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 Notice on Issuance of B Shares by Enterprises

The People's Governments of Provinces, Autonomous Regions, Municipalities directly under the Central Government , Central-Planning Listed Cities, Relevant Departments of The State Council:

In order to further boost the market of home-listed foreign-capital shares (hereinafter referred to as "B shares") and assist domestic enterprises in fund-raising in the B share market, we herewith notify you of relevant issues:

I. The enterprises applying to issue B shares can be state-owned (SOEs), collective-owned and other forms of enterprises. In principle, the enterprises should be incorporated joint-stock limited companies which have carried out standardized operations and satisfied the requirements put forward in "Compulsory Provisions of The State Council on Home-listed Foreign-capital Shares by Joint-stock Companies Limited" and are able to adapt themselves to the demands of international investors. As soon as a company has satisfied all the above requirements, it can issue its B shares.

II. After obtaining approval from governments of provincial level or relevant departments of The State Council, the enterprises applying to issue B shares shall submit to CSRC Data of Application for Issuance of B Shares in compliance with the requirements formulated in "Notice on Printing and Distributing 'Standard Format of Submitted Data of Application by Companies Applying to Issue Home-listed Foreign-capital Shares(B shares)'"( CSRC Document 17(1999)).

III. The underwriting agreement in the data of application for issuance of B shares shall be signed before it is submitted to CSRC and shall take effect after the application is reviewed and approved by CSRC. In case relevant securities dealing institutions fail to sell all the shares within the period prescribed by the underwriting agreement, they shall assume corresponding economic liabilities therewith.