The Ministry of Commerce (“MOFCOM”) of the People’s Republic of China (“PRC” or “China”) promulgated the Rules for the Administration of Outbound Investments (the “New Outbound Rules”)on March 16, 2009.

The New Outbound Rules will take effect from May 1, 2009, replacing two existing MOFCOM regulations in this area (“Existing Outbound Rules”), namely the Rules on Approval Matters Regarding Outbound Investments, which became effective on October 1, 2004, and the Rules on Approval Matters Regarding Investments made by Mainland Enterprises in the Hong Kong and Macao Special Administrative Regions, which became effective on August 31, 2004.

Please see full update for more information.