Director 指揮 ： KEITH YUNXI ZHU 朱耘希

Supervisor 監視 ： Jan Olav Fåland 陳天龍

Co-Authors 作者 ： Corbin Christopher Chu, Eduardo Zambrano, Jin-Chen Xiao

EXECUTIVE SUMMARY
行政總結

The Guangdong-Hong Kong-Macao Greater Bay Area Greater Bay Area (GBA) Nansha Industrial Park is a joint venture between the Nansha Government and the Fok Family. The project is being financed with the Bank of China, and foreign investment is being sought to make the industrial park a reality. Nansha Industrial Park is a state-level new area of Guangzhou, and is part of the larger Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which is a part of the Chinese government's Five-Year Plan to secure the future of the region as the "Silicon Valley of Asia". Nansha District is a promising part of this community, aiming to become a leader in experimenting with new mechanisms for an opening economy in the region.
粵港澳大灣區南沙工業園是南沙政府和霍家家族的合資企業。該項目由中國銀行融資，並正在尋找外商投資，以使工業園區成為現實。南沙工業園是廣州市的國家級新區，是更大的廣東-香港-澳門大灣區的一部分，這是中國政府「亞洲矽谷」五年計劃的一部分，以確保該地區的未來。南沙區是這個社區中有前途的一部分，旨在成為該地區開放經濟新機制實驗的領導者。

1

Nansha in Brief
南沙簡介

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) comprises nine Chinese cities and two Special Administrative Regions in South China. Given this area's high levels of growth across multiple sectors, the GBA is a part of the Chinese government's Five-Year Plan to secure the future of the region as the "Silicon Valley of Asia". From mining and agriculture in Zhaoqing, to innovation in Shenzhen and banking in Hong Kong, there is a robust, yet diverse opportunity in the GBA without relying on any single industry. Nansha District is a promising part of this community, aiming to become a leader in experimenting with new mechanisms for an opening economy in the region.
粵港澳大灣區包括中國的9個城市和華南的2個特別行政區。鑑於該地區多個行業的高增長水平，粵港澳大灣是中國政府“五年計劃”的一部分，以確保該地區成為亞洲矽谷的未來。從肇慶的礦業和農業到深圳的創新和香港的銀行業，大灣區在不依賴任何單一行業的情況下，擁有強大而多樣的機會。南沙區很有希望成為該社區的一部分，旨在成為嘗試新的地區開放經濟機制的領導者。

Nansha District's location at the core of the GBA gives way for it to make the most of what the region has to offer as a Free Trade Zone, and Demonstration Zone for Comprehensive Cooperation for the GBA, government spanning municipal to nationwide levels is setting the groundwork for the Greater Bay Area's success for generations to come.
南沙區位於大灣區的核心位置，這使其可以充分利用該地區所提供的東西。鑑於南沙作為大灣區的國家級新區，自由貿易試驗區和綜合合作示範區的激勵地位，從市級到全國級的政府為大灣區子孫後代的成功奠定了基礎。 

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is an influential hub home to over 70 million people, producing 37% of China's exports and encompassing 12% of its gross domestic product. China's prioritization of the GBA is a forward-looking plan to leverage the ambitious growth potential this region holds.
粵港澳大灣區是一個有影響力的樞紐，人口超過7000萬人，佔中國出口的37％，佔國內生產總值的12％。 中國優先考慮大灣區是一項前瞻性計劃，以利用該地區擁有的雄心勃勃的增長潛力。

Central to the region, Nansha District is perched at the front of the GBA's future. As a state-level new area of Guangzhou, Nansha is poised to help synergize the wealth of talent across the GBA, ranging from Shenzhen, home to technology giants such as Tencent and Huawei, to Macao, the center of casino gaming and strategic market for Portuguese-speaking countries. As such, there remains immense potential to lead the interconnection of the Greater Bay Area and invest in the next generation of innovation in China and the world.
南沙區位於該地區的中心，坐落在大灣區的未來之塔上。 作為廣州的國家級新區，南沙有望幫助整合大灣區的豐富人才，從深圳到騰訊，華為等科技巨頭的所在地，再到澳門，澳門是賭場博彩中心和葡萄牙戰略市場 講國家。 因此，在領導大灣區的互聯互通和投資中國乃至世界的下一代創新方面，仍有巨大的潛力。

