I.  The China Securities Regulatory Commission Issued the Business Rules for the Small and Medium Sized Enterprise Share Transfer System and their Detailed Rules. 

In January 2013, the National SME Share Transfer System Co., Ltd. (“NSSTS Co.”) was officially established. On February 2, 2013, the China Security Regulation Commission (“CSRC”) issued the Interim Measures for the Administration of the SME Share Transfer System Co., Ltd. (“Interim Measures”). Accordingly, these regulations have defined the legal status of the National SME Share Transfer System (“NSSTS”), the NSSTS Co., and companies with stock listed on the NSSTS, as well as the responsibilities of NSSTS Co. Additionally, the aim of the Interim Measures is to establish the basic administrative framework of the NSSTS to highlight the self-regulatory nature of the NSSTS Co. Furthermore, the Interim Measures mandate the CSRC to implement uniform supervision and administration.