Goldman Sachs' China partner buys futures trader

Goldman Sachs’ strategic partner in China, Beijing Gao Hua Securities, has acquired Shenzhen-based broker QK Futures, Caixin reported. The deal will allow Gao Hua to trade commodities and stock index futures as well as launch its own products into China’s futures market. The company will keep QK as an independent subsidiary as well as its brand, an unnamed source said. Gao Hua and Goldman Sachs established a securities brokerage joint venture Goldman Sachs Gao Hua in 2004, with Goldman Sachs holding a 33% stake. There have been reports that Goldman Sachs was seeking a futures brokerage partner to diversify its services in China and was interested in QK Futures.