65438 On February 29th, 2023, the seventh session of the 14th the National People's Congress Standing Committee (NPCSC) passed the newly revised Company Law, which came into force on July 29th, 2024. The new "Company Law" has improved the subscription registration system of limited liability companies, and made it clear that the capital subscribed by all shareholders should be fully paid by shareholders within five years from the date of establishment of the company in accordance with the provisions of the articles of association. At the same time, if the company registered and established before the implementation of the new company law exceeds the time limit prescribed by this law, it shall be gradually adjusted to the time limit prescribed by this law, except as otherwise stipulated by laws, administrative regulations or the State Council; If the term and amount of capital contribution are obviously abnormal, the company registration authority may require them to make timely adjustments according to law. The specific implementation measures shall be formulated separately by the State Council.