Announcement of the Ministry of Finance and the State Taxation Administration on Matters Concerning the Transition of VAT Preferential Policies Following the Implementation of the Value-Added Tax Law
Announcement of the Ministry of Finance and the State Taxation Administration on Matters Concerning the Transition of VAT Preferential Policies Following the Implementation of the Value-Added Tax Law
Announcement of the Ministry of Finance and the State Taxation Administration on Matters Concerning the Transition of VAT Preferential Policies Following the Implementation of the Value-Added Tax Law
Announcement of the Ministry of Finance and the State Taxation Administration [2026] No. 10
January 30, 2026
To ensure the transition of value-added tax (VAT) preferential policies after the implementation of the Value-Added Tax Law of the People's Republic of China (hereinafter referred to as the "Value-Added Tax Law"), and to continue the existing rules and practices, the relevant matters concerning VAT preferential policies are hereby announced as below:
I. Standards for VAT Thresholds
From January 1, 2026, to December 31, 2027, the following VAT thresholds shall apply to small-scale taxpayers engaging in taxable transactions:
(1) For a tax period of one month, the threshold shall be a monthly sales revenue of CNY100,000. For a tax period of one quarter, the threshold shall be a quarterly sales revenue of CNY300,000.
(2) For tax payment on a per-transaction basis, the threshold shall be sales revenue of CNY1,000 per transaction (day). If multiple taxable transactions occur within one day, the daily threshold standard shall apply.
For small-scale taxpayers engaging in taxable transactions, where the sales revenue is calculated based on the balance after deducting relevant amounts in accordance with relevant regulations, or where the tax payable is calculated based on the balance after deducting relevant amounts from the tax-inclusive sales revenue, the VAT thresholds specified in this article shall apply to the tax-exclusive balance after deducting relevant amounts.
II. Items Exempt from VAT
(I) From January 1, 2026, the following items shall be exempt from VAT:
1. Agricultural products sold by agricultural producers.
The term "engaging in agricultural production" as mentioned in Article 26 of the Implementation Regulations of the Value-Added Tax Law of the People's Republic of China (the "Implementation Regulations") refers to the acts of directly engaging in the planting and harvesting of plants and the breeding and catching of animals. The term "primary agricultural products" refers to agricultural products listed in Annex 1 Notes on the Scope of Goods Subject to the 9% VAT Rate to the Announcement of the Ministry of Finance and the State Taxation Administration on Matters Concerning the Specific Scope of Value-Added Tax Levying (Announcement of the Ministry of Finance and the State Taxation Administration [2026] No. 9).
Sales of purchased primary agricultural products, as well as primary agricultural products produced or processed using purchased agricultural products, shall not be exempt from VAT under this item and shall be subject to VAT in accordance with relevant regulations.
2. Mechanized farming, irrigation and drainage, pest and disease control, plant protection, agricultural and animal husbandry insurance, and related technical training services, as well as breeding and disease prevention for poultry, livestock, and aquatic animals.
The term "mechanized farming" as mentioned in Item 1, Paragraph 1, Article 24 of the Value-Added Tax Law refers to the use of agricultural machinery for farming (including plowing, planting, harvesting, threshing, and plant protection) in agriculture, forestry, and animal husbandry; "irrigation and drainage" refers to irrigation or drainage services for farmland; "pest and disease control" refers to the monitoring and control of pests and diseases in agriculture, forestry, animal husbandry, and fisheries; "agricultural and animal husbandry insurance" refers to insurance services for plants and animals in planting, breeding, and animal husbandry; "related technical training" refers to technical training related to mechanized farming, irrigation and drainage, pest and disease control, and plant protection, as well as training to provide farmers with knowledge of agricultural and animal husbandry insurance; breeding and disease prevention for poultry, livestock, and aquatic animals include services related to the provision of medicines and medical equipment.
