On 1 June 2023, the Measures on the Standard Contract for Outbound Transfer of Personal Information (the “Measures”) issued by the Cyberspace Administration of China(CAC) comes into force. The Measures shall be implemented by all “personal information processors” in China (which usually refers to any organization or individual that transfers personal information outside the territory of the PRC). The Measures is a supporting legislative document to the Personal Information Protection Law (“PIPL”). Unless otherwise specified, normal personal information processors may choose to use the Standard Contract for Outbound Transfer of Personal Information (“Standard Contract”) attached to the Measures to conclude a contract with the personal information recipient outside China and apply for filing with the cyberspace administration at the provincial level, thereby meeting the compliance requirements for the outbound transfer of personal information in a relatively simple way.

After foreign enterprises establish their subsidiaries in China (foreign invested en-terprises, the “FIEs”), such FIEs often find it difficult to obtain financing support from overseas finance institutions due to the foreign exchange control and loan restrictions. Therefore, financing directly within China is crucial. For some medium-sized enterprises and start-ups, when their business expands or grows to a particular size, going public may be a viable financing option to take into account. In practice, some FIEs have suc-cessfully listed and financed in China’s stock market, such as Beijing WKW Automotive Parts Co., Ltd. , Xiamen Cankun Industrial Co., Ltd. , AA Industrial Belting (Shanghai) Co., Ltd. , NBTM New Materials Group Co., Ltd. . FIEs listed after the promulgation of the Foreign Investment Law of the People's Republic of China (the "Foreign Invest-ment Law") include Zelgen Biopharmaceuticals , APsystems , etc.

The paper version of the business license owned by a company registered in China now is divided into one original and one duplicate. In addition to this, employees from different departments of a company need to use different media when logging into the systems of different national government departments. For example, the company's administrative staff needs to use a CA (i.e. One-Card-Pass, an U-key to connect with governmental system) for the disclosure of the company’s annual report and the finance staff needs to use a tax U-key to log into the E-tax Bureau.