Goldman taps Cai to lead China joint venture

Goldman Sachs has named Cai Jinyong to head its China investment-banking business and its Chinese securities joint venture, the Wall Street Journal reported, citing an internal memo from the firm. Cai, an eight-year veteran of Goldman, will replace Zha Xiangyang as CEO of the joint venture, known as Goldman Gao Hua Securities. Zha is said to be leaving the firm. Cai recently led Goldman's team of China bankers seeking deals in oil, gas and power. He advised the State Grid Corp on its US$4 billion purchase of rights to develop the Philippine power grid as well as China National Offshore Oil Corp on its US$2.3 billion acquisition of oil projects in Nigeria. Goldman recently lost its senior Beijing-based banker, Richard Ong, who left to work on a US$2 billion private equity fund with Fang Fenglei, chairman of Gao Hua.