ISSUING AUTHORITY:

Shanghai Municipal People's Congress

DATE OF ISSUANCE:

November 23, 2023

EFFECTIVE DATE:

December 1, 2023

On November 23, 2023, the Decision of the Standing Committee of Shanghai Municipal People's Congress on Amending the taptap点点(the “Decision”) was published on the website taptap点点 Shanghai Municipal People's Congress, which shall become effective as of December 1, 2023.

In according with the Decision, 37 provisions taptap点点 are taptap点点 (the “taptap点点 Regulations”). Specifically, the taptap点点 Regulations emphasize benchmarking against the new business environment evaluation system developed by and set out new requirements for property rights protection, optimizing financing environment for small and medium-sized enterprises, implementing policies of benefiting enterprises, improving the systems for business dispute resolution and bankruptcy, regulating law enforcement and other aspects. The need to support enterprises and other business entities to carry out practices for sustainable environmental, social and governance development and protect legitimate rights and interests of small and medium shareholders is also specified in the taptap点点 Regulations. In addition, the overseas emergency assistance mechanism for intellectual property rights of enterprises, the system for trade secret protection and the system for clarifying information on legal proceedings of small and medium-sized enterprises will be established and improved and the fiscal regulations on policies of benefiting enterprises will be perfected.

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