After the Shanghai Municipal Government became the first in China to implement rules for pilot foreign-invested equity investment enterprises on December 24, 2010 to allow foreign capital to participate in forming private equity funds in China, the Beijing Municipal Government also promulgated the Interim Measures on Carrying Out the Pilot Program to Utilize Foreign Capital for Equity Investment Funds and Management Enterprises in Beijing (the “Beijing QFLP Measures”) on February 28, 2011, which came into effect as of the date of promulgation.
