On 5 March 2009, the Ministry of Commerce of the People's Republic of China (the "MOFCOM") issued the Circular of MOFCOM on Matters Concerning the Examination and Approval of Foreign-Invested Venture Capital Investment Enterprises and Foreign-Invested Venture Capital Investment Management Enterprises. Thereafter, on 30 March 2009, the Ministry of Science and Technology of the People's Republic of China (the "MOST") issued the Circular of MOST on Matters Concerning the Examination and Approval of Foreign-Invested Venture Capital Investment Enterprises and Foreign-Invested Venture Capital Investment Management Enterprises (together with the aforementioned Circular issued by the MOFCOM, hereinafter collectively as the "Circulars"). The Circulars regulate and clarify the relevant matters regarding the transferring of power on examination and approval of the establishment of the foreign-invested venture capital investment enterprises and the foreign-invested venture capital investment management enterprises (hereinafter collectively, the "FIVCIEs") and the follow-up modification and administration thereon to the lower levels.