On December 29, 2023, the Standing Committee of the National People's Congress (the "NPC") formally adopted revisions tothe Company Law of the People's Republic of China(the "Revised Company Law"), which will come into effect on July 1, 2024. China's Company Law was first adopted in 1993 and has since undergone several rounds of revisions over the last 30 years. The Revised Company Law features a comprehensive overhaul of the current Company Law, as it substantively revises around 40% of the provisions of the current Company Law. There are various reasons for revising the current Company Law, which include: (i) the need to address certain practical issues and challenges; (ii) the demand for keeping up with the ever-evolving society and economy; and (iii) the aim to foster a more adaptive corporate legal regime to develop a better and healthier business environment.