On May 3, 2011, the Financial Service Office, Administration of Industry and Commerce, Administration of Finance and Local Taxation Bureau of Shanghai, a city that has been at the forefront of private equity in China recently, jointly issued Notice on Industrial and Commercial Registration for Equity Investment Enterprises in Shanghai (amended) (the “New Notice”). The New Notice, which came into effect on June 3, 2011 and will remain effective through June 2, 2016, made certain changes to the Notice on Industrial and Commercial Registration for Equity Investment Enterprises in Shanghai (the “Previous Notice”) jointly issued by the same government authorities in 2008 as outlined below: