Legislation

• Ministry of Railways, Implementing Opinions on Encouraging and Guiding Private Capital to Invest in Railways

  铁道部关于鼓励和引导民间资本投资铁路的实施意见

  Private capital investment encouraged in railway construction.

  July 12, 2012

• China Securities Regulatory Commission, Guiding Opinions on Further Intensifying the Reform of the System for Offering of New Shares

  中国证券监督管理委员会关于进一步深化新股发行体制改革的指导意见

  Transfer of existing shares to offline investors allowed in an IPO of new shares.

  July 12, 2012

• Supreme People's Court, Interpretation on Issues Relevant to the Application of the Law in Trials of Disputes over Sales and Purchase Contracts

  最高人民法院关于审理买卖合同纠纷案件适用法律问题的解释

  Letters of intent and MOUs have legal effect.

  July 12, 2012

• State-owned Assets Supervision and Administration Commission of the State Council, Guiding Opinions on Actively Introducing Private Investment in the Reform and Re-organisation of State-owned Enterprises

  国务院国有资产监督管理委员会关于国有企业改制重组中积极引入民间投资的指导意见

  Private investors may invest in SOEs with IP rights and land use rights.

  July 12, 2012

• China Insurance Regulatory Commission, Circular on Matters Relevant to the Offering of Subordinated Convertible Bonds by Listed Insurance Companies

  中国保险监督管理委员会关于上市保险公司发行次级可转换债券有关事项的通知

  Listed insurance companies and insurance group companies allowed to issue subordinated convertible bonds.

  July 12, 2012

• Ministry of Transport, Implementing Opinions on Encouraging and Guiding Private Capital to Invest in the Highway and Water Transportation Sectors

  交通运输部关于鼓励和引导民间资本投资公路水路交通运输领域的实施意见

  Private capital encouraged to develop green transportation.

  July 12, 2012

• China Securities Regulatory Commission, Provisions on Issues Relevant to Changes in the Registered Capital or Equity of Futures Companies

  中国证券监督管理委员会关于期货公司变更注册资本或股权有关问题的规定

  Green light given again to the approval of foreign investment in futures companies.

  July 12, 2012

• Ministry of Finance, Measures for the Administration of Allocations by Financial Enterprises to Their Reserves

  财政部金融企业准备金计提管理办法

  Percentage of allocations to general reserves of financial enterprises raised to 1.5%.

  July 12, 2012

• Ministry of Industry and Information Technology, Implementing Opinions on Encouraging and Guiding the Entry of Private Capital into the Telecommunications Industry

  工业和信息化部关于鼓励和引导民间资本进入电信业实施意见

  Private capital encouraged to enter the basic telecoms operation market through the taking of equity interests.

  July 12, 2012

• Department of Public Offering Supervision and Department of ChiNext Offering Supervision of the China Securities Regulatory Commission, Circular on Issues Relevant to the Pricing of New Share Offerings

  中国证券监督管理委员会发行监管部、创业板发行监管部关于新股发行定价相关问题的通知

  An IPO P/E ratio should not be higher than the industrial average by 25%.

  July 12, 2012