(Yicai Global) Oct. 18 -- Wall Street giant Goldman Sachs has been approved to become the second foreign company to fully own a securities brokerage in China, following J.P. Morgan last month.

The China Securities Regulatory Commission gave the green light for the New York-based investment bank to take complete control of Goldman Sachs Gao Hua Securities from its Chinese shareholder, Goldman Sachs announced today.

Goldman Sachs received the CSRC’s approval to raise its stake in the joint venture to 51 percent on March 27 last year, after China lifted the cap on foreign ownership limits in securities, fund management, and futures JVs to 51 percent in 2018. The CSRC lifted the limit on foreign ownership in securities companies on April 1 last year.

The migration of Goldman Sachs’ onshore business from Beijing Gaohua Securities to Goldman Sachs Gao Hua, which will be later renamed Goldman Sachs China Securities, is underway, it said.

Goldman Sachs and Beijing Gao Hua set up Goldman Sachs Gao Hua as a joint venture in 2004. They held stales of 33 percent and 67 percent, respectively, in the JV.

Editor: Futura Costaglione