乾坤期货股权变更获批，高盛中国全资控股

Core Viewpoint - Goldman Sachs' Chinese futures subsidiary, Qian Kun Futures, has been approved for a change in ownership, now fully controlled by Goldman Sachs China, marking a significant expansion of its presence in the Chinese futures market [2][4]. Group 1: Ownership Change - Qian Kun Futures has received approval to change its ownership and actual controller to Goldman Sachs Group, transitioning from a structure where Beijing Gao Hua held 95.1% and Goldman Sachs China held 4.9% [4]. - Following the approval, Qian Kun Futures is now wholly owned by Goldman Sachs China, with an investment amount of 317 million yuan [4][6]. Group 2: Acquisition Timeline - The acquisition process by Goldman Sachs China took over four years, starting with a share transfer agreement signed in April 2021, where Goldman Sachs China agreed to acquire 100% of Qian Kun Futures from Beijing Gao Hua [5]. - In November 2022, Goldman Sachs China subscribed to an increase in Qian Kun Futures' registered capital, acquiring a 4.9% stake, while Beijing Gao Hua's stake was reduced to 95.1% [5]. Group 3: Market Context - With this approval, Qian Kun Futures becomes one of four wholly foreign-owned futures companies in China, alongside JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [10]. - The first foreign-owned futures company was JPMorgan Futures, which transitioned to full foreign ownership in 2020 when restrictions on foreign ownership were lifted [10]. - Morgan Stanley Futures was approved in May 2023, allowing it to provide brokerage services for equity and fixed income financial futures and options [10]. Group 4: Regulatory Environment - The regulatory environment has seen multiple initiatives to open up the futures industry, including the introduction of new commodity futures options for QFII participation and the approval of additional futures options contracts [12].