BlockBeats report: On June 1, the State Council of China issued the "State Council Regulations on Overseas Investment," Article 27 of which stipulates: If investors fail to comply with the required procedures for approval or filing of overseas investments, or apply for such approvals or filings by submitting false materials or concealing true information, the approval or filing authority shall order them to rectify the violation, confiscate any illegal gains, and impose a fine of 1‰ to 5‰ of the investment amount; if they refuse to rectify, they shall be ordered to cease the investment activity and dispose of their shares and assets within a specified period, and be fined between 5‰ and 10‰ of the investment amount. Directly responsible supervisors and other directly responsible personnel shall be fined between RMB 20,000 and RMB 50,000.
If an investor obtains overseas investment approval or filing through improper means such as bribery or fraud, the approving or filing authority shall revoke the approval or filing documents, confiscate illegal gains, and impose a fine of 1‰ to 5‰ of the investment amount. If the investment has already been made, the investor shall be ordered to cease the investment activity and dispose of shares and assets within a specified period, and shall be fined 5‰ to 10‰ of the investment amount. Directly responsible supervisors and other directly responsible personnel shall be fined between RMB 20,000 and RMB 50,000.