We all know that the People’s Republic of China basically copies everyone’s ideas, from making fake Rolex watches, Louis Vuitton handbags to pirating movies and selling DVDs on the street for less than $2. Its newest invention is Goldman Sachs (Shenzhen) Financial Leasing Co., which has been operating in China since May 2013 using the nearly identical English and Chinese name to the American counterpart.
A staffer at Shenzhen Goldman Sachs said any similarity to the US-based bank was unintentional Thursday, weeks after a Chinese man was arrested for setting up a fake bank branch.
"We don't have any connection with the US Goldman Sachs," a woman who answered the company's listed phone number told AFP.
"We just picked the name out, and it's not intentionally the same," she added, before hanging up.
It seems like there is nothing that the investment banking giant can do about it, especially when the knockoff firm is linked to a “prominent figure in Macau junkets”, the Cheung Chi-tai family. Copyright and trademark lawsuits in China don't usually turn out well for U.S. companies either. Last month, Michael Jordan lost the case against Qiaodan Sports Co, which uses his name and logo for their sportswear products (Qiaodan means Jordan in Chinese).
Still not impressed? Check out the most bizarre copycat architecture in China.
Lol. Back when I was in Asset Management, it was always the most fun to follow the Chinese companies my PM was looking at because they'd all lie about their finances. It's interesting watching everything unfold.
For the record, I never recommended anything Chinese related to the PM.
would you recommend investing in BABA these days for a long term hold?
I actually know literally nothing about that company. My dad asked me prior to the IPO and I told him I don't trust Chinese companies, so I wouldn't do it. This was one of those "Proved you right" scenarios that I feel good about. But it could always do well.
I like to invest in small-cap companies. They are typically better performers, and I've seen several companies in my personal portfolio be bought out.
Thanks for the article, you just gave me a brilliant idea. I'm going to start a Chinese WSO.
Damn, I wonder how many cold calls & emails they received from the "just network" crowd.
that's an example of plutocracy if i've ever heard one
And this is for aspiring entrepreneurs who need some business ideas http://www.ranker.com/list/the-craziest-chinese-counterfeit-goods/rober…
don't know where i read that all companies that make profits in China are state owned, or private but seniors from communist party have large % of ownership
China hahaha, never fails to disappoint
I like the sneakers that have a Swoosh, Louis Vuitton and Mercedes logo. Gotta be the first kid in school with those rich American kicks.
GoRdman Sachs
The Chinese have no problems pronouncing Ls.
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