Sinopia Asset Management

HSBC Hldgs PLC
12 February 2001


The following is the text of a news release issued today by
Sinopia Asset Management, a 62 per cent indirectly-held
subsidiary of HSBC Holdings plc.

          SINOPIA ASSET MANAGEMENT - 2000 HIGHLIGHTS

* Consolidated turnover^ of EUR51 million for the year ended 31
  December 2000, up 6.3 per cent over 1999.

* Assets under management of EUR6.4 billion at 31 December
  2000, down 4.2 per cent compared with EUR6.7 billion in
  1999. The average level of assets under management for the
  year, a figure which has a more significant impact on
  turnover, was up 7.2 per cent over 1999.

* Market trends were unfavourable to Sinopia in 2000 and
  hindered growth in the company's guaranteed and fixed-income
  products. Equity products however, particularly in Internet-
  related sectors, experienced strong growth, especially at
  the beginning of the year.

* Total assets under management in the Clic Action range of
  funds reached EUR620 million at the end of 2000. Risk-
  profiled and protected funds in this range were expanded in
  2000 and marketed to both retail and institutional
  investors.

* Gross subscriptions during the year to funds managed by
  Sinopia largely offset the outflow from redemptions. These
  redemptions were mainly attributable to institutional
  investors in Japan, and a number of fixed-income products in
  Europe and first-generation guaranteed products in France
  maturing during the course of the year.

* Throughout the year, Sinopia pursued an ambitious investment
  programme, both in France and abroad. This resulted in a 100
  per cent increase in the group's sales force and the
  formation in Tokyo of Sinopia T&D, a joint-venture
  between Sinopia Asset Management and T&D Taiyo Daido Asset
  Management, at the end of September.

^ Figures restated to reflect the inclusion of the share of
associated companies.

Notes to editors:
1. Sinopia Asset Management
Sinopia Asset Management is a 62 per cent-owned asset
management subsidiary of Credit Commercial de France (CCF). It
is listed on the secondary market of the ParisBourse, with 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 6,000 offices in 81 countries and territories, and
assets of US$580 billion at 30 June 2000, the HSBC Group is
one of the world's largest banking and financial services
organisations.