On June 19, 2015, China's Ministry of Industry and Information Technology (the “MIIT”) released the Circular Removing Foreign Equity Ratio Restrictions on Online Data Processing and Transaction Processing Businesses (Operating E-commerce) (MIIT Tong [2015] No. 196) (“Circular 196”). Circular 196 allows foreign investors to hold up to 100% of the equity of a company engaged in the e-commerce business throughout China.