On April 24, 2006, the State Administration for Industry and Commerce (“SAIC”), the Ministry of Commerce (“MOFCOM”), the General Customs Administration (“Customs”) and the State Administration of Foreign Exchange (“SAFE”) jointly issued the Implementing Opinions on Certain Issues Concerning the Application of Laws Governing the Approval and Registration of Foreign Invested Companies (“Implementing Opinion”). Subsequently, in order to clarify certain provisions under the Implementing Opinions, SAIC issued a circular (“SAIC Circular”) on May 26, 2006. Both the Implementing Opinion and the SAIC Circular were issued to deal with the conflicts between China’s foreign investment regime and the newly revised Company Law of the People’s Republic of China (“Company Law”) and the Regulations of the People’s Republic of China on the Administration of Company Registration (“Company Registration Regulations”), both of which became effective on January 1, 2006.