GongShangWaiQiZi [2002] No.6 January 14, 2002

The Industrial and Commercial Bureau of Guangdong Province:

The Request for Instruction on the Relevant Issues concerning the Establishment of Joint Ventures by and between Enterprises with foreign investment and Other Enterprises by the Industrial and Commercial Bureau of Shantou City in your province (ShanGongShang [2001] No. 106) has been received. After discussion, we hereby give the reply as follows:

In accordance with Article 3 of Some Provisions on the Registration and Administration of Enterprises with foreign investment Becoming Company Shareholders or Promoters (GongShangQiZi [1995] No. 260), an enterprise with foreign investment may, in its own name, invest its assets in a limited liability company or a company limited by shares, and the said "assets" shall not be limited to its "profits" only.

Promulgated by The State Administration for Industry and Commerce on 2002-1-14