3. Medical services provided by medical institutions.
The term "medical institutions" as mentioned in Article 27 of the Implementation Regulations specifically includes hospitals at all levels, outpatient departments (clinics), community health service centers (stations), emergency centers (stations), rural and urban health centers, nursing homes (institutions), sanatoriums, clinical testing centers, health and epidemic prevention stations (centers for disease control and prevention) established by governments at all levels and relevant departments, specialized disease prevention and treatment stations (institutions), maternal and child health care institutions (stations), maternal and infant health institutions, child health care institutions, and blood stations (blood centers) established by governments at all levels. For-profit cosmetic medical institutions are excluded.
The term "medical services" as mentioned in Item 2, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services listed in the National Specification of Medical Service Price Items provided by medical institutions to patients at prices not exceeding those set by healthcare security departments at the prefectural city-level or above (including government-guided prices and prices determined by supply and demand negotiations in accordance with regulations), as well as health and epidemic prevention services provided by medical institutions to the public.
4. Services provided by disabled persons.
The term "services provided by disabled persons" as mentioned in Item 6, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services provided to the society by individuals with disabilities themselves.
5. Childcare services provided by nurseries and kindergartens.
The term "relevant charging standards" as mentioned in Article 29 of the Implementation Regulations refers to charging standards approved by relevant local departments for public nurseries and kindergartens, as well as actual charging standards for private nurseries and kindergartens under government-guided price management or reference ranges determined by the government.
Fees for childcare and education exceeding the prescribed charging standards, as well as fees collected under the guise of establishing experimental classes, specialty classes, and interest classes, and sponsorship fees, support fees, and other fees tied to enrollment in nurseries or kindergartens beyond the prescribed scope, shall not be exempt from VAT.
6. Funeral services.
The term "funeral services" as mentioned in Item 7, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services such as the transportation of remains (including carrying and disinfection), remains grooming, remains preservation, remains storage (including refrigeration), remains cremation, ashes storage, rental of mourning facilities and equipment, and the leasing and management of burial plots, where the charging standards are determined by local price authorities in conjunction with relevant departments or are subject to government-guided price management.
7. Academic education services provided by schools.
(1) The term "academic education" as mentioned in Item 8, Paragraph 1, Article 24 of the Value-Added Tax Law specifically includes:
Primary education: ordinary primary schools and adult primary schools.
Lower secondary education: ordinary junior high schools, vocational junior high schools, and adult junior high schools.
Upper secondary education: ordinary senior high schools, adult senior high schools, and secondary vocational schools (including ordinary secondary specialized schools, adult secondary specialized schools, vocational senior high schools, and technical schools).
Higher education: ordinary undergraduate and junior college programs, adult undergraduate and junior college programs, online undergraduate and junior college programs, postgraduate programs (doctoral and master's degrees), self-study examinations for higher education, and higher education diploma examinations.
(2) The term "schools" as mentioned in Article 30 of the Implementation Regulations specifically includes:
Ordinary schools; schools of various types established with the approval of the people's governments at the prefectural city level or above or the education administrative departments at the same level, with the academic qualifications of their students recognized by the state; technical schools and advanced technical schools established with the approval of human resources and social security administrative departments at the provincial-level or above; and technician colleges established with the approval of provincial-level people's governments. The aforementioned schools include private schools engaged in academic education that meet the prescribed requirements but do not include vocational training institutions or other educational institutions whose academic qualifications are not recognized by the state.
(3) Income exempt from VAT for providing academic education services refers to income obtained by schools for providing academic education services to enrolled students included in the prescribed enrollment plan, which specifically includes tuition fees, accommodation fees, textbook fees, exercise book fees, examination registration fees, and meal fees from catering services provided by school canteens, as approved and collected in accordance with the prescribed standards by relevant departments. Income from other sources, including sponsorship fees and school selection fees collected under various names, shall not be exempt from VAT.
8. Agricultural production land, specifically including:
(1) Leasing state-owned agricultural land to agricultural producers for agricultural production.
(2) Transferring land use rights to agricultural producers for agricultural production.
(3) Transferring contracted land to agricultural producers for agricultural production through subcontracting, leasing, exchange, transfer, or equity participation.
9. Income obtained by individuals from engaging in the transfer of financial products.
10. Ship inspection services provided by the American Bureau of Shipping (ABS) within China, under the premise that its non-profit purpose remains unchanged and the China Classification Society enjoys equivalent tax exemption treatment in the United States.
