Xinhua News Agency, Shanghai, March 27th (Reporters Sang Tong and He Xiyue) Morgan Stanley and Goldman Sachs issued a statement on the 27th. With the approval of the China Securities Regulatory Commission, both companies have been allowed to increase their shareholdings in Chinese joint ventures. To 51%.

Morgan Stanley announced on the 27th that, with the approval of the China Securities Regulatory Commission, it will acquire a controlling stake in a joint venture securities firm, Morgan Stanley Huaxin Securities Co., Ltd. After the transaction is completed, Morgan Stanley's shareholding will rise from 49% to 51%.

On the same day, Goldman Sachs announced that it had been approved by the China Securities Regulatory Commission to increase its shareholding in Goldman Sachs Gao Hua Securities Co., Ltd. (Goldman Sachs Gao Hua) from 33% to 51%.

"This is an important milestone in the development of our business in China, and we will start preparing to restructure the physical structure of our business in China," said Li Lian, Co-President of Goldman Sachs Asia Pacific (except Japan).

"We are one of the strategic priorities for Morgan Stanley's business development, and we look forward to further investment in Morgan Stanley Huaxin Securities," said Sun Wei, Morgan Stanley's Asia Pacific Co-CEO and China CEO. "

Morgan Stanley Huaxin Securities was jointly established in 2011 by Morgan Stanley and Huaxin Securities in Shanghai. The current business scope includes underwriting and sponsorship of stocks and bonds, and self-operated bonds. Goldman Sachs Gao Hua was established in 2004 as a joint venture between Goldman Sachs and Beijing Gao Hua Securities Co., Ltd., which was established in the same year.

From April 1 this year, China will officially lift restrictions on foreign ownership of securities companies and fund management companies, which has attracted many foreign institutions to seek to establish wholly-owned companies.