Goldman Sachs Approved for Full Ownership of China Securities Unit
(19 October 2021 – China) Goldman Sachs received approval from China's securities regulator to take full control of its mainland securities business, becoming the second Wall Street bank to be granted approval for full securities ownership after JP Morgan.
The bank will buy the remaining stakes in Goldman Sachs Gao Hua Securities (GSGH) and rename it as Goldman Sachs (China) Securities. Goldman Sachs is also migrating its onshore business units to GSGH from Beijing Gao Hua Securities.
“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” said Goldman Sachs.
Latest research from East and Partners reveals institutional investors across the globe have nearly doubled their allocation to Chinese onshore equities and bonds from a year ago.