This legal commentary (this “Legal Commentary”) aims to provide foreign investors interested in establishing and operating financial leasing companies (“CBRC FLCs” or “金融租赁公司”) regulated by the China Banking Regulatory Commission (the “CBRC”) in the People's Republic of China (the “PRC”, for the purpose of this Memo, the “PRC” excludes Hong Kong, Macau and Taiwan) with a general introduction of the applicable legal regime and current approval practices of the CBRC.