The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Goldman’s patience pays off as it readies to buy 100% of China JV

Goldman Sachs has been waiting 16 years for the right to run a wholly owned business in China. It is now a big step closer to realizing the dream.


Goldman Sachs and China have a lot in common. Both march to their own tune and are accustomed to getting their own way. Both are patient; but neither likes to be kept waiting.

That thought came to mind when the US investment bank said on December 8 that it was moving to acquire a 100% stake in its mainland China securities joint venture, Goldman Sachs Gao Hua (GSGH).

The details of the deal are simple enough.

Goldman will buy the 49% stake it does not already own in the JV it set up in 2004 with Beijing Gao Hua Securities, a domestic brokerage founded by erstwhile investment banking rainmaker Fang Fenglei and investment firm Legend Holdings.

All the New York bank’s onshore operations, including non-investment banking services such as wealth management and securities trading, will then migrate to a new wholly owned entity, to be called Goldman Sachs (China) Securities.

Green light

The deal is not complete: Goldman likely will not receive a green light to buy out its long-time mainland partner until some time in 2021.

But at this point in time, it looks pretty much signed and sealed.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree