Wall Street banks take full control of China ventures (2020-2021)
Beijing lifted the cap that limited foreign investors to minority stakes in Chinese securities firms in 2020. Goldman Sachs, Morgan Stanley, and JPMorgan moved quickly, buying out Chinese partners to run wholly-owned mainland securities businesses.
Three US banks became the first wholly foreign-owned securities firms in mainland China.
The buyout structure became the template for later foreign entrants, including Daiwa and Mizuho.
Reuters noted Daiwa's April 2026 buyout followed 'similar moves' by these three banks. The new Japanese approvals extend the wholly-owned model to firms that joined later.
