Beijing Gao Hua Securities, the Chinese partner of Goldman Sachs, plans to add brokerage outlets to serve retail investors in Guangzhou, Shenzhen, Nanjing and Chongqing this year, Bloomberg reported. Goldman Gao Hua Securities, the joint-venture between the two firms, only has a license to underwrite stocks and bonds, but the extension of brokerage services by Gao Hua offers the opportunity to profit from the 18 million individual brokerage and mutual fund accounts established from January to November of 2009, and an estimated US$3.7 trillion in Chinese household savings. Gao Hua also received a license in 2009 to operate an asset-management business on the mainland.
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