No.

Special Management Measures

I. Agriculture, forestry, animal husbandry and fishery

1

The Chinese Party for the selection of new wheat varieties and seed production shall hold no less than 34% of the shares, and the selection of new corn varieties and seed production must be controlled by the Chinese Party.

2

Investment in research and development, cultivation and plantation of Chinese rare and unique precious fine varieties, as well as manufacturing of the relevant propagative materials, (including excellent genes of planting, husbandry and aquaculture), shall be prohibited.

3

Investment in breeding genetically modified varieties of crop seeds, livestock and poultry breeds and aquatic breeds, as well as manufacturing of genetically modified seeds (seedlings) thereof, shall be prohibited.

4

Investment in the fishing of aquatic products in sea areas under Chinese jurisdiction and within Chinese territorial waters shall be prohibited.

II. Mining

5

Investment in exploration, mining and beneficiation of rare earth, radioactive minerals and tungsten shall be prohibited.

III. Manufacturing

6

Printing of publications must be controlled by the Chinese Party.

7

It is prohibited to invest in the application of steaming, stir-frying, moxibustion, calcination of Chinese herbal medicines and other processing techniques as well as the production of confidential prescription products of proprietary Chinese medicines.

8

Except for special purpose vehicles, new energy vehicles and commercial vehicles, the Chinese party in complete automobile manufacturing shall hold not less than 50% of the shares; a foreign investor may establish two or less equity joint ventures in China to manufacture the same type of complete automobile products. (The restriction on the shareholding percentage of foreign investors in the manufacturing of passenger cars and the restriction that one foreign investor may establish two or less joint ventures in China to manufacture the same type of vehicles will be removed in 2022)

9

Satellite television broadcasting ground receiving facilities and key components production.

IV. Production and supply of electricity, heat, gas and water

10

For the construction and operation of nuclear power plants, the Chinese Party shall hold the controlling stake.

V. Wholesale and retail trade

11

Investment in wholesale, retail of tobacco, cigarettes, redried leaf tobacco and other tobacco products shall be prohibited.

VI. Transportation, warehousing and postal industries

12

The Chinese Party must control domestic water transport companies.

13

The Chinese Party shall hold the controlling stake of public air transport companies. The investment ratio of a foreign investor and its affiliates shall not exceed 25%, and the legal representative shall be a Chinese citizen. The legal representative of a general airline must be a Chinese citizen. General airlines for agriculture, forestry and fishery are subject to the form of equity joint venture. Other general airlines are subject to the controlling stake held by the Chinese Party.

14

For the construction and operation of civil airports, a comparative controlling stake shall be held by the Chinese Party. Foreign parties may not participate in the construction and operation of the airport tower.

15

Investment in postal companies and domestic express mail business shall be prohibited.

VII. Information transmission, software and information technology services

16

Telecommunications companies are subject to the provision of telecommunications services opened up pursuant to China's WTO commitments; the foreign share ratio for value-add telecommunications services (except for e-commerce, domestic multi-party communications, storage-forwarding and call centres) shall not exceed 50%; and the Chinese party shall hold the controlling stake for basic telecommunications services.

17

Investment in Internet news service, Internet publishing service, Internet audio-visual program service, cyberculture operation (except for music) and Internet information dissemination service (except for contents opened up in China's WTO commitments) shall be prohibited.

VIII. Leasing and business service

18

Investment in Chinese legal matters (except for providing information on the impact on the Chinese legal environment) shall be prohibited. A foreign investor shall not be appointed as a partner of a domestic law firm.

19

Market surveys shall only be limited to the form of equity joint venture; for radio and television rating survey therein, controlling stake shall be held by the Chinese Party.

20

Investment in social surveys shall be prohibited.

IX. Scientific research and technical services

21

It is prohibited to invest in developing and applying human stem cells and gene diagnosis and treatment technologies.

22

It is prohibited to invest in humanities and social science research institutions.

23

It is prohibited to invest in geodetic surveying, marine surveying and mapping, aerial photography for surveying and mapping, ground motion surveying, surveying, and mapping administrative boundaries, preparation of topographic maps, world administrative area maps, national administrative area maps, maps of administrative areas at or below the provincial level, national teaching maps, local teaching maps, true three-dimensional maps and electronic navigation maps; and regional geological mapping, mineral geology, geophysics, geochemistry, hydrogeology, environmental geology, geological disasters, rem otesensing geology and other surveys (The mining right holders are not subject to these special administrative measures when carrying out work within the scope of their mining rights).

X. Education

24

Pre-school education, ordinary high school and higher education institutions are subject to Sino-foreign cooperative education and must be led by the Chinese Party (the president or the chief executive shall have Chinese nationality, and the Chinese Party shall comprise not less than half of the council, board or joint administrative committee).

25

It is prohibited to invest in compulsory education institutions or religious education institutions.

XI. Health and social work

26

Medical institutions are limited to the form of joint venture.

XII. Culture, sports and entertainment

27

It is prohibited to invest in news organizations (including but not limited to news agencies).

28

Investment in editing, publishing and production of books, newspapers, periodicals, audio-visual products and electronic publications shall be prohibited.

29

Investment in various levels of radio stations, television stations, radio and television channels (frequencies), radio and television transmission network (transmitter stations, relay stations, radio and television satellites, satellite uplink stations, satellite receiving stations, microwave stations, surveillance stations and cable radio and television transmission network, etc.) shall be prohibited. It is also prohibited to engage in the business of video broadcasting by order of radio and TV and the installation services of ground receiving facilities for satellite TV broadcasting.

30

Investment in companies producing and operating radio and television programmes (including the introduction of businesses) shall be prohibited.

31

Investment in film production companies, distribution companies, cinema companies and film importation business shall be prohibited.

32

Investment in auction companies for heritage auction, heritage stores and State-owned heritage museums shall be prohibited.

33

Investment in performing arts groups is prohibited.