On March 6, 2013, the China Securities Regulatory Commission released the Measures for the Pilot Program of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (the “New RQFII Rules”). Thereafter, the State Administration of Foreign Exchange (“SAFE”) and the People's Bank of China (the “PBOC”) respectively promulgated their own implementing rules (i.e., the Circular of the State Administration of Foreign Exchange on Issues Concerning the Pilot Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (the “New SAFE Circular”) and the Circular of the People's Bank of China on the Relevant Issues Regarding the Pilot Measures on Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (the “New PBOC Circular”, together with the New SAFE Circular, the “New Implementing Regulations”), which specify and clarify relevant issues of the New RQFII Rules.