FenXun Partners (Bao Zhi, Wang Yingzhe, Zhang Xiaofen and Ma Weiyuan) represented a Sino-foreign joint venture in its restructuring into a foreign-invested holding company and capital increase in the amount of USD300 million. This matter involved discussions and agreements with the approval authority, believed to be of first impression, regarding the grandfathering of such joint venture's subsidiaries' status as purely domestic entities.