On January 4, 2010, Beijing Municipal Financial Bureau, Beijing Municipal Commission of Commerce, Beijing Administration for Commerce and Industry and Beijing Municipal Commission of Development and Reform jointly promulgated the Interim Measures on Establishment of Foreign Invested Equity Investment Fund Management Enterprises in Beijing (the “Interim Measures”), which took effect as of January 1, 2010. The Interim Measures will have a trial implementation within the Zhongguancun National Innovation Model Park for a period of 3 years starting from January 1, 2010. In comparison with Shanghai and Tianjin, the promulgation of the Interim Measures, to some extent, places Beijing in a more advantageous position in attracting offshore equity investment entities, such as venture capital (VC) and private equity (PE) funds, to invest in its jurisdiction.