China keeps trade war fire away from Wall Street: the country needs support from the likes of Goldman Sachs in the future, say AlecMac11 and cbeddor
Goldman Sachs has applied for majority control of its Chinese securities joint venture, ahead of Beijing’s plans to eventually allow foreign firms full control.
The U.S. investment bank submitted an application with the China Securities Regulatory Commission on Aug. 19 to take its stake in Goldman Sachs Gao Hua Securities to 51%, the maximum permitted, from its current 33% holding. The securities sales, trading and research operations that currently sit in Beijing Gao Hua Securities, Goldman Sachs’ business partner, will be folded into the joint venture under the new agreement submitted to regulators, Reuters reported.
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