2

Opportunity
機會

Nansha Development Construction Limited Company (NDCLC), a joint venture between the Nansha Government and the Fok Family, will spearhead the development of Nansha Industrial Park. Financing this project with the Bank of China, NDCLC also seek foreign investment to make the industrial park a reality. Benefitting from the support from the government at local to nationwide levels, as well as the collective knowledge of the NDCLC and THE KEITH & EVEN GROUP, this project will be one of the biggest in the Greater Bay Area and the biggest in Nansha District.
由南沙市政府與霍氏家族合資成立的南沙發展建設有限公司將帶頭髮展南沙工業園。 廣州南沙發展建設有限公司向中國銀行提供了該項目的資金，還尋求外國投資以使工業園區成為現實。 得益於地方政府在全國范圍內的支持以及廣州南沙發展建設有限公司和奕資控股的集體知識，該項目將成為大灣區最大的項目和南沙最大的項目之一 。

While Mainland China further opens its markets to foreign investment, investors abroad still must engage with administrative hurdles that can pose formidable challenges. TKEG's long-standing relationships with legislative and banking institutions are what help make us an ideal partner for foreign investment, whilst understanding local laws and formulating investment opportunities.
儘管中國大陸進一步向外國投資開放市場，但海外投資者仍必須應對可能帶來巨大挑戰的行政障礙。 TKEG與立法和銀行機構的長期合作關係使我們成為外國投資的理想合作夥伴，同時了解當地法律並製定了投資機會。

3

Parties in Brief
合作方簡介

1. Bank of China International (China)
   中銀國際證券

   
   Incorporated in Hong Kong in 1998, Bank of China International (BOCI) is a wholly-owned subsidiary investment banking institution under Bank of China Limited. Headquartered in Hong Kong with offices in Beijing, Shanghai, Shenzhen, London, New York, and Singapore, BOCI provides clients with a full range of investment banking products and services in both mainland China and overseas capital markets, including share issuance, merger and acquisition, bond issuance, fixed-income, private banking, private equity, global commodities, asset management, equity derivatives, and leveraged and structured financing
   中國銀行國際於1998年在香港成立，是中國銀行有限公司的全資子公司。 中銀國際總部位於香港，在北京，上海，深圳，倫敦，紐約和新加坡設有辦事處，為客戶提供中國大陸和海外資本市場的全方位投資銀行產品和服務，包括股票發行，合併和收購， 債券發行，固定收益，私人銀行業務，私人股本，全球商品，資產管理，股票衍生品以及槓桿和結構融資。
   

2. Guangzhou Nansha Development Construction Limited Company
   廣州南沙發展建設有限公司
   
   Established in 1993, the Guangzhou Nansha Development and Construction Co., Ltd (GZNDC). is a large-scale comprehensive development enterprise through collaboration between Hong Kong Fok Yingdong Group and the local Nansha government. The company is committed to the planning, development, and construction of a 22-square-kilometer tract in Nansha. Its business scope covers real estate, tourism, roads and bridges, passenger transport, freight transport, ports, public service facilities, and property management.
   廣州南沙開發建設有限公司成立於1993年。是香港霍英東集團與南沙當地政府合作的大型綜合開發企業。該公司致力於在南沙規劃，開發和建設一個22平方公里的土地。其業務範圍涵蓋房地產，旅遊業，道路和橋樑，客運，貨運，港口，公共服務設施和物業管理。
   
   After years of development and traction, the five-star Nansha Grand Hotel, Nansha Yacht Club, Nansha PassPort Terminal, Puzhou High-tech Development Information Technology Park, among other ambitious projects, have been successfully completed and are now in operation; other completed projects include buildings, such as the Pearl River Delta World Trade Center Building, the International Convention and Exhibition Center, the International Conference Center; tourist attractions and facilities include Nansha Tianhou Temple, Suzhou Water Street, Nansha Beer House, Puzhou Garden, and Puzhou Mountain Park.; public service facilities include Yingdong Middle School and the Nansha Science Museum; municipal facilities include Gangqian Avenue, Commercial Avenue, Xingang Avenue and other municipal roads, and various municipal pipe networks. Infrastructure and environmental construction within a 22-square kilometer area have essentially been completed, and Binhai New City to the east of Nansha has begun to take shape.
   經過多年的發展和牽引，五星級的南沙大酒店，南沙遊艇俱樂部，南沙通行碼頭，蒲州高科技發展信息技術園等雄心勃勃的項目已經成功建成並投入運營。其他已完工的項目包括建築物，例如珠三角世界貿易中心大樓，國際會展中心，國際會議中心；旅遊景點和設施包括南沙天后宮，蘇州水街，南沙啤酒屋，蒲州花園和蒲州山公園。公共服務設施包括應東中學和南沙科學館；市政設施包括崗前大道，商業大道，新港大道和其他市政道路，以及各種市政管網。 22平方公里區域內的基礎設施和環境建設已基本完成，南沙以東的濱海新城已初具規模。
   

