On June 8, 2009, Shanghai Municipal Pudong New Area People's Government (the “Pudong New Area”) promulgated “Temporary Measures on Establishment of Foreign Invested Equity Investment Management Enterprises in Pudong New Area” (hereinafter the “Measures”). The promulgation of the Measures makes Pudong New Area the first place in China which permits the offshore equity investment entities, such as venture capital (VC) and private equity (PE), to be legally registered as “equity investment management enterprises”.