Each of Innovax’s subsidiaries is licensed by the Securities and Futures Commission to conduct business in regulated activities. At the same time, Innovax Capital Limited and Innovax Securities Limited have completed the filing requirements for offshore securities companies engaged in the capacity as sponsor or lead underwriter in an offshore offerings and listings by PRC domestic companies outside of mainland China with China Securities Regulatory Commission as required under the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (境内企业境外发行证券和上市管理试行办法).