3. Fok Family of Hong Kong
   香港霍氏家族
   
   The Fok Family of Hong Kong is among the most influential and well-connected families in Hong Kong and Mainland China.  Their ventures broadly include real estate, casinos, restaurants, petroleum,  technology, and renewable energy. The Fok Family's involvement in Nansha goes beyond profit and is also a local connection to their ancestral roots that tie them to what is now modern-day Guangzhou. 
   香港霍氏家族是香港和中國內地最具影響力和人脈的家族之一。 他們的業務廣泛包括房地產，賭場，飯店，石油，技術和可再生能源。 霍氏家族在南沙的參與不僅超出了利潤範圍，而且與他們的祖傳根源形成了本地聯繫，這些祖傳根源將他們與如今的現代廣州聯繫在一起。
   
   Great efforts towards the development of Nansha began back in 2013, starting with the high-speed rail connecting the region with Hong Kong, several residential complexes, and a new port for cruises and leisure. Nansha's Industrial Park will be, economically speaking, the Crown Jewel of the Fok Family's efforts during the last decade by attracting high technology enterprises from across the globe. 
   早在2013年，南沙就開始為南沙發展做出巨大的努力，首先是連接該地區與香港的高鐵，數個住宅區以及一個新的遊輪和休閒港口。從經濟上來講，南沙的工業園區將成為福氏家族過去十年中通過吸引全球高科技企業而努力的皇冠上的明珠。

3

Governmental Policy
政府政策

1. Chinese Central Government's Strategic Policy in the Greater Bay Area
   中央政府在粵港澳大灣區的戰略政策
   
   Establishing the Greater Bay Area (GBA) is an initiative from the Chinese Central Government to interconnect and align the diverse industries and talents across the region. Whereas cities such as Shenzhen and Hong Kong are recognized as technological and financial centers respectively, there remains the untapped potential for these innovation hubs to collaborate and become greater than the sum of their parts. The strategic policy areas entail the development of technology, streamlining financial systems and infrastructure, all while maintaining the quality of life and the environment. Projects such as the Hong Kong-Zhuhai-Macao Bridge, the longest sea-crossing bridge in the world, are the epitome of China's investment in securing the future of the Greater Bay Area. Whilst other bay areas across the world often build around niches such as technology, manufacturing, or finance, the GBA commands unique opportunities in its multiple developed industries and markets. 
   建立大灣區是中國中央政府的一項舉措，旨在使整個地區的各種行業和人才相互聯繫和統一。 儘管深圳和香港等城市分別被認為是技術和金融中心，但這些創新中心仍具有未開發的潛力，可以合作並變得越來越強大。 戰略政策領域包括在保持生活質量和環境質量的同時，發展技術，精簡金融體系和基礎設施。 世界上最長的跨海大橋香港，珠海，澳門大橋等項目，是中國為確保大灣區未來而進行的投資的縮影。 儘管全球其他海灣地區通常圍繞著技術，製造或金融等利基市場，但大灣區在其多個發達的行業和市場中卻擁有獨特的機遇。
   
   Nansha District's location is naturally strategic, not only residing at the heart of the Greater Bay Area, but also as Guangzhou's principal gateway to the ocean. As such, Nansha not only intersects the expanses of mineral resources from Zhaoqing to the service industries of Hong Kong, but also bridges the major trade areas across continents, such as Europe, the Americas, and Southeast Asia. Nansha's principal industries encompass shipping and logistics, advanced manufacturing, finance and business, high-technological innovation, as well as life sciences and health care. This robust ecosystem of industry and talent is met with Nansha's global recognition as a center for quality living. The area enjoys high-quality educational and health care resources, as well as Nansha Wetland Park, welcoming tens of thousands of migratory birds in the autumn and spring. Given these advantageous characteristics that span geography to industry, innovation with quality of life, Nansha District hovers at the ready to propel through the 21st century and beyond
   南沙區的地理位置自然具有戰略意義，不僅位於大灣區的中心，而且還是廣州通往海洋的主要門戶。因此，南沙不僅與肇慶到香港服務業的礦產資源相交，而且在歐洲，美洲和東南亞等大洲的主要貿易區之間架起了橋樑。南沙的主要產業包括航運和物流，先進製造，金融和商業，高科技創新以及生命科學和醫療保健。這種強大的工業和人才生態系統得到了南沙作為優質生活中心的全球認可。該地區擁有優質的教育和醫療保健資源，以及南沙濕地公園，在秋季和春季歡迎成千上萬的候鳥。鑑於地理，工業，生活質量的創新優勢，南沙區徘徊在準備邁向21世紀及以後的時代。
   

2. Nansha Government Incentive Measures
   南沙政府之獎勵措施

   1. The local Nansha Government seeks to incentivize investment in the region, such as through
      南沙當地政府將給予對改地區投資的獎勵機制，如下

