Capital Markets

China Securities Regulatory Commission, Supplementary Provisions for the Pricing of Shares Issued for Material Asset Reorganisation of Listed Companies that are to Undergo Bankruptcy Restructuring [Legislation Digest]
中国证券监督管理委员会关于破产重整上市公司重大资产重组股份发行定价的补充规定
Negotiation of share prices allowed for bankruptcy restructuring

General Office of State Council, Several Current Opinions on Promoting Economic Development with Financial Policies [Legislation Digest]
国务院办公厅关于当前金融促进经济发展的若干意见
State Council issues 30 measures to boost the economy.

Tentative Provisions for the Examination and Approval of the Scope of Business of Securities Companies [Full Text Translation]
证券公司业务范围审批暂行规定
The Provisions allow securities companies to engage in margin trading and short sale of securities.

Measures for the Administration of the Sponsorship of the Offering and Listing of Securities [Full Text Translation]
证券发行上市保荐业务管理办法
A sponsor shall establish a sound working draft system, and keep separate sponsorship working drafts for each project.

Circular on Issues Relevant to the Conversion of Unlisted Foreign Investment Shares of Foreign-invested Companies Limited by Shares into Tradable B-shares [Full Text Translation]
关于外商投资股份有限公司非上市外资股转B股流通有关问题的通知
Conversion of unlisted foreign investment shares into tradable B-shares streamlined.

China Securities Regulatory Commission, Tentative Provisions for the Examination and Approval of the Scope of Business of Securities Companies [Legislation Digest]
中国证券监督管理委员会证券公司业务范围审批暂行规定
Securities companies allowed to apply for margin trading and short selling.

China Securities Regulatory Commission, Measures for the Administration of the Sponsorship for Offering and Listing of Securities [Legislation Digest]
中国证券监督管理委员会证券发行上市保荐业务管理办法
IPO sponsors required to keep working drafts.

Ministry of Commerce, Circular on Issues Relevant to the Conversion of Unlisted Foreign Investment Shares of Foreign-invested Companies Limited by Shares into Tradable B-Shares [Legislation Digest]
商务部关于外商投资股份有限公司非上市外资股转B股流通有关问题的通知
Conversion of unlisted foreign investment shares into tradable B-shares streamlined.

China Securities Regulatory Commission, Working Guidelines for the Filing of Changes of Shareholders of Securities Companies with Less than 5% of Equity [Legislation Digest]
中国证券监督管理委员会证券公司变更持有5％以下股权股东报备工作指引
Limits on shareholding period of securities companies to prevent short-term speculation.

China Securities Regulatory Commission, Working Guidelines for the Review in Connection with Administrative Licensing of Securities Companies No.10: Review Requirements for Securities Companies’ Share Capital Increase and Change of Shareholders and De Facto Controllers with 5% or More of Equity [Legislation Digest]
中国证券监督管理委员会证券公司行政许可审核工作指引第10号–证券公司增资扩股和变更持有5％以上股权的股东、实际控制人的审核要求
Qualifications required for purchase of 5% or more of equity in a securities company.

Marginal progress
Worldwide, regulators are restricting margin trading and short selling. But China is about to allow securities companies to engage in these types of business for the first time. The new scheme will be tightly controlled and small in scale. By Phil Taylor.

More regulation of securities sponsors
The Chinese capital markers have developed rapidly and sponsorship activities have increased. New Measures for the administration of securities sponsorship aim to fix the weaknesses in the previous legal framework. They will have a significant impact on sponsoring companies and their legal advisers. By Christophe Han and Patrick Chen, Llinks Law Offices, Shanghai.

New rules herald the end of unlisted foreign-investment shares
A new Circular makes it easier for foreign investors to get approval for the conversion of their unlisted shares into B-shares. This may finally render non-listed foreign-investment shares in these issuers obsolete. By Heiner Braun and Miles Ma, Freshfields Bruckhaus Deringer, Shanghai.

