Full Text Translation

The limit on the percentage of the shares of, or the percentage of the interest in, a securities company with foreign equity participation held by foreign investors has been raised to 49%.

Existing regional headquarters of multinational corporations in Shanghai that are upgraded to Asia regional, Asia-Pacific regional or larger regional headquarters may be eligible for one-time assistance of Rmb3 million.

A subsidiary of a securities company that has been operating continuously for at least two years instead of five years may apply to expand its scope of business.

The equity of real property enterprises, foreign holding companies, foreign-invested venture capital investment enterprises and foreign-invested private equity enterprises is not allowed to be used for investment in another foreign-invested enterprise.

Criminal liability may be pursued for legal actions instituted with malicious intent to prejudice another's lawful rights and interests.

Advertising expenditures of cosmetic, pharmaceutical and beverage enterprises may be deducted against 30% of their sales revenues.

The Interpretation defines terms such as "a well-informed person with inside information regarding a securities or futures transaction" and "period of sensitivity of inside information".

Enterprise income tax may not be levied by assessment against enterprises that solely engage in equity (stock) investment business.

If the commissioning party of processing trade sells the products at a price higher than the selling price of the commissioned party, it will not be regarded as a direct sale and does not incur consumption tax.