      1. Incentives by Registered Capital
         實際繳納註冊資本獎勵

         • 3 million CNY shall be awarded if the paid-in registered capital is USD $1 million (inclusive) to USD $10 million
           實繳註冊資本100萬美元(含)至1000萬美元的，獎勵300萬元;

         • 6 million CNY shall be awarded if the registered capital is 10 million USD (inclusive) to 20 million US dollars;
           實繳註冊資本1000萬美元(含)至2000萬美元的，獎勵600萬元;

         • 10 million CNY if the registered capital is paid up to 20 million USD (inclusive) to 100 million US dollars;
           實繳註冊資本2000萬美元(含)至1億美元的，獎勵1000萬元;

         • 15 million CNY shall be awarded if the registered capital is 100 million USD (inclusive) to 300 million US dollars;
           實繳註冊資本1億美元(含)至3億美元的，獎勵1500萬元;

         • 20 million CNY shall be awarded if the registered capital is more than USD $300 million.
           實繳註冊資本3億美元(含)以上的，獎勵2000萬元。

      2. Incentives by Registered Tax
         納稅總額獎勵

         • The total amount of tax in our region more than 10 million CNY (including), reward 3 million CNY;
           納稅總額超過1000萬元(含)的，獎勵300萬元;

         • The total amount of tax in our region more than 20 million CNY (including), reward 6 million CNY;
           納稅總額超過2000萬元(含)的，獎勵600萬元;

         • The total amount of tax in our region more than 40 million CNY (including), reward 10 million CNY;
           納稅總額超過4000萬元(含)的，獎勵1000萬元;

         • The total amount of tax in our region more than 80 million CNY (including), reward 15 million CNY;
           納稅總額超過8000萬元(含)的，獎勵1500萬元;

         • The total amount of tax in our region more than 100 million CNY (including), the reward of 20 million CNY.
           納稅總額超過1億元(含)的，獎勵2000萬元。

      3. Business Contribution Incentives
         商業貢獻獎勵

         • For the newly established and recognized headquarters-based enterprises, for 5 consecutive years, enterprises shall be awarded 95% of their economic contributions to our region.
           對新落戶及認定的總部型企業，連續5年給予企業對我區經濟貢獻95%的獎勵。

         • For enterprises that have settled in and integrated into a headquarters type and meet the requirements to be designated as headquarters, the enterprises shall be given 95% of the awards for five consecutive years on the basis of the economic contributions to our region made in the previous year, when they first enjoyed the incentive policy.
           對已落戶、整合成為總部型企業並符合總部認定條件的，以其首次享受獎勵政策的上一年度對我區經濟貢獻為基數，對超基數部分給予企業連續5年95%的獎勵。

         • For enterprises that have been identified as headquarters type, they shall be rewarded for a cumulative period of five years in accordance with 95 percent of their contribution to the economy of our region (including the year of the award already enjoyed).
           對已認定為總部型企業的，按照不超過企業對我區經濟貢獻的95%予以累計5年的獎勵(含已享受的獎勵年份)。

      4. Promotion Upgrade Incentive
         提升能級獎勵

         For regional headquarters upgraded to national headquarters, multinational regional headquarters upgraded to Asia-Pacific or global headquarters,10 million yuan of financial incentives. Identified headquarters enterprises, since the date of recognition, its first time as the top 500 world enterprises, to give a one-time 20 million yuan of financial incentives; its first time as the top 1000 world enterprises, 500 Chinese enterprises, to give a one-time 10 million yuan of financial incentives.
         對區域型總部升級為全國總部的，跨國公司地區總部升級為亞太地區或全球總部的，給予1000萬元的資金獎勵。經認定的總部企業，自認定之日起，其首次被評為世界企業500強的，給予一次性2000萬元的資金獎勵;其首次被評為世界企業1000強、中國企業500強的，給予一次性1000萬元的資金獎勵。

4

Nansha Industrial Park Project
南沙工業園項目

1. A Tech-Focused Industrial Park
   科技創新工業園區

   The park will cover major industries, such as energy-saving and environmental protection, new-generation information technology, bio-medical, high-end equipment manufacturing, new energy, new materials, new energy vehicles; as well as foreign trade industry, high-tech three-dimensional storage, and logistics industry, high-end ecotourism industry, data application industry, among others.
   園區以節能環保、新一代資訊技術、生物、高端裝備製造、新能源、新材料、新能源汽車等7大產業以及外貿產業、高技術立體倉儲與物流產業、高端生態旅遊產業、數據應用產業等組成。

   The park will mainly be used for product design, creativity, research and development, testing, finished product display, among others.
   園區以產業功能為主導用途，主要為產品設計、創意、研發、試驗、成品展示等用途。

