Circular issued by the Ministry Of Foreign Trade And Economic Co-operation ("<B>MOFTEC</B>"), the State Administration of Taxation, the State Administration for Industry and Commerce ("<B>SAIC</B>") and the State Administration of Foreign Exchange ("SAFE") jointly on 30 December 2002 (the "Circular"), requires all PRC companies, in which foreign investors hold or have contributed less than 25% of the registered capital, to be examined, approved and registered in accordance with the relevant law