Reports late last week suggested that the China Securities Regulatory Commission (CSRC) may grant a stock and bond brokerage license to Goldman Sachs Group's mainland partner, Fang Fenglei, as soon as this week. Goldman has said it will invest about US$190 million to fund the brokerage and take a 33 per cent stake in a joint investment bank - the maximum permitted under current laws.
Chinese investment banking is seen as one of the most promising new sectors by Wall Street firms anxious to stake their claim in the world's fastest expanding economy. Mainland firms have paid underwriters US$156 million for securities sales this year, and first half M & A activity is said to have totalled $41.4 billion.
Goldman's competitor Morgan Stanley already owns a third of China International Capital Corp, the mainland's largest investment bank, which managed a quarter of China's US$8 billion of stock and bond sales this year.
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