Goldman Sachs Receives Approval for Full Ownership of China Joint Venture

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"Goldman Sachs Receives Approval for Full Ownership of China Joint Venture"

"The following email was sent today to all Goldman Sachs employees globally.\r\nOctober 17, 2021 \r\n Goldman Sachs Receives Approval for Full Ownership of China Joint Venture\r\nThe firm has received approval from the China Securities Regulatory Commission (CSRC) to take full ownership of Goldman Sachs Gao Hua Securities Company Limited (GSGH), whereby we will acquire the remaining equity interest in GSGH we do not currently own. This marks the start of a new chapter for our China business following a successful 17-year joint venture.\r\nThe migration of our onshore business units from Beijing Gao Hua Securities to GSGH is well underway. Attaining full ownership of GSGH will enable us to position our firm for long-term growth and success in this market under one wholly-owned entity, to be renamed Goldman Sachs (China) Securities Company Limited. \r\n \r\n As we continue to invest in our China franchise, we would like to take this opportunity to thank everyone involved in the application and migration processes for their extraordinary effort put into achieving this milestone, as well as the people who have contributed to the success of our China business over the years. \r\n \r\n David M. Solomon \r\n John E. Waldron \r\n Stephen M. Scherr\r\n&nbsp;\r\nThe Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.\r\n###\r\nMedia Contact: \r\n Andrea Williams \r\n Tel: +1 212 902 5400\r\nInvestor Contact: \r\n Carey Halio \r\n Tel: +1 212 902 0300\r\n"

The following email was sent today to all Goldman Sachs employees globally.
October 17, 2021 
 Goldman Sachs Receives Approval for Full Ownership of China Joint Venture
The firm has received approval from the China Securities Regulatory Commission (CSRC) to take full ownership of Goldman Sachs Gao Hua Securities Company Limited (GSGH), whereby we will acquire the remaining equity interest in GSGH we do not currently own. This marks the start of a new chapter for our China business following a successful 17-year joint venture.
The migration of our onshore business units from Beijing Gao Hua Securities to GSGH is well underway. Attaining full ownership of GSGH will enable us to position our firm for long-term growth and success in this market under one wholly-owned entity, to be renamed Goldman Sachs (China) Securities Company Limited. 
 
 As we continue to invest in our China franchise, we would like to take this opportunity to thank everyone involved in the application and migration processes for their extraordinary effort put into achieving this milestone, as well as the people who have contributed to the success of our China business over the years. 
 
 David M. Solomon 
 John E. Waldron 
 Stephen M. Scherr
&nbsp;
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
###
Media Contact: 
 Andrea Williams 
 Tel: +1 212 902 5400
Investor Contact: 
 Carey Halio 
 Tel: +1 212 902 0300

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