On January 31, 2011, National Development and Reform Commission (“NDRC”) issued NDRC Notice on Further Regulating the Administration on Development and Filing of Equity Investment Enterprises (Fa Gai Ban Cai Jin [2011] 253 Hao)(the “253 Notice”), which requires equity investment enterprises registered in the pilot areas with a capital size more than RMB 500 million to be subject to NDRC's record-filing and standardized operation administration and disclose relevant information accordingly. After that, it is said that NDRC tends to promote such administration system to a nationwide scale. On November 23, 2011, NDRC issued NDRC Notice on Promoting the Standardized Development of Equity Investment Enterprises (Fa Gai Ban Cai Jin [2011] 2864 Hao)( the “2864 Notice”), which launched a national program concerning mandatory record-filing, standardized operation and information disclosure administration of equity investment enterprises.
