On March 31st, 2009, the China Securities Regulatory Commission (the “CSRC”) promulgated the Temporary Measures on Administration of Initial Public Offering and Listing on Growth Enterprise Market (the “Measures”), which will become effective on May 1st, 2009. The promulgation of the Measures announced the launch of the growth enterprise market (the “GEM”) in China. The Measures provides for qualifying standards, IPO procedures, information disclosure requirements, administration and legal liabilities related to enterprises seeking to list on the GEM.