Regional headquarters and inter-company loans

New CSRC Guiding Opinion on QFII inspectors

MOFCOM loosens its grip on foreign investment
China’s Ministry of Commerce has issued two circulars which delegate power and loosen its grip on approving foreign investment into the PRC. Investors in private equity and retail are the biggest benefactors.

CLAIMS THAT CHINA’S FREEZE ON IPOS WILL HINDER THE MARKET

China Banking Regulatory Commission, Operational Guidelines for the Private Equity Investment Trust Business of Trust Companies [Legislation Digest]
中国银行业监督管理委员会信托公司私人股权投资信托业务操作指引
Clearer procedures for private equity investment through trust companies.

RULES GOVERNING EXCHANGEABLE BONDS BROADEN INVESTMENT CHANNELS

Guidelines for Trust Companies to Operate a Private Equity Investment Business in China
The China Banking Regulatory Commission recently issued guidelines which provide additional legal basis and specific operational guidelines for trust companies in China. By Allen Zhou, Paul, Hastings, Janofsky & Walker partner.

Operational Guidelines for the Private Equity Investment Trust Business of Trust Companies [Full Text Translation]
信托公司私人股权投资信托业务操作指引
The Guidelines set forth the requirements for engaging in the private equity investment trust business.

Can Exchangeable Bonds Satisfy Cash-Hungry Shareholders?
The Trial Provisions for the Issuance of Convertible Bonds by Shareholders of Listed Companies promulgated by the China Securities Regulatory Commission opens a new debt financing channel for cash-hungry shareholders in China’s financial market. These Provisions are designed to stabilise the country’s stock market and ease oversupply of stocks in the A-share market, as panic sets in about possible dumping of newly freed locked-up shares under the Share Segmentation Reform launched in 2005. By Jiang Jiang, Hylands Law Firm partner

Private Banking in China – When the Honeymoon Is Over
Private banking in China only received its baptism in September 2005 with the promulgation of the Interim Administrative Rules on Private Wealth Management Business of Commercial Bank. Some commentators have argued that the monetary threshold for the private wealth management regime is so low that its regulatory ambit covers territory more properly classified as retail banking than true private banking. By Jane Jiang, counsel, Corporate Practice, Allen & Overy Beijing and Fai-hung Cheung, counsel, Banking Practice, Allen & Overy Shanghai

Legal Regime of Equity Contribution in China and its Implications for Direct Investment

Trial Provisions for the Offering of Exchangeable Bonds by Shareholders of Listed Companies [Full Text Translation]
上市公司股东发行可交换公司债券试行规定
Shareholders that hold shares of listed companies may, through sponsorship of a sponsor, apply to the China Securities Regulatory Commission to offer exchangeable bonds.

A New Model of Direct Venture Capital Investment in China

CSRC to Further Regulate the Valuation Measures of Securities Investment Funds

China Securities Regulatory Commission, Trial Provisions for the Issuance of Exchangeable Bonds by Shareholders of Listed Companies [Legislation Digest]
中国证券监督管理委员会上市公司股东发行可交换公司债券试行规定
Exchangeable bonds issued to solve problems of unloading non-tradable shares.

China Securities Regulatory Commission, Supplementary Provisions on Share Buyback by Listed Companies through Centralised Competitive Trading [Legislation Digest]
中国证券监督管理委员会关于上市公司以集中竞价交易方式回购股份的补充规定
Share buyback by listed companies made easier.

China Securities Regulatory Commission, Guiding Opinion on Further Regulating the Securities Investment Fund Valuation Business [Legislation Digest]
中国证券监督管理委员会关于进一步规范证券投资基金估值业务的指导意见　
Clarity for valuation of securities investment fund products with no market price.

Shanghai Stock Exchange, Guidelines for the Increase in Shareholding by Shareholders of Listed Companies and their Persons Acting in Concert [Legislation Digest]
上海证券交易所上市公司股东及其一致行动人增持股份行为指引
Shanghai Stock Exchange issues guidelines on disclosure of increase in shareholding.

