With the approval of the State Council, the CSRC, the MOF and the PBC promulgated the Measures for the Administration of Securities Investor Protection Fund (the “Measures”) in June 2005, which provides for the establishment of the wholly state-owned China Securities Investor Protection Fund Corporation Limited (hereinafter “SIPF”) and the articles of association of the SIPF. On August 30, 2005, SIPF was registered with the State Administration for Industry and Commerce, with a registered capital of RMB 6.3 billion that is provided by the State Council through the MOF. SIPF is subordinate to the CSRC.