Legislation

Franchisees required to undertake obligation of confidentiality.

Renminbi qualified foreign institutional investors allowed to invest renminbi proceeds raised in Hong Kong in securities in China.

The revised Measures require a franchisor to disclose the actual investment amounts of its franchisees. Confidentiality requirements of franchisees are also elaborated.

Mass media to cooperate in combating fraudulent advertisements.

Renminbi Qualified foreign institutional investors allowed to invest renminbi proceeds raised in Hong Kong in securities in China.

The Provisions elaborate on application requirements for renminbi qualified foreign institutional investors.

The revised Measures relax the disclosure requirements of shareholders with 50% or more of the outstanding shares of a listed company.

Public invitations for bids must be carried out for projects with controlling or majority investments from state-owned funds.

Implementing Regulations finally come out after the promulgation of the PRC Law on the Invitation for and Submission of Bids in 1999, preventing the restriction or preclusion of potential bidders.