Goldman's Gaohua brings in private allies

China''s first quasi-private brokerage, and Goldman''s new China partner, will have a varied ownership.

China's closest thing to a private brokerage was approved by the financial regulator last week, when the CSRC gave two approvals. The first was for the setting up of a brokerage, Gaohua. The second concerned a joint venture investment bank Goldman Sachs will set up with Gaohua.

The former eventually hopes to buy out the latter once foreign investors are allowed to own majority stakes in domestic brokerage operations. However, the current regulations have led to a complicated shareholding structure, details of which are starting to emerge in the mainland press.

Gaohua will be 25% owned by computer manufacturer and IT heavyweight Lenovo formerly known as Legend...

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