On September 22, 2017, the Shenzhen Municipal Finance Office, Shenzhen Municipal Government Financial Services Office, Market and Quality Supervision Commission of Shenzhen Municipality and Qianhai Administration Bureau jointly issued the Pilot Program for Foreign-funded Equity Investment Enterprises in Shenzhen (“New QFLP Measures”), based upon the Interim Measures for the Launching of a Pilot Program for Foreign-funded Equity Investment Enterprises in Shenzhen (Shen Fu Jin Fa [2012] No.12) (the “Interim Measures”) and Operating Procedures for the Pilot Program for Foreign-funded Equity Investment Enterprises in Shenzhen (Shen Fu Jin Fa [2012] No.13) (“Operating Procedures”). The New QFLP Measures reflect improvements to the pilot program for qualified foreign limited partner (“QFLP”) system in Shenzhen.
Foreign-invested equity investment pilot enterprises established under the QFLP system serve as an important channel for foreign investors to participate in investments in China. On December 24, 2010, the Shenzhen Municipal Finance Office, Shanghai Municipal Commerce Commission and Municipal Administration of Industry and Commerce jointly promulgated the Implementing Measures for the Pilot Program for Foreign-funded Equity Investment Enterprises in Shanghai, which marked the initial launch of the QFLP pilot program in Shanghai. Subsequently, the QFLP pilot program was also introduced successively in Beijing, Tianjin, Shenzhen, Chongqing and Qingdao. In 2012, Shenzhen officially launched the QFLP pilot program by promulgating the Interim Measures and Operating Procedures. Compared to these two earlier regulations, the New QFLP Measures see modifications mainly in the following aspects:
