The CSRC approved Goldman Sachs Gaohua to change its business scope and engage in alternative investment business through its subsidiaries

On the 28th, the official website of the China Securities Regulatory Commission issued the "Reply on Approving Goldman Sachs Gaohua Securities Co., Ltd. to Engage in Alternative Investment Business through Subsidiaries".

Recently, the Csrc(sFC) approved Goldman Sachs Gaohua Securities Co., Ltd. to engage in alternative investment business through the acquisition of Beijing Gaohua Shengze Investment Management Co., Ltd. (limited to participating in the Sci-Tech Innovation Board and the ChiNext Board).

At the same time, the CSRC also said that in August 2020, it approved the securities investment fund custody qualification of Citibank (China) Co., Ltd., and the company also completed the preparatory work recently and obtained a securities and futures business license in accordance with the law.

CbRC learned that the CSRC will continue to firmly implement the overall deployment of China's opening up to the outside world, actively promote the process of opening up the capital market, and do a solid job in each specific work of opening up to the outside world.

At the beginning of February this year, the CSRC issued feedback on the change of business scope of Goldman Sachs Gaohua Securities Co., Ltd., requiring the company to explain the investment decision-making procedures of alternative subsidiaries, the responsibilities and authorities of various organizations, and whether the risk monitoring mechanism of alternative subsidiaries meets the requirements, and pointed out that the number of people to be arranged for alternative subsidiaries in the current application materials is small, and it is required to improve the staffing plan of alternative subsidiaries.

In the middle of this month, Goldman Sachs Gaohua was awarded four more business licenses. On July 6, the Beijing Securities Regulatory Bureau officially approved the change of business scope of Goldman Sachs Gaohua Securities Co., Ltd., which shows that the Beijing Securities Regulatory Bureau approved Goldman Sachs Gaohua to increase the business of securities brokerage, securities investment consulting, securities self-operation, and consignment sales of financial products, and needs to be equipped with relevant personnel, business facilities, information systems and business premises in accordance with the law.

CBN was informed that the CSRC is open to the choice of listing places for enterprises, supports enterprises to make choices according to their own development needs, and supports enterprises to use two markets and two kinds of resources in accordance with the law and compliance. The pace of opening up of China's capital market to the outside world has not only not slowed down due to the epidemic, but has further accelerated. In the near future, relevant opening measures will also be introduced.