Circular on Promulgating the Administrative Measures on the Split Share Structure Reform of Listed Companies

Our Ref: No. 86 [2005] CSRC

September 4, 2005

To: all listed companies and their shareholders, all sponsors

With a view to further enforcing the spirit of the Guidelines of the State Council for Promoting the Reform and Opening-up and Sustained Development of the Capital Market and the Guidance Opinions on the Split Share Structure Reform of Listed Companies, standardizing the split share structure reform of listed companies, boosting the reform and opening-up and steady growth of the capital market, and safeguarding the legitimate interests of investors, the China Securities Regulatory Commission has enacted the Administrative Measures on the Split Share Structure Reform of Listed Companies, which is hereby promulgated and shall be duly put into practice.

The China Securities Regulatory Commission

(This English version by Shenzhen Securities Information Co., Ltd. is for your reference only. In case any discrepancy exists between the Chinese and English context, the Chinese version shall prevail.)