2. Project Scale
   項目大小

   Planning of the park shall take into account the requirements for the impact assessment of the location, public infrastructure facilities, and the environment of the leading industrial types for new industrial parks. The construction area for industrial use in the park shall not be less than 50% of the total construction area of the park; the construction area of the industrial and office uses shall not be less than 65% of the total construction area of the park; the building area of the residential use shall not be higher than 20% of the total construction area of the park. And the land area shall not be higher than 15% of the total land area of the park. Bank of China International has been able to fund 66B CNY for part of this project to develop the Nansha industrial park.
   園區規劃要考慮新興產業園主導產業類型對區位、公共基礎配套設施和環境影響評價的要求，園區內產業用途的建築面積不得低於園區計容總建築面積的50%;產業和辦公用途的建築面積不得低於園區計容總建築面積的65%;住宅用途的建築面積不得高於園區計容總建築面積的20%、用地面積不得高於園區總用地面積的15%，用地規模原則上控制在20公頃以內，整體規劃控制一般不超過80公頃。中國銀行國際銀行已為該項目的一部分提供了6.6百億元人民幣的資金，用於開發南沙工業園區。

3. Land and Fund
   土地及資金

   The park generally uses the open listing transfer method to supply land, may set the industry type, the registration address according to the project situation, as well as according to the industry type to set the registered capital, the investment intensity, the land output rate, the after-supply evaluation and so on district investment department to agree the bidding request. Public bidding can also be used to transfer land, bidding content is generally composed of commercial, technical and land price. Encourage the "lease combination, first rent and then let" transfer way to supply land. Publicly determine the winning bidder or bidder, the winning bidder or bidder to lease the land for construction. Guangzhou Nansha Development Limited Corporation holds land valued at approximately 220B CNY, which was used to help provide funding for this project from Bank of China International.
   園區一般採用公開掛牌出讓方式供地，可根據專案情況設定產業類型、註冊地址，以及依據產業類型設定註冊資本、投資強度、土地產出率、供後評價等區招商部門商定的競買要求。也可採用公開招標出讓方式供地，招標內容一般由商務標、技術標和地價標組成。鼓勵“租讓結合，先租後讓”的出讓方式供應土地。以公開方式確定中標人或競得人，中標人或競得人先行租賃土地進行建設。廣州南沙發展有限公司持有的土地價值約為2.2千億元人民幣，用於幫助中國國際銀行為該項目提供資金。

5

Investor Information
投資者信息

1. Investing in Mainland China's High-Growth Regions
   投資中國大陸的高增長地區

   Many are drawn to invest in China for its swift growth and favorable profit margins. Simultaneously, investing in China requires overcoming many administrative hurdles, from an innately protectionist economy to established foreign investment laws. 
   許多人因其快速的增長和良好的利潤率而在中國投資。同時，在中國投資需要克服許多行政障礙，從天生的貿易保護主義經濟到既定的外國投資法。

   As a foreign investor, one must successfully engage with the Administration of Foreign Exchange, which regulates how much capital flows in and out of China, in addition to how a foreign company is allowed to operate and distribute funds. 
   作為外國投資者，除了必須獲准允許外國公司經營和分配資金外，還必須成功與外匯管理局合作，該局管理流入和流出中國的資本額。

   At THE KEITH & EVEN GROUP, our long-standing relationships with legislative and banking institutions make us the ideal partner for foreign investment when moving funds to and from the Mainland. Capitalizing on these opportunities leverage our expertise in local laws to formulate investment opportunities. 
   在奕資，我們與立法和銀行機構的長期合作關係使我們成為將資金往來內地的理想的外國投資合作夥伴。利用這些機會，利用我們在當地法律方面的專業知識來製定投資機會。

2. Opportunities and Risks
   机遇和风险

   1. The benefits of investing in Nansha Industrial Park are manifold
      投資南沙工業園區的好處是多方面的

      1. NDCLC secured £7.52B from government funds.
         南沙發展建設有限公司從政府機構獲得了7.52英鎊的融資

      2. Additional X-term investments will total over £2.28B
         額外的X期投資總額將超過2.28億英鎊

      3. This project will be one of the biggest in the region and the biggest in the city of Nansha.
         該項目將是該地區最大的項目之一，也是南沙市最大的項目

      4. Nansha GDP in 2019 was £19B with year-over-year growth of 10% (highest in the area)
         2019年南沙的GDP為£19B，同比增長10％（該地區最高）

      5. This project's expected costs will be equivalent to 50% of Nansha GDP (as of 2019)
         該項目的預期成本將相當於南沙GDP的50％（截至2019年）

