The General Office of the State Administration for Market Regulation ("SAMR") issued the Circular on Launching and Operating the National Market Regulation Business System for the Registration of Pledge on Movable Property First in Some Regions (the "Circular").

From August 31, 2018, the National Market Regulation Business System for the Registration of Pledge on Movable Property will be initially launched for operation by the administrative bureaus for industry and commerce in Beijing, Liaoning, Shanghai, Jiangsu, Zhejiang, Guangxi, Shaanxi Province and Wuhan City.

Further, the relevant documents including the Registration Certificate of Pledged Movable Property, issued after the approval is granted by the system, shall have the same legal effect with those offered on the spot. However, the on-site registration is still acceptable. The Circular requires that the registration shall be published and disclosed in time and to ensure the convenience to consult information on the registration. Information about the pledged movable property registered through the system will be automatically gathered together into the National Enterprise Credit Information Publicity System, instead of collection by local regions; the registry shall, in principle, input information on the pledged movable property registered on the spot, into the system immediately on the spot and make it public.

If you have any question, please contact me.

Mr. Mike Chang

TEL: 0086-21-68868321 / FAX: 0086-21-68868021