China Banking and Insurance Regulatory Commission, Circular on Matters Relevant to the Investment of Insurance Capital in Financial Equity

Applicability: For the purposes of this Circular, the term "financial equity investment" means the act whereby an insurance group (holding) company, insurance company or insurance asset management company (hereinafter collectively referred to as an "Insurance Institution") invests in and holds, in the capacity of a capital contributor, equity of an unlisted enterprise, and, in accordance with relevant provisions of the Enterprise Accounting Standards, the same does not constitute a direct equity investment that confers control or common control over the enterprise on the insurance institution and its affiliated parties (Article 1).