On December 26, 2017, China's National Development and Reform Commission ("NDRC") issued the "Management Rules for Overseas Investment by Enterprises", Order No. 11 of 2017 ("Order 11"). On February 11, 2018, the NDRC issued the "Catalog on Overseas Investment in Sensitive Industries (2018 Edition)" (the "Sensitive Industries List") and the "Set of Forms Related to the Management Rules for Overseas Investment by Enterprises" (the "Standard Forms").