China Securities Regulatory Commission promulgated its Measures for the Administration of Offering and Underwriting of Securities with document CSRC Order [2006] No. 37 on 17 September 2006, which will be implemented as of 19 September 2006.

Meanwhile, these regulations such as the Measures for the Administration of the Underwriting Business of Securities of Securities Operation institutions (Zheng Wei Fa [1996] No. 18), Circular on Prohibition of Misconduct in Offering of Shares (Zheng Jian Fa Zi [1996] No. 21), Circular on Prohibition of the Actions Including Overdraft in Offering of Shares (Zheng Jian Fa Zi [1996] No. 169), Circular on Prohibition of Subscription by the Securities Operation Institutions of the Shares Underwritten by Themselves (Zheng Jian Ji Zi [1997] No. 4), Circular on Strengthening the Regulatory Works Concerning the Securities Underwriting Businesses of the Securities Operation Institutions (Zheng Jian Ji Gou Zi [1999] No. 54), Circular on Issues Concerning the Allotment of Shares with Legal Persons 9(Zheng Jian Fa Xing Zi [1999] No. 121), Circular on Issues Concerning the Listing Arrangement of Shares (Zheng Jian Fa Xing Zi [2000] No. 86), Supplementary Circular on the Regulatory Works Concerning the Securities Underwriting Businesses of the Securities Operation Institutions (Zheng Jian Ji Gou Zi [2000] No. 199), Circular on Corporate Promotion by the Offering Company of New Shares via Internet (Zheng Jian Fa Xing Zi [2001] No. 12), and Circular on Several Issues Concerning Pilot Implementation of the Pricing Inquiry System of IPO Stocks (Zheng Jian Fa Xing Zi [2004] No. 162) will be repealed  at the same time.

These Measures are promulgated, according to its preamble, in order to regulate the offering and underwriting of securities and the protection of the lawful rights and interests of investors.

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