On December 1, 2009, the China Securities Depository and Clearing Corporation Limited released the Guidelines on Opening Securities Accounts by Partnership Enterprises and Other Non-legal Person Entities (the “Guidelines”) to provide specific rules on the opening of securities accounts by partnership enterprises and non-legal person venture capital investment enterprises (the “VCIE”). The Guideline specifies that to open a securities account with the applicable clearing house, a VCIE shall submit, inter alia, the approval certificate issued by the Ministry of Commerce (“MOFCOM”) or the filing documents issued by other relevant regulatory authorities (e.g. NDRC and its local counterparts). The Guidelines shall become effective on December 21,2009.