Goldman Sachs Applies to Take a 51% Stake in Goldman Sachs Gao Hua Securities
Posted on 08/21/2019
Goldman Sachs is seeking to acquire majority control of its Chinese joint venture, Goldman Sachs Gao Hua Securities Company Limited. Goldman Sachs submitted an application with the China Securities Regulatory Commission (CSRC) to take a 51% stake in Goldman Sachs Gao Hua Securities. Goldman Sachs currently holds 33% of the joint venture. Goldman Sachs seeks to have the securities sales, trading and research operations of Beijing Gao Hua Securities Company Limited to fold into the joint venture.
The joint venture got approval from the CSRC back in December 2004.
Beijing Gao Hua is controlled by Fang Fenglei. Fang has previously held the positions of Deputy CEO of China International Capital Corporation Limited (CICC), CEO of BOC International Holdings Limited and CEO of ICEA Financial Holdings Limited.
