Goldman Sachs has received approval from the China Securities Regulatory Commission (CSRC) to take full ownership of Goldman Sachs Gao Hua Securities Company Limited (GSGH), whereby Goldman will acquire the remaining equity interest in GSGH it does not currently own.

Attaining full ownership of GSGH will enable Goldman Sachs to position its firm for long-term growth in this market under one wholly-owned entity, to be renamed Goldman Sachs (China) Securities Company Limited.

The following email was sent on October 17, 2021 to all Goldman Sachs employees globally:

“The firm has received approval from the China Securities Regulatory Commission (CSRC) to take full ownership of Goldman Sachs Gao Hua Securities Company Limited (GSGH), whereby we will acquire the remaining equity interest in GSGH we do not currently own. This marks the start of a new chapter for our China business following a successful 17-year joint venture.

The migration of our onshore business units from Beijing Gao Hua Securities to GSGH is well underway. Attaining full ownership of GSGH will enable us to position our firm for long-term growth and success in this market under one wholly-owned entity, to be renamed Goldman Sachs (China) Securities Company Limited.

As we continue to invest in our China franchise, we would like to take this opportunity to thank everyone involved in the application and migration processes for their extraordinary effort put into achieving this milestone, as well as the people who have contributed to the success of our China business over the years.

David M. Solomon

John E. Waldron

Stephen M. Scherr”