On December 24, 2010, Shanghai Municipal Finance Services Office, Shanghai Municipal Commission of Commerce and Shanghai Municipal Administration of Industry and Commerce jointly promulgated the Implementation Measures of Shanghai Municipality for Carrying Out the Pilot Program of Foreign-invested Equity Investment Enterprises (the “Measures”), which provide that foreign investors can establish equity investment enterprises and equity investment management enterprises in Shanghai in the form of a partnership. The Measures will come into effect 30 days after the date of promulgation.