The Wall Street Journal

Goldman Sachs seeks full control of its China securities joint venture

Published: Dec. 8, 2020 at 12:01 a.m. ET

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By Jing Yang

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Investment bank seeks to acquire 49% share of venture it doesn’t already own

People walk by the Goldman Sachs' New York headquarters in 2019.
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GS

-0.47%

Goldman Sachs Group Inc. is moving to acquire 100% ownership of its securities joint venture in China, deepening its investment in the world’s second-largest economy 17 years after setting up shop with a domestic partner.

The New York-based investment bank is applying with Chinese regulators to take full control of Goldman Sachs Gao Hua and has signed an agreement to acquire the 49% share of the venture it doesn’t now own, according to an internal memo seen by The Wall Street Journal.

Goldman GS, -0.47% is the first global bank to seek full ownership of its securities business in China, and intends to rename it Goldman Sachs (China) Securities Co.

An expanded version of this report appears on WSJ.com.

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