On October 11, 2012, the China Securities Regulatory Commission (the “CSRC”) issued the Administrative Measures for Supervision over Unlisted Public Companies (the “Measures”), which will take effect on January 1, 2013. The Measures set the scope of unlisted public companies, raise the basic requirements for corporate governance and information disclosure, and clarify the application procedures for public transfer, share transfer and private offering. In particular, unlisted public companies that have more than 200 shareholders are included within the scope of CSRC supervision.