Shanghai Stock Exchange, Circular on Amending Article 7 of the «Guidelines for the Increase of Shareholding by Shareholders of Listed Companies and their Persons Acting in Concert» [Legislation Digest]
上海证券交易关于修订《上市公司股东及其一致行动人增持股份行为指引》第七条的通知
Procedural obstacle cleared for increase of shareholding through Shanghai Stock Exchange.

SECURITIES REGULATOR AMENDS RULES TO HELP BOLSTER INVESTOR CONFIDENCE

DRAFT LEGISLATION LOOKS TO REGULATE THE BROKER SYSTEM

DOUBLE IPO FOR CHINA SOUTHERN RAILWAY

China Law & Practice Awards – the winners
After 12 months of innovative and pioneering work and four months of research, interviewing and profiling, the 2008 China Law & Practice awards were presented in Beijing on September 18. The winning deals and firms were recognised for their impact on China’s legal community.

Measures for the Administration of the Takeover of Listed Companies (Revised) [Full Text Translation]
上市公司收购管理办法 (修订)
The revised Measures amended Article 63, concerning application to the China Securities Regulatory Commission for an offer exemption by using the simplified procedure.

Preferred Stock Structure: Theoretical and Practical Issues of Implementation in Chinese Foreign-invested Enterprises
China’s new Company Law increased possibilities for the adoption of a “preferred stock” structure. Greg L Pickrell and Judy J Deng of Pillsbury Winthrop Shaw Pittman explore the practicality of incorporating the two-class stock structure within China’s corporate law doctrines and interplay with other relevant segments of laws.

China Securities Regulatory Commission, Decision on Amending Article 63 of the «Measures for the Administration of the Takeover of Listed Companies» [Legislation Digest]
中国证券监督管理委员会关于修改《上市公司收购管理办法》第六十三条的决定
Takeover measures amended to facilitate increase in shareholding by major shareholders.

New Listing Rules Benefit Foreign Private Equity Investment in China

Relevant Legal Issues in relation to Trust Arrangement in an Overseas Initial Public Offering

Issues Relating to Small and Medium Sized Enterprises’ Issuance of Collective Enterprise Bonds

Measures for the Administration of Financial Consultancy Services for Mergers, Acquisitions and Reorganisations of Listed Companies [Full Text Translation]
上市公司并购重组财务顾问业务管理办法
The Measures detail the criteria and application procedure for engaging in financial consultancy services for mergers, acquisitions and reorganisations of listed companies.

Railway equipment manufacturer listed in Hong Kong

China’s first media company listed in New York

Solar cell maker goes on NASDAQ

Nanjing solar equipment expands to other regions

DLA Piper’s capital market practice grows

China Law & Practice Awards 2008 – The Finalists
China’s legal market continues to attract high-end, complicated and multi jurisdictional work and in Beijing this month, the China Law & Practice awards will reflect the complexities and challenges. Chris Bisogni and Joanna Law provide a summary of the deals and firms that made the 2008 shortlist.

China Securities Regulatory Commission, Measures for the Administration of Financial Consultancy Services for Mergers, Acquisitions and Reorganisations of Listed Companies [Legislation Digest]
中国证券监督管理委员会上市公司并购重组财务顾问业务管理办法
CSRC takes steps to improve the standard of financial consultants.

Provisions on the Reporting Threshold for Concentrations of Business Operators [Full Text Translation]
关于经营者集中申报标准的规定
The Provisions define the threshold at which a concentration of business operators shall be reported to the State Council’s department in charge of commerce.

Issues Concerning Consideration Payment in Equity Merger and Acquisition Transactions in China

Department of Public Offering Supervision of the China Securities Regulatory Commission, Circular on Adjusting the Time of Advance Disclosure [Legislation Digest]
中国证券监督管理委员会发行监管部关于调整预先披露时间的通知
Earlier advance disclosure of IPOs.

State Council, Provisions on the Reporting Threshold for Concentrations of Business Operators [Legislation Digest]
国务院关于经营者集中申报标准的规定
MNCs must avoid creating a global monopoly.

