Legal

• State Council, PRC Tentative Regulations on Consumption Tax (Revised)

  国务院中华人民共和国消费税暂行条例 (修订)

  More high-end products subject to consumption tax.

  December 18, 2008

• China Insurance Regulatory Commission, Circular on Matters Relevant to the Implementation of the «Provisions for the Administration of the Solvency of Insurance Companies»

  中国保险监督管理委员会关于实施《保险公司偿付能力管理规定》有关事项的通知

  Criteria for assessing solvency of insurance companies elaborated

  December 18, 2008

• State Council, PRC Tentative Regulations on Value-added Tax (Revised)

  国务院中华人民共和国增值税暂行条例 (修订)

  VAT system changed from production-based to consumption-based.

  December 18, 2008

• Carbon tax proposed to battle environmental challenges

  Report suggests provinces bear responsibilities for their own emissions

  December 18, 2008

• Macnica acquires component distributor

  Macnica, a company listed on the Tokyo Stock Exchange, has bought Cytech Technology and its subsidiaries in the PRC for US$55 million.Cytech distributes…

  December 18, 2008

• 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

  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.

  December 18, 2008

• China Securities Regulatory Commission, Measures for the Administration of the Sponsorship for Offering and Listing of Securities

  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.

  December 18, 2008

• 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

  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

  December 18, 2008

• China Securities Regulatory Commission, Tentative Provisions for the Examination and Approval of the Scope of Business of Securities Companies

  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.

  December 18, 2008

• China Securities Regulatory Commission, Working Guidelines for the Filing of Changes of Shareholders of Securities Companies with Less than 5% of Equity

  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.

  December 18, 2008