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Goldman Sachs files for regulatory approval to take majority stake in China JV

Goldman Sachs Group Inc. sought approval from Chinese regulators to take a majority stake in Goldman Sachs Gao Hua Securities Co. Ltd., the company's securities joint venture in the country, London's Financial Times reported Aug. 21.

The China Securities Regulatory Commission said it received the U.S.-based company's application to boost its stake in the joint venture Aug. 19. Goldman holds a 33% stake in the joint venture, which was set up nearly 15 years ago. The company plans to take 100% ownership of the joint venture as soon as Chinese regulators allow such a move.

Goldman's move came as China has been easing rules on foreign ownership in the financial sector. In late 2018, UBS Group AG became the first foreign bank to get the CSRC's approval to raise its stake in its securities joint venture to 51% from 24.99%.