Anti-Monopoly Law: The Lawyers are Ready, but the Law Isn’t
China’s long-awaited Anti-Monopoly Law will become effective in one month. But lawyers are demanding that the government clean up some serious flaws and ambiguities in the draft mergers and acquisitions regulations.

Ministry of Finance and China Securities Regulatory Commission, Circular on Administrative Issues Relevant to Asset Appraisal Firms that Engage in Securities and Futures-related Business [Legislation Digest]
财政部、中国证券监督管理委员会关于从事证券期货相关业务的资产评估机构有关管理问题的通知
Standards of asset appraisal firms controlled to protect the securities market.

TELECOM MERGER MAY ATTRACT FOREIGN PLAYERS

GOVERNMENT ISSUES MEASURES TO CONTROL STOCK PRICES

Opinion on the Application of Securities and Futures Laws No.3: Opinion on the Application of the Provision “No Major Change Shall Have Occurred in the Issuer’s Core Business During the Most Recent Three Years” of Article 12 of the «Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof» [Full Text Translation]
《首次公开发行股票并上市管理办法》第十二条发行人最近3年内主营业务没有发生重大变化的适用意见 - 证券期货法律适用意见第3号　　
When an IPO issuer restructures identical, similar or related businesses under the same corporate controller during the reporting period, it shall pay close attention to the effect of the reorganization on its total assets, or its operating revenue or gross profit.

LAWYERS WELCOME FREE TRADE TALKS BETWEEN CHINA AND AUSTRALIA

SINO-FOREIGN SECURITIES JV WILL LEAD TO IMPROVED LEGAL SERVICES IN CHINA

Provisions on Issues Relevant to Regulatory Opinions for Initial Public Offerings of Shares and the Listing Thereof by Securities Companies [Full Text Translation]
关于证券公司申请首次公开发行股票并上市监管意见书有关问题的规定
Before a securities company submits an application for an initial public offering of shares and the listing thereof, it shall submit relevant materials to the China Securities Regulatory Commission and apply for the issuance of a regulatory opinion.

Supreme People’s Procuratorate and Ministry of Public Security, Supplementary Provisions on the Standards for Pursuing Cases of Economic Crime [Legislation Digest]
最高人民检察院、公安部关于经济犯罪案件追诉标准的补充规定
Clearer standards to deal with securities-related crimes.

US FIRM GOES INTO BOTTLED WATER MARKET IN CHINA

HONG KONG’S FIRST REAL ESTATE IPO IN 2008

MORE MAINLAND BRANDS COMPLETING IPOS IN HK

Provisions for the Regulation of Branches of Securities Companies (Trial Implementation) [Full Text Translation]
证券公司分公司监管规定 (试行)
When a securities company is to establish a branch, it shall require the approval of the China Securities Regulatory Commission. A branch shall not have legal personality and its legal liability shall be borne by the securities company.

TELEVISION MANUFACTURER MAKES PLACEMENT OF NEW SHARES

STATE-OWNED ENTERPRISE LISTS H SHARES ON HK EX

China Securities Regulatory Commission, Opinion on the Application of Securities and Futures Laws No.3: Opinion on the Application of the Provision “No Major Change Shall Have Occurred in the Issuer’s Core Business During the Most Recent Three Years” of Article 12 of the «Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof» [Legislation Digest]
中国证券监督管理委员会《首次公开发行股票并上市管理办法》第十二条发行人最近3年内主营业务没有发生重大变化的适用意见 - 证券期货法律适用意见第3号
IPOs not allowed within a year of thorough reorganization.

CHINESE PROPERTY DEVELOPER’S IPO IN HONG KONG

Provisions on Issues Relevant to the Regulation of Controlling Interests and Equity Interests in Futures Companies [Full Text Translation]
关于规范控股、参股期货公司有关问题的规定
The number of futures companies in which one entity has a controlling interest or equity interest may not exceed two, and the number of futures companies in which it has a controlling interest may not exceed one.

