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| INVESTORS OFFSHORE -
NEWS |
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Goldman Sachs About To Receive China Brokerage License,
by Mary Swire, for LawAndTax-News.com, Hong Kong 16 August 2004
Reports late last week suggested that the China Securities Regulatory Commission
(CSRC) may grant a stock and bond brokerage license to Goldman Sachs Group's
mainland partner, Fang Fenglei, as soon as this week. Goldman has said it will
invest about US$190 million to fund the brokerage and take a 33 per cent stake
in a joint investment bank - the maximum permitted under current laws.
Chinese investment banking is seen as one of the most promising new sectors
by Wall Street firms anxious to stake their claim in the world's fastest expanding
economy. Mainland firms have paid underwriters US$156 million for securities
sales this year, and first half M & A activity is said to have totalled
$41.4 billion.
Goldman's competitor Morgan Stanley already owns a third of China International
Capital Corp, the mainland's largest investment bank, which managed a quarter
of China's US$8 billion of stock and bond sales this year.
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