of its capital in public hands. CCF became part of
the HSBC Group in July 2000.

2.HSBC Holdings plc
With some 6,500 offices in 79 countries and territories, and
assets of US$674 billion at 31 December 2000, the HSBC Group is
one of the world's largest banking and financial services
organisations.