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Chinese enterprises who plan to invest overseas must disclose their ultimate controlling shareholder, the National Development and Reform Commission said on Sunday, China News Services reported.

According to “Management methods of Chinese enterprises’ overseas investment” released by the NDRC, when the investment body is a company or partnership business, or a number of investment entities jointly carry out overseas investment, they must provide the equity structure chart which would identify the actual controller of the investment body.

The Commission emphasized that the investment entity should make a reasonable and sufficient explanation, and provide additional necessary information when the equity structure chart is difficult to trace to the ultimate actual controller.

Also, for a limited corporation, both the top five shareholders and shareholders holding more than 10% of the stake, must be disclosed.