On May 22, 2012, Shanghai Stock Exchange (“SSE”) and Shenzhen Stock Exchange (“SZSE”) promulgated their respective Pilot Measures for the Issuance of Private Placement Bonds by Small and Medium-sized Enterprises (collectively, the “Pilot Measures”), which stipulate that small, medium and micro enterprises not listed on SSE or SZSE (“SMEs”, excluding real estate enterprises and financial enterprises) and meeting the standards of small, medium and micro enterprises published by the Ministry of Industry and Information Technology (“MIIT”) are qualified to issue private placement bonds.