For the purpose of improving the pilot program of RMB qualified foreign institutional investors (hereinafter referred to as RMB Qualified Investors) making domestic securities investment, the relevant matters in relation to the implementation of the Pilot Measures for RMB Qualified Foreign Institutional Investors Making Domestic Securities Investment are hereby specified as follows:

Article 1 In order to apply for RMB Qualified Investors, the applicant's registration place and business qualification shall satisfy the following requirements:

1. It shall be the Hong Kong subsidiaries of the onshore fund management companies, securities companies, commercial banks, insurance companies and other institutions, or the other financial institutions whose registration place and major operation place is in Hong Kong;

2. It shall have obtained the asset management license from the securities regulator in Hong Kong and have commenced asset management business.

Article 2 In order to apply for RMB Qualified Investors, the applicant shall submit the following application documents through the domestic custodian to the China Securities Regulatory Commission (hereinafter referred to as the CSRC):

1. An application report which sets forth the reasons of application, basic particulars of the applicant and its plan for domestic securities investment. Also, the undertakings to the authenticity, accuracy, completeness and law compliance of such application materials;

2. Photocopy of the institution registration certificate;

3. Photocopy of the license of asset management business issued by the local regulator;

4. Certificate certifying that the major employees of the applicant meet the relevant professional qualification requirements of the residential country or region;

5. Certificate certifying that it has not been imposed of serious penalties by the local regulator in the latest three years or since its establishment;

6. Explanations on sources of funds, and the plan for domestic securities investment;

7. Audited financial report of the latest year;

8. Letter of authorization to the domestic custodian;

9. Other documents required by the CSRC.

The "sources of funds, and the plan for domestic securities investment" as referred to in Paragraph 6 shall include the following contents: sources of funds, the investment quota proposed for application, situations of funds or products to be issued, asset allocation, investment research team, compliance monitoring and other backup operation arrangement, domestic or foreign custodians and securities companies acting as securities dealer etc.

The above-mentioned application documents shall include one original copy and one duplicate copy. If the photocopy of application documents would be submitted, it shall be verified whether such photocopy is consistent with the original copy. If the English versions of application documents would be submitted, a complete Chinese translation of such document shall be also provided. With respect to the financial statement, it is acceptable to translate the auditor's opinions and main statements only.

Article 3 An RMB Qualified Investor shall, within 5 business days upon opening an RMB bank account, submit the formal custody agreement to the CSRC.

Article 4 An RMB Qualified Investor shall entrust the domestic custodian to apply to open a securities account with the China Securities Depository and Clearing Corporation Limited (hereinafter referred to as the China Clear). An RMB Qualified Investor may apply to open more than one securities account, provided that each of such securities accounts shall correspond to each approved RMB bank account.

The RMB Qualified Investor shall open and use its securities accounts according to the business rules of the China Clear and take management responsibilities for such opened accounts.

Article 5 An RMB Qualified Investor may, within the approved investment quota, invest in the following RMB financial instruments:

1. Stocks, securities and warrants transacted or transferred at stock exchanges;

2. Fixed income products transacted in inter-bank bond markets;

3. Securities investment funds;

4. Stock index futures;

5. Other financial instruments approved by the CSRC.

Article 6 Domestic securities investment by foreign investors shall be subject to the shareholding proportion requirements as follows:

1. A single foreign investor's shareholding proportion of a single listed company shall not exceed 10% of such listed company's total shares;

2. All foreign investors' total shareholding proportion of a single A-share listed company shall not exceed 30% of such listed company's total s
hares.

Where a foreign investor makes strategic investment to listed companies according to the Measures for the Administration of Strategic Investments in Listed Companies by Foreign Investors, the shareholding in relation thereto would not be subject to the above-mentioned proportion limitation.

Article 7 Where an RMB Qualified Investor's domestic securities investment meets the information disclosure requirements, such investor shall, as the information disclosure obligor, submit relevant information disclosure contents to stock exchanges.

Article 8 Each RMB Qualified Investor may entrust no more than 3 domestic securities companies at Shanghai Stock Exchange and Shenzhen Stock Exchange respectively to conduct securities transactions.

Article 9 These Measures shall come into effect as of the date of its promulgation. The Regulations on Implementing Pilot Measures for Fund Management Companies and Securities Companies RMB Qualified Foreign Institutional Investors Making Domestic Securities Investment as promulgated on December 16, 2011 shall be simultaneously abolished.