Yes, it can. The percentage of contribution from foreign investors within the registered capital of any Chinese-foreign Equity Joint Ventures (or any Enterprise with Foreign Investment under a Sino-foreign partnership) should not be lower than 25%. Unless otherwise stated under relevant laws and administrative regulations, should the percentage of contribution made by foreign investors in any enterprise fall below 25%, said enterprise must be examined, approved and registered pursuant to the prevailing registration procedures for establishing Enterprise with Foreign Investment . A Foreign Investment Enterprise Approval Certificate with a remark indicating “the (company’s) percentage of foreign capital (is) under 25%” will be issued to enterprises which satisfy the examining and approval processes. Those successfully obtaining the registration shall receive a Foreign Investment Enterprise Operation License with a remark indicating “the (company’s) percentage of foreign capital (is) under 25%” after the “Type of Business”. Please refer to “the Notice concerning the Relevant Issues on Strengthening the Approval, Registration, Foreign Exchange Control and Taxation Administration of Foreign-funded Enterprises” (No. 575 [2002] Issued by the Department of Treaty and Law under the MOFTEC) for full details.