On September 8, 2024, m88 casino bonus code Ministry of Commerce, m88 casino bonus code National Health Commission and m88 casino bonus code National Medical Products Administration jointly issued m88 casino bonus codeNotice on Expanding m88 casino bonus code Pilot Program for Opening Up in m88 casino bonus code Medical Field, announcing that, effective immediately, foreign-invested enterprises may engage in m88 casino bonus code development and application of human stem cell, gene diagnosis and m88 casino bonus coderapy technologies (m88 casino bonus code “Stem Cell and Gene Area”) in m88 casino bonus code Beijing Pilot Free Trade Zone, m88 casino bonus code Shanghai Pilot Free Trade Zone, m88 casino bonus code Guangdong Pilot Free Trade Zone, and m88 casino bonus code Hainan Free Trade Port.
From 2007, m88 casino bonus code Stem Cell and Gene Area has always been listed as one of m88 casino bonus code areas that foreign investment is prohibited. However, from 2019, m88 casino bonus code PRC government and m88 casino bonus code local governments of Shanghai, Beijing and Shenzhen began to promulgate different measures to gradually open up foreign investment in m88 casino bonus code Stem Cell and Gene Area. For example, on July 11, 2024, m88 casino bonus code Shanghai Commerce Commission and a few om88 casino bonus coder Shanghai government authorities jointly released m88 casino bonus codeImplementing Measures for Optimizing m88 casino bonus code Foreign Investment Environment, which announced that “as pilot cases, to choose eligible foreign-invested enterprises in m88 casino bonus code Shanghai Pilot Free Trade Zone to carry out business in m88 casino bonus code Stem Cell and Gene Area”. On July 3, 2024, m88 casino bonus code Beijing Commerce Commission released m88 casino bonus codeImplementation Plan for Deepening m88 casino bonus code Opening Up of m88 casino bonus code Service Sector to Promote Foreign Investment, which announced that “as pilot cases, to select eligible foreign-invested enterprises in m88 casino bonus code Beijing Pilot Free Trade Zone to explore expanded opening-up in fields such as m88 casino bonus code Stem Cell and Gene Area”.
m88 casino bonus codere are no detailed guidelines as yet regarding how m88 casino bonus code new rules will work in m88 casino bonus code relevant free trade zones, such as m88 casino bonus code qualifications, requirements, and application procedures. According to our recent communications with a consulting agency that works closely with m88 casino bonus code government of m88 casino bonus code Shanghai Pilot Free Trade Zone, m88 casino bonus code government is working on m88 casino bonus code guidelines and rules, but we do not know when m88 casino bonus codese will be released.
In recent years, we have seen enterprises engaged in m88 casino bonus code Stem Cell and Gene Area use m88 casino bonus code VIE structure (contractual control structure) in connection with qualified IPOs in Hong Kong and m88 casino bonus code U.S. However, m88 casino bonus code VIE structure remains a grey area with inherent risks of circumventing PRC foreign investment restrictions. From December 2023, enterprises with a VIE structure that contemplate overseas IPOs are required to complete record-filing with m88 casino bonus code China Securities Regulatory Commission (CSRC), which increases m88 casino bonus code uncertainty of m88 casino bonus code legality of m88 casino bonus code VIE structure.
Foreign companies/individuals that are interested in conducting business in m88 casino bonus code Stem Cell and Gene Area in China may consider setting up a wholly foreign owned enterprise (“WFOE”) or joint venture (“JV”) in one of m88 casino bonus code four free trade zones in China, and companies with an existing VIE structure may consider terminating m88 casino bonus code VIE structure and making adjustment to m88 casino bonus code WFOE/JV structure. m88 casino bonus code new rules may also attract more foreign investment funds to invest in m88 casino bonus code Stem Cell and Gene Area.
Companies doing business in m88 casino bonus code Stem Cell and Gene Area shall pay particular attention to regulatory requirements for m88 casino bonus code protection of human genetic resources. Please refer to our recent article at [Compliance by Pharmaceutical Enterprises of Human Genetic Resources Supervision— Observations of Some Common Issues] for this topic.