   2. China's New Foreign Investment Law
      中國的新外國投資法

      The new Foreign Investment Law (the “Law”) along with the Implementing Regulations for the Foreign Investment Law (the “Implementing Regulations”) (collectively the “FIL”) have come into force on 1 January 2020.
      新的《外國投資法》（“法律”）以及《外國投資法實施條例》（“實施條例”）（統稱“FIL”）於2020年1月1日生效。

      As stated in Article 1 of the Law, the purpose of the FIL is to further open up the market, encourage foreign investment, enhance the protection of foreign investors and regulate the administration of foreign investment. Overall, the implementation of the FIL is good news to foreign investors wishing to enter the China market. However, the FIL sets out only the general principles and its brevity suggests that the actual implementation practice will depend on further laws and regulations to be issued. Below are some key changes that we wish to highlight and consider to be particularly important to new and existing foreign investors:
      如該法第一條所述，外國投資法的宗旨是進一步開放市場，鼓勵外商投資，加强對外國投資者的保護，規範外商投資管理。總的來說，《外國投資法》的實施對希望進入中國市場的外國投資者來說是個好消息。然而，《外國投資法》僅規定了一般原則，其簡潔性表明，實際實施做法將取決於有待進一步完善的法律法規下發以下是我們希望強調並認為對新的和現有的外國投資者特別重要的一些關鍵變化：

      1. Revamp of Foreign Investment Framework
         外國投資框架之改造

         Upon the commencement of the FIL, the laws governing the three forms of Foreign Invested Enterprises (“FIEs”), namely Equity Joint Ventures (“EJV”), Cooperative Joint Ventures (“CJV”), and Wholly Foreign-Owned Enterprises (“WFOE”), have been repealed. The FIL provides for a five-year transitional period until 31 December 2024 for existing FIEs to arrange for the appropriate changes to their organizational forms and structure for compliance with the new law. These changes naturally have more impact on EJVs and CJVs than WFOEs which do not involve Chinese investors.
         《外商投資企業法》生效後，管轄三種形式的外商投資企業（以下簡稱“外商投資企業”）的法律，即合資企業（以下簡稱“合資企業”）、合作企業（以下簡稱“合資企業”）和外商獨資企業（以下簡稱“外商獨資企業”）已被廢除。《外商投資企業法》規定，現有外商投資企業在2024年12月31日之前有五年的過渡期，以便安排對其組織形式和結構進行適當修改，以符合新法律的規定。與不涉及中國投資者的外商獨資企業相比，這些變化對合資企業和合資企業的影響自然更大。

         The FIL offers greater latitude for foreign investors as they are now subject to the corporate laws which govern domestic entities, i.e. the Company Law or where applicable, the Partnership Law. Certain restrictive provisions under the previous FIE laws have been removed. For example, there is no limitation on the foreign investor’s shareholding ratio as previously required for EJVs and shareholders are free to decide on the proportion for distributions of profits/dividends.
         《外國投資法》為外國投資者提供了更大的自由度，因為他們現在要遵守管理國內實體的公司法，即《公司法》或《合夥企業法》（如適用）。以前的外商投資企業法律中的某些限制性條款已被取消。例如，對於合資企業，外國投資者的持股比例沒有先前要求的限制，股東可以自由决定利潤/股息的分配比例。
         

      2. Equal National Treatment of Foreign Investment
         外國及本國投資同等待遇

         Under the FIL, FIEs are entitled to national treatment in various areas, including
         根據《外商投資法》，外商投資企業有權在各個領域享受國民待遇，包括：

         1. In terms of market access, foreign investors and their investments are entitled to no less favorable treatment than domestic investors outside the “negative list” (which provides a list of prohibited or restricted industries for foreign investment);
            在市場准入方面，外國投資者及其投資享受的優惠待遇不低於“負面清單”以外的國內投資者（負面清單提供了禁止或限制外國投資的行業清單）；

         2. State policies supporting the development of domestic companies apply equally to FIEs;
            國家扶持國內企業發展的政策同樣適用於外商投資企業；

         3. Equal participation of FIEs with domestic companies in the formulation of compulsory standards; Equal participation of FIEs with domestic companies in the formulation of compulsory standards;
            外國企業與國內企業平等參與強制性標準的制定

         4. Participation of FIEs in government procurement activities through fair competition;
            外商投資企業通過公平競爭參與政府採購活動。

         5. Products manufactured and services provided by FIEswithin China shall enjoy equal treatment in government procurement.
            外商投資企業在中國生產的產品和提供的服務，在政府採購中享有同等待遇。

         With the promise of equal national treatment, the FIL offers a level playing field for foreign investors.
         國際勞工組織承諾平等的國民待遇，為外國投資者提供了一個公平的競爭環境。
         

