Goldman Sachs, one of the first foreign investment banks to set up in China, has entered the country’s futures market after a slow year for its securities brokerage business.
Beijing Gao Hua Securities, Goldman’s China operation, said last night that it had bought a Shenzhen-based futures brokerage company, Qian Kun Futures.
The bank didn’t disclose the size of the transaction, but the deal “marks a continued expansion of Gao Hua’s product platform” , said Xing Zhang, chief executive officer of Gao Hua. “We are committed to continue investing in our business and in China’s financial markets.”
Goldman has been looking for a...