Laws of the People's Republic of China

The China Securities Regulatory Commission

Circular of China Securities Regulatory Commission on Issue on the Enterprises of Domestically Listed In Foreign Currencies (B-shares) Listing the B-shares which Non-listed Domestically

ZhengJianGongSiZi [2000] No.140

September 1, 2000

Each enterprise of B-shares:

With a view to improving further development of B-shares market, and protecting the interests of investors, hereby notify the relating matters on listing the B-shares which non-listed domestically of the enterprises of the domestically listed in foreign currencies (hereinafter referred to as B-shares), as follows:

As long as it has been a Chinese-foreign equity joint venture before listing, the B-shares enterprise shall consult the original enterprise examination and approval authorities' opinion on the matter of the negotiation of non-listed domestically listed B-shares in foreign currencies. After approved by the original examination and approval authorities, and it shall file its application of list the non-listed B-shares in foreign currencies to China Securities Regulatory Commission.

Examined and approved by China Securities Regulatory Commission, foreign initiator's share of the B-shares company can be negotiated in the B-share market in the three years right after the found of the company; foreign non-initiator's share can be negotiated in the B-shares market directly.