      3. Enhanced Flexibility and Protection of Foreign Investors
         對外國投資者的保護及便利度之加強
         
         Prior to the implementation of the FIL, FIEs may only contribute capital by way of cash and specific property rights. The FIL now permits foreign investors to contribute capital with equity rights, which, in other words, means that share swaps is possible in M&A transactions. FIEs are now expressly subject to the same rules as domestic companies in the context of corporate finance. As such, we expect to see a significant increase in the number of public offerings of FIEs in the coming years.
         在《外商投資企業法》實施前，外商投資企業只能以現金和特定產權出資。FIL現在允許外國投資者以股權出資，換句話說，這意味著在並購交易中可以進行股份交換。在公司融資方面，外商投資企業現在明確遵守與國內公司相同的規則。囙此，我們預計未來幾年外商投資企業的公開發行數量將大幅增加。

         The Implementing Regulations explicitly provide that administrative authorities shall not force foreign investors or FIEs to transfer technologies and violators will be subject to penalties. Further, infringers of intellectual property rights will be held strictly liable according to the law. The FIL also restricts expropriation against foreign investment and provides assurance to foreign investors on remittance of lawful income outside China. Such provisions appear to be an attempt to address some of the most common concerns among foreign investors and to thereby attract foreign investments.
         《實施條例》明確規定，管理部門不得強迫外國投資者、外商投資企業轉讓科技，違者將受到處罰。此外，知識產權侵權人將依法承擔嚴格責任。《外國投資法》還限制對外國投資的徵收，並為外國投資者將合法收入匯往中國境外提供擔保。這些規定似乎是為了解决外國投資者最普遍關切的一些問題，從而吸引外國投資。

6

Method of Investment
投資方式

THE KEITH & EVEN GROUP will facilitate all capital movements and regulatory interactions. We have three different methods to direct investment towards the development of Nansha Industrial Park.
奕資控股將促進所有資本流動和監管互動。我們有三種不同的方式來吸引投資以發展南沙工業園

1. Direct Investment as a Foreign Entity (Establishing a fund in China)
   以境外實體進行直接投資 (在中國建立資金）
   
   Businessmen who want to can register a private investment fund, which is defined by the fact that the financial assets are raised from non-public sources. As a general rule, the private investment funds are not required to receive an approval for their activity, but they should register at the Asset Management Association of China (AMAC); can provide more details in this sense.  The main regulatory body for the investment vehicles available here is the China Securities Regulatory Commission (CSRC).
   想要注册私人投資基金的商人可以注册私人投資基金，這是由金融資產從非公共來源籌集的事實來定義的。一般來說，私人投資基金的活動不需要獲得批准，但它們應該在中國資產管理協會（AMAC）注册；可以提供這方面的更多細節。這裡提供的投資工具的主要監管機构是中國證監會（中國證監會）。
   

   1. Types of investment funds in China
      在中國的投資基金種類
      
      Retail funds and non-retail funds can be established in China, under the supervision of the Securities Investment Funds Law of the People’s Republic of China. Open-ended and closed-ended funds are also available and at the disposal of international investors in China, however, foreign retail funds cannot be registered or marketed in China. In the case of retail funds, these can be divided into hybrid funds, equity funds debt funds, money market funds or qualified domestic institutional investor funds.
      在《中華人民共和國證券投資基金法》的監督下，可以在中國境內設立散戶基金和非散戶基金，也可以設立開放式和封閉式基金，供國際投資者在中國境內使用，但外國散戶基金不得在中國境內注册或上市。就散戶基金而言，可分為混合型基金、股票型基金、債務型基金、貨幣市場基金或合格境內機構投資者基金。
      

   2. Regulatory Framework for Funds in China
      在中國基金之法規結構

      
      CSRC is the main regulatory body for funds in China and the institution that approves the registration of funds in this country. For instance, an investment fund is approved by CSRC if the senior officers of a Fund Management are appointed. The following set of regulations is part of the New Funds Law in China
      中國證監會是我國基金的主要監管機构，是準予基金在我國注册的機构。例如，如果任命了基金管理公司的高級管理人員，則投資基金須經中國證監會準予。以下是中國新基金法的一部分：

      • Administrative Measures on the Qualification Requirements for Senior Officers of Securities Investment Funds Management Companies.
        證券投資基金管理公司高級管理人員任職資格管理辦法。

      • Administrative Measures on the Information Disclosure of Securities Investment Funds.
        證券投資基金資訊披露管理辦法

      • Administrative Measures on the Operation of Securities Investment Funds.
        證券投資僅僅運作管理辦法

