Enterprises making an equity transfer will be subject to the latest capital verification report issued by an accountant registered in the PRC and his/her accounting firm. The consideration of an equity acquisition, meanwhile, will be determined with reference to the content of the latest auditor’s report provided that the transaction in question meets market fair value. Please refer to the “Decision of the Ministry of Commerce on Amending the Provisions on the Merger or Acquisition of Domestic Enterprises by Foreign Investors” for details.