Peak Fintech Group Inc. (CSE:PKK)
Peak Positioning Technologies Inc. is focused on assembling, financing, and managing a portfolio of high-growing potential companies and assets in some of the fastest growing tech sectors in China.
Goldman Sachs Group has applied to the China Securities Regulatory Commission to raise its shareholding in its securities joint venture Goldman Sachs Gao Hua Securities to 51 percent, a company spokesman confirmed to Yicai Global yesterday. The CSRC received the application on Aug. 19, the public filing shows. New York-based Goldman does not rule out boosting its stake to 100 percent in future, as is the case with many other foreign-invested JV brokerages. Substantial profits remain elusive for these brokerages in China, but most are willing take a majority stake for early positioning. Many overseas JV brokerages have filed their applications and are now awaiting the CSRC’s nod. Credit Suisse Group plans to raise its capital by CNY628 million (USD89 million) in Credit Suisse Founder Securities via a non-public agreement, Founder Securities said in a statement released on April 15. Credit Suisse will become the controlling shareholder of the JV upon completion of the capital increase. Morgan Stanley will buy a further 2 percent stake in Morgan Stanley Huaxin Securities for CNY376 million to become the latter’s controlling shareholder with a 51 percent share, commercial realty developer Shanghai Chinafortune announced on Aug. 1. Goldman Sachs Gao Hua Securities was jointly funded and set up by New York-based Goldman Sachs Group and Beijing Gao Hua Securities in December 2004 with registered capital of CNY800 million. Beijing Gao Hua currently holds 67 percent of the JV and Goldman Sachs Asia has the rest. Goldman Sachs Gao Hua gained CNY456 million revenue last year in an almost 17 percent drop from a year earlier, while its net profit rose 4 percent to CNY69 million, per its financial report. Source: yicaiglobal.com