On July 21, the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) released the Measures on the Calculation of Turnovers for the Notification of Concentrations of Business Operators in the Financial Industry (“Measures”). These Measures were jointly issued by MOFCOM, the People’s Bank of China, the China Banking Regulatory Commission (“CBRC”), the China Securities Regulatory Commission and the China Insurance Regulatory Commission. The Measures are key tools used in determining which

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