      • Administrative Measures of Securities Investment Fund Management Companies.
        證券投資基金管理公司管理辦法

      • Administrative Measures on the Marketing Securities Investment Funds.
        證券投資基金行銷管理辦法
        
        

   3. Fund licenses in China
      中國基金執照

      
      Closed-ended and open-ended funds established to register and offer retail funds must be approved by the CSRC if the contract is drafted, if an application letter is made and if the legal opinion is issued by the People’s Republic of China’s legal counsel. Also, the fund prospectus and the custodian agreement need to be drafted. Once the CSRC approves the above-mentioned documents, the fund manager can publish the prospectus and offer fund units to investors. Commercial banks, insurance institutions, securities investment consultancy agencies, and independent fund distribution institutions can promote retail funds in China, only if these are approved by CSRC.
      設立封閉式和開放式基金，注册發行散戶基金，起草契约、出具申請書、出具法律意見書的，必須經中國證監會準予。此外，還需要起草基金招募說明書和託管協議。中國證監會核准上述檔案後，基金管理人可以發佈招股說明書，向投資者發售基金份額。商業銀行、保險機構、證券投資諮詢機構、獨立基金發行機构等，經中國證監會準予，方可在中國推廣零售基金。
      

2. Invest Through Hong Kong SAR
   透過香港特區進行投資
   

   Capital movements to and from Hong Kong SAR to Chinese Mainland are less scrutinized but still problematic for foreign parties. 
   来往于香港特别行政区至中国大陆的资本转移受到的审查较少，但对于外国各方仍然存在问题。

   TKGE provides its investors with complete support of moving capital from abroad and thru every region in the People's Republic of China as we know the regulations and requirements to make an effective transaction. 
   奕資为投资者提供了从国外到中国各地的资金转移的完全支持，因为我们知道进行有效交易的法规和要求。

7

TKEG Solution
奕資解決方案

Taking into account both scenarios, there are no major capital movement restrictions between UK and Hong Kong SAR. It depends on the investors preference whether to start its investment directly in our subsidiary TKGE UK offices or directly with TKGE headquarters in Hong Kong SAR.
考虑到这两种情况，英国和香港特别行政区之间没有重大的资本流动限制。直接在我们的子公司奕資英國办事处或直接在奕資香港特别行政区总部开始投资，取决于投资者的偏好。

All the complex capital movements will be covered by TKGE to and from Chinese Mainland.
奕資将涵盖往返于中国大陆的所有复杂资本流动。

1. Free Capital Movement Between Macau and Henagqin
   與澳門及橫琴間之自由資金流動

   Hengqin  is an island in Zhuhai, a prefecture-level city and Special Economic Zone in Guangdong Province of the People's Republic of China. 横琴是位于中国广东省地级市和经济特区珠海的一个岛屿。

   TKEG provides investors easy transactions of capital across the globe; in this particular case, it is possible to obtain benefits by using the route Macau-Hengqin  
   奕資为投资者提供了轻松的全球资本交易； 在这个特定的情况下，有可能通过使用路线澳门横琴获取利益

   1. Preferential Tax Policies
      税收优惠政策

      • Companies that are qualified to establish in Hengqin are entitled to a 15% reduction in income taxes.
        有资格在横琴成立的公司有权减收15％的所得税。

      • The exchange of goods between companies in Hengqin New Area is exempted from value-added tax or consumption tax.
        横琴新区公司之间的货物交换免征增值税或消费税。

      • Hong Kong and Macao residents working in Hengqin New Area only need to pay personal income tax on a par with what they pay in Hong Kong or Macao.
        在横琴新区工作的港澳居民只需缴纳与在香港或澳门所缴纳的税额相同的个人所得税。

      • Products manufactured in Mainland China and sold to Hengqin New Area are considered exports, and as such, they are eligible for tax rebates.
        在中国大陆制造并出售给横琴新区的产品被视为出口，因此有资格获得退税。

   2. Innovative Financial Policies
      创新财务政策

      • Financial institutions in the Hengqin New Area are allowed to set-up offshore foreign currency business and start pilot projects such as the development of "Land Trust Fund" and conversion of currencies by individuals. On the other hand, companies are allowed to participate in the cross-border CNY settlement to encourage financial institutions further to develop offshore CNY business in Hengqin.
        允许横琴新区的金融机构开展离岸外币业务，并启动试点项目，例如“土地信托基金”的开发和个人货币的兑换。 另一方面，允许公司参与人民币跨境结算，以鼓励金融机构进一步在横琴发展离岸人民币业务。

      • To support qualified development and operational institutions in Hengqin to issue debt financing instruments or bonds through the country's banking system.
        支持横琴的合格开发和运营机构通过该国的银行系统发行债务融资工具或债券。