English to Chinese Bus/Financial Finance (general)

Taken together, last year's relaxation and this year's caution clearly favour portfolio investment by foreigners over direct investment. Foreigners' stakes in two of the largest private-sector banks, ICICI Bank and HDFC Bank, both listed on the New York Stock Exchange, are around 71% and 49% respectively. This is almost entirely portfolio investment. Another healthy private bank, UTI Bank, expects to raise $200m abroad this month by selling global depository receipts (GDRs). However, HSBC, the world's third-biggest bank by market capitalisation, which bought 14.6% of UTI last year, may now have to cut its holding to below 5%, the maximum cross-shareholding that the new rules allow. Its stake is already due to fall to 12.5% after UTI's issue of GDRs.