General Provisions of Regulations of the Public Offering Review Committee (PORC) of the China Securities Regulatory Commission (CSRC)(August 19, 1999)

Article 1 In order to guarantee the openness, fairness and justice of public offering reviews and improve the quality and transparency of public offering reviews, Regulations of the Public Offering Review Committee of China Securities Regulatory Commission (the Regulations) are hereby stipulated according to the Article 14 of the Securities Law of the People's Republic of China.

Article 2 The China Securities Regulatory Commission (the CSRC) establishes the Public Offering Review Committee (hereinafter referred to as the PORC) to review, according to the legal conditions, the applications for stock issuances, vote on the said applications, and propose the review comments.

The CSRC shall, based on the review comments from the PORC, examine and approve the applications for stock issuances according to the legal conditions. The open proceedings of examination and approval shall be adopted so as to impose the legal supervision.