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PROVISIONS FOR THE ALTERATION OF INVESTORS’ EQUITIES IN FOREIGN-FUNDED ENTERPRISES (Promulgated by the Ministry of Foreign Trade and Economic Cooperation and the State Administration of Industry and Commerce on May 28, 1997) Article 1 These provisions are formulated hereby pursuant to the Company Law of the People’s Republic of China, the Law of the People’s Republic of China on Sino-Foreign Equity Joint Ventures, the Law of the People’s Republic of China on Contractual Joint Ventures, the Law of the People’s Republic of Foreign-funded Enterprises, and other pertinent laws and regulations to promote the healthy development of foreign-funded enterprises, protect the legitimate rights and interests of investors, and maintain social and economic order. Article 2 Alteration of investors equities in foreign-funded enterprises as used in these Provisions refers to alteration of investors of Sino-foreign equity joint ventures, Sino-foreign contractual joint ventures, foreign-funded enterprises set up on the territory of the People’s Republic of China (hereinafter referred to as the enterprise) or their shares (hereinafter referred to as equities) of investment in the enterprise (including terms of cooperation they provide). It will include, but will not limit to, the following major factors leading to alteration of investors’s equities in foreign-funded enterprises: 1. Agreed transfer of equities between investors in the enterprise. 2. Transfer of equities to other related enterprises or other transferees by an investor in the enterprise with agreement from other investors. 3. Alteration of equities of each investing party due to readjustment of registered capital of the enterprise agreed to by investors in the enterprise. 4. Ownership of equities of investors by pledgees or beneficiaries in accordance with legal terms or contracts that have been pledged by investors in the enterprise to creditors with agreement from other investors. 5. Ownership of equities by in