On December 20, 2012, the China Securities Regulatory Commission (the “CSRC”) released the Regulatory Guidance on Application Documents of and Review Procedures for Overseas Offering and Listing of Joint-Stock Companies (the “Guidance”), which clarifies the conditions, application documents, and review procedures for domestic enterprises' overseas offerings and listings. The Guidance will take effect on January 1, 2013. The Notice on Issues concerning Application for Overseas Listing by Enterprises (Zheng Jian Fa Xing Zi [1999] No. 83, the “Notice”) issued by the CSRC on July 14, 1999 will be repealed simultaneously.