HUTCHISON ACQUIRES SHANGHAI PROPERTY

INVESTORS EYE ON CHINA’S ENVIRONMENTAL SECTOR

China Securities Regulatory Commission, Provisions on Issues Relevant to Regulatory Opinions for Initial Public Offerings of Shares and the Listing Thereof by Securities Companies [Legislation Digest]
中国证券监督管理委员会关于证券公司申请首次公开发行股票并上市监管意见书有关问题的规定
Ice-breaking provisions for IPOs of securities companies.

Circular on Administrative Issues Relevant to Asset Appraisal Firms that Engage in Securities and Futures-related Business [Full Text Translation]
关于从事证券期货相关业务的资产评估机构有关管理问题的通知
The Circular sets forth the criteria for asset appraisal firms applying for securities and futures-related business valuation qualifications.

China Securities Regulatory Commission, Provisions for the Regulation of Branches of Securities Companies (Trial Implementation) [Legislation Digest]
中国证券监督管理委员会证券公司分公司监管规定 (试行)
Restrictions set on securities companies’ business scope.

China Securities Regulatory Commission, Provisions on Issues Relevant to the Regulation of Controlling Interests and Equity Interests in Futures Companies [Legislation Digest]
中国证券监督管理委员会关于规范控股、参股期货公司有关问题的规定
CSRC harnesses equity interests in futures companies.

China’s Leading Lawyers
How do the Leading Lawyer nominations reflect the evolution of the legal system in China? China Law & Practice takes a closer look at the results, and speaks to the nominees about their areas of expertise. Hear from the experts what the future holds for China law.

China’s New Judicial Interpretation on the Company Law – A Step Toward Systemized Corporate Exit Mechanisms
On May 12, 2008 the Supreme People’s Court promulgated the Interpretation of Some Issues regarding the Application of the PRC Company Law, which became effective on May 19, 2008. The new interpretation provides guidelines on the application of Chapter 10 of the Company Law on dissolution and liquidation of companies incorporated in China, including foreign invested enterprises and domestically owned companies, both limited liability companies and joint stock companies. See the full text translation

General Office of the China Banking Regulatory Commission, Circular on Issues Relevant to the Engagement in Foreign Exchange Margin Trading by Banking Financial Institutions [Legislation Digest]
中国银行业监督管理委员会办公厅关于银行业金融机构开办外汇保证金交易有关问题的通知
The CBRC puts a halt to banks’ forex margin trading.

State Council, Regulations for the Oversight of Securities Companies [Legislation Digest]
国务院证券公司监督管理条例
State Council regulations pave the way for margin trading and short sale of securities.

State Council, Regulations for Handling Risks of Securities Companies [Legislation Digest]
国务院证券公司风险处置条例
Five measures may be taken to handle securities companies at risk.

People's Bank of China, Measures for the Administration of Debt Financing Instruments of Non-financial Enterprises in the Interbank Bond Market [Legislation Digest]
中国人民银行银行间债券市场非金融企业债务融资工具管理办法
Issue of bonds by non-financial enterprises made easier.

NEW RULES FOR FUNDS IN HONG KONG

OUTBOUND INVESTMENT SURGES AS CHINA-AUSTRALIA TIE TIGHTENS

RULES ON INSIDER TRADING TIGHTENED

Circular on Issues Relevant to the Engagement in Domestic Gold Futures Trading by Commercial Banks [Full Text Translation]
关于商业银行从事境内黄金期货交易有关问题的通知
The Circular allows commercial banks to engage in gold futures trading and specifies the conditions such as having the qualifications to trade in derivatives.

REGULATIONS ARE OBSTACLES FOR M&A DEALS IN ASIA, REPORT SAYS

LAWYER TO BE ON BOARD OF GOVERNORS CHINA ENTREPRENEURS

Measures for the Administration of Material Asset Reorganizations by Listed Companies [Full Text Translation]
上市公司重大资产重组管理办法
A material asset reorganization shall be constituted when the purchase or sale of assets by a listed company and by the companies in which it has a controlling interest or that it controls reaches any of the specified benchmarks

RETAILER MAKES FIRST ENTRY TO HONG KONG

China Securities Regulatory Commission, Measures for the Administration of Material Asset Reorganizations by Listed Companies [Legislation Digest]
中国证券监督管理委员会上市公司重大资产重组管理办法
Threshold for recognition as material asset reorganizations raised.

