1. Company Law of the People’s Republic of China (Revised)

Promulgated by Standing Committee of the National People’s Congress

Promulgated date: 13 December, 2023

Implementation date: 28 December, 2023

Document number: Chinese President Order No. 15

The revised Company Law consists of 15 chapters, including company registration, establishment and organization of limited liability companies, transfer of shares of limited liability companies, and establishment and organization of joint stock companies. The Company Law improves the contribution registration system of limited liability companies, clarifying that the capital contributions made by all shareholders shall be paid in full by the shareholders within five years from the date of the establishment of the company in accordance with the provisions of the articles of association of the company. At the same time, if the period of capital contribution of a company that has been registered and established prior to the implementation of the new Company Law is longer than the period stipulated therein, it shall be adjusted gradually to the period stipulated therein, unless otherwise stipulated by laws, administrative regulations or the State Council. Where the period or the amount of capital contribution is obviously abnormal, the company registration authority may, in accordance with the law, require it to make timely adjustments. (Source: NPC website)