On 29 January 2021, the Shenzhen Municipal Financial Regulatory Bureau ("Shenzhen FRB") released the Measures for the Pilot Program of Foreign-invested Equity Investment Enterprises in Shenzhen (hereinafter referred to as the "New Shenzhen QFLP Scheme"), which is implemented beginning 8 February 2021 and will remain effective for the next three years. Upon its coming into force, the Measures for the Pilot Program of Foreign-invested Equity Investment Enterprises in Shenzhen enacted in September 2017 by Shenzhen FRB (Shen Jin Gui [2017] No.1) (the "Previous Shenzhen QFLP Scheme") has been repealed.