Golden Opportunity for Banks in China: New Rules Issued to Allow Commercial Banks to Trade Gold Futures
The new circular issued by the CBRC represents a step towards the wider acceptance of commodities futures transactions, helping banks generate more business, provide more flexibility in gold trading, and improve competitiveness. The various conditions, application procedures and other requirements are extensive; while there are still some concerns about the operation of the new regulation, it is a step in the right direction.

Provisions on Several Issues Concerning the Regulation of Material Asset Reorganizations by Listed Companies [Full Text Translation]
关于规范上市公司重大资产重组若干问题的规定
The Provisions detail the approval procedure of the board of directors of a listed company on material asset reorganization and related information disclosure obligations.

Administrative Rules on Material Asset Restructuring of Listed Companies: New Rules on the China Capital Market
On April 18 2008, the CSRC promulgated the Administrative Rules on Material Asset Restructuring of Listed Companies. This represents another major move to improve the basic system of the domestic stock market in China, and signifies that the M&A and restructuring of China’s listed companies has entered a new era of standardization and development.

China Securities Regulatory Commission, Provisions on Several Issues Concerning the Regulation of Material Asset Reorganizations by Listed Companies [Legislation Digest]
中国证券监督管理委员会关于规范上市公司重大资产重组若干问题的规定
Criteria for board resolution on material asset reorganization further detailed.

China Securities Regulatory Commission, Guidelines on Contents and Formats for Information Disclosure by Companies that Offer Securities to the Public (No.26): Application Documents for Material Asset Reorganization of Listed Companies [Legislation Digest]
中国证券监督管理委员会公开发行证券的公司信息披露内容与格式准则第26号 - 上市公司重大资产重组申请文件
33 types of documents required for information disclosure for material asset reorganizations.

General Office of the China Banking Regulatory Commission, Circular on Issues Relevant to the Engagement in Domestic Gold Futures Trading by Commercial Banks [Legislation Digest]
中国银监会办公厅关于商业银行从事境内黄金期货交易有关问题的通知
Commercial banks allowed to engage in gold futures trading.

China Securities Regulatory Commission, Provisions for the Establishment of Organizations in Hong Kong by Securities Investment Fund Management Companies [Legislation Digest]
中国证券监督管理委员会关于证券投资基金管理公司在香港设立机构的规定
Securities investment fund management companies allowed to establish organizations in Hong Kong.

General Office of the China Banking Regulatory Commission, Circular on Issues Relevant to Further Regulating the Personal Financial Management Business of Commercial Banks [Legislation Digest]
中国银行业监督管理委员会办公厅关于进一步规范商业银行个人理财业务有关问题的通知
CBRC puts a halt to commercial banks’ selling of products linked to overseas funds.

GEM TO PROVIDE NEW CHANNEL TO RAISE CAPITAL

STATE COUNCIL TAKES STEPS TO REFORM CAPITAL MARKET

Gide Loyrette Nouel advises Areva T&D on Chinese expansion

Minsheng and RBC formed US$28 million joint venture

Netherland firm establishes joint venture with Chinese securities company

China Securities Regulatory Commission, Guiding Opinion on the Transfer of Existing Shares of Listed Companies that are Freed from Sale Restrictions [Legislation Digest]
中国证券监督管理委员会上市公司解除限售存量股份转让指导意见
Locked-up shares from the share reform released.

Foreign Investors Allowed Wider Access to Securities Joint Ventures

China’s measures to further encourage QDII investment

China Securities Regulatory Commission Notice [2008] No.10 - Provisions for the Administration of Chief Risk Officers of Futures Companies (Trial Implementation) [Legislation Digest]
中国证券监督管理委员会公告[2008]10号 - 期货公司首席风险官管理规定(试行)
CSRC requires a chief risk officer in futures companies.

