Goldman Sachs plans to invest US$190 million to fund a mainland brokerage and take a one third share of a related joint-venture investment bank which is to have several partners, including mainland banker Mr. Fang Fenglei and mainland-based Lenovo Group. Goldman's 33% stake is the maximum allowed. The brokerage, to be called Gao Hua and which law forbids Goldman to own, will be a 67% owner of the joint investment bank. It is expected to acquire its brokerage license from defunct Hainan Securities. Lenovo Group will hold a 25% share of Gao Hua. Analysts said the arrangement could pave the way for more overseas investment banks to play a greater role in mainland securities markets.
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