Banking Opportunities in Kazakhstan 2008

People’s Bank of China, Circular on Matters Relevant to the Engagement in Renminbi Interest Rate Swap Business [Legislation Digest]
中国人民银行关于开展人民币利率互换业务有关事宜的通知
Interest rate swaps allowed for all market participants in the national interbank bond market.

Asian Markets Shape International Capital Markets

State Environmental Protection Administration, Guiding Opinion on Strengthening the Regulatory Work on Listed Companies in Respect of Environmental Protection [Legislation Digest]
国家环境保护总局关于加强上市公司环保监督管理工作的指导意见
SEPA requires listed companies to disclose information on serious environmental violations.

YIHE Real Estate issues US$130 million in bonds

Medical device providers aim at global markets

Chinese snack maker listed in HK

US$21 million pipe transaction for chicken-raising business

Oil IPO raises US$410 million

Chinese developer listed in the US

Rail company lists in Hong Kong

Corporate Restructuring: An Alternative in Corporate Restructuring

Outbound investment to Kazakhstan: Doing Business in Kazakhstan: Establishing a Legal Presence

China Securities Regulatory Commission, Guidelines on the Contents and Format of Annual Reports of Securities Companies (2008 Revision) [Legislation Digest]
中国证券监督管理委员会证券公司年度报告内容与格式准则（2008年修订）
More requirements for securities companies on information disclosure.

CONFIDENCE OF ASIAN CEOS REMAINS STRONG

INVESTORS HAVE NO APPETITE FOR QDII

Deals & Dealmakers

Restructuring of Chinese Military Industrial Enterprises

Stock Incentive Plans for PRC Listed Companies

ANTICIPATION OF RESTRUCTURING MAKES TELECOM STOCKS FAVOURABLE

Rules for the Establishment of Securities Companies with Foreign Equity Participation (Revised) [Full Text Translation]
外资参股证券公司设立规则(修订)
Foreign investors allowed wider access to securities joint ventures.

China Securities Regulatory Commission, Rules for the Establishment of Securities Companies with Foreign Equity Participation (Revised) [Legislation Digest]
中国证券监督管理委员会外资参股证券公司设立规则 (修订)
Foreign investors allowed wider access to securities joint ventures.

Trial Provisions for the Establishment of Subsidiaries by Securities Companies [Full Text Translation]
证券公司设立子公司试行规定
With the approval of the CSRC, a securities company may establish a wholly-owned subsidiary or, alternatively, invest in and establish a subsidiary together with another qualified investor.

China Securities Regulatory Commission, Trial Provisions for the Establishment of Subsidiaries by Securities Companies [Legislation Digest]
中国证券监督管理委员会证券公司设立子公司试行规定
Parent securities companies not allowed to compete with their subsidiaries.

Uni-President China Holdings Ltd

China Securities Regulatory Commission, Guidelines for Contents and Formats for Information Disclosures by Companies that Offer Securities to the Public (No.2): Contents and Format of Annual Reports (2007 Revision) [Legislation Digest]
中国证券监督管理委员会公开发行证券的公司信息披露内容与格式准则第2号—年度报告的内容与格式 (2007年修订)
Cross-shareholdings required to be disclosed in annual reports.

Opportunities for Foreign Investment in PRC Securities Companies
With the boom in the PRC equities markets and the emergence of outbound wealth, foreign interest in China's financial services market has grown substantially. In response to these pressures and the changing environment, the latest round of reforms in the securities industry offers increased clarity and certain real opportunities to tap into the growing PRC securities market.

China National Materials Company Limited

China Securities Regulatory Commission, Circular on Properly Handling the 2007 Annual Reports of Listed Companies and the Related Work [Legislation Digest]
中国证券监督管理委员会关于做好上市公司2007年年度报告及相关工作的通知
Senior management of listed companies restricted from buying or selling shares of the company before release of the annual report.

Yingli Green Energy Holding Company Limited

Other Recent Legislation for this Month [Legislation Digest]