11. Transportation income obtained by Taiwan shipping companies and airlines from engaging in direct maritime and air transportation across the Taiwan Strait in Chinese mainland.
Taiwan shipping companies refer to shipping companies that have obtained the Cross-Strait Waterway Transportation Permit issued by the Ministry of Transport, with the company registration address specified on the permit being in Taiwan.
Taiwan airlines refer to airlines that have obtained an "operation permit" issued by the Civil Aviation Administration of China or are approved to operate non-scheduled (charter) cross-strait passenger, cargo, and mail transportation services in accordance with the Cross-Strait Air Transport Agreement and the Supplementary Agreement to the Cross-Strait Air Transport Agreement, with the company registration address being in Taiwan.
12. Transfer of land use rights by landowners and the return of land use rights to landowners by land users.
13. Transfer, assignment, or recovery of natural resource use rights (excluding land use rights) by local people's governments at or above the county level or administrative departments of natural resources.
14. Income obtained by Hong Kong market investors (including entities and individuals) from trading stocks and funds, specifically including:
(1) Income obtained from trading A shares listed on the Shenzhen Stock Exchange through the Shenzhen-Hong Kong Stock Connect.
(2) Income obtained from trading A shares listed on the Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect.
(3) Income obtained from trading mainland fund shares through mutual recognition of funds.
15. Debt repayment offered by revoked financial institutions using goods, immovable property, intangible assets, securities, bills, and other properties.
Revoked financial institutions refer to financial institutions and their branches in various locations that have been lawfully revoked by the People's Bank of China or the National Financial Regulatory Administration, including commercial banks, trust companies, finance companies, financial leasing companies, and credit cooperatives that are lawfully revoked. Unless otherwise stipulated, enterprises affiliated with or subordinate to revoked financial institutions are not entitled to the VAT exemption policies for revoked financial institutions.
16. Interest income from loans provided by the People's Bank of China to financial institutions.
17. Interest income from foreign exchange loans issued by financial institutions entrusted by foreign exchange administration departments during the operation of national foreign exchange reserves.
18. Sales of self-built and self-used housing by individuals (excluding general taxpayers among individual businesses).
19. Gratuitous transfer by an individual of immovable property or land use rights in connection with the division of family property.
The division of family property includes the following circumstances: division of property upon divorce; gratuitous transfer to spouses, parents, children, grandparents, maternal grandparents, grandchildren, maternal grandchildren, or siblings; gratuitous transfer to caregivers or supporters who bear direct caregiving or support obligations; and lawful acquisition of house ownership by statutory heirs, testamentary heirs, or legatees upon the death of the property owner.
20. Income from the disposal of confiscated property by law enforcement departments and entities, provided that such income is fully turned over to the treasury as confiscated revenue.
21. The currently effective VAT preferential policies listed in the following documents:
(1) Circular of the Ministry of Finance, the State Taxation Administration, and the Ministry of Foreign Trade and Economic Cooperation on Exemption of Value-Added Tax for Materials Procured in China for Gratuitous Aid Projects of Foreign Governments and International Organizations (Cai Shui [2002] No. 2) and Supplementary Circular of the Ministry of Finance and the State Taxation Administration on Exemption of Value-Added Tax for Materials Procured in China for Gratuitous Aid Projects of Foreign Governments and International Organizations (Cai Shui [2005] No. 13).
(2) Circular of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Investment Business of the National Social Security Fund (Cai Shui [2018] No. 94).
(3) Circular of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Investment Business of the Basic Endowment Insurance Fund (Cai Shui [2018] No. 95).
(4) Announcement of the Ministry of Finance, the State Taxation Administration, and the China Securities Regulatory Commission on the Tax Policies for Exchange-Traded Funds under the Mainland-Hong Kong Stock Connect Mechanism (Announcement of the Ministry of Finance, the State Taxation Administration, and the China Securities Regulatory Commission [2022] No. 24).
(5) Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Legal Aid Subsidies (Announcement of the Ministry of Finance and the State Taxation Administration [2022] No. 25).
(6) Announcement of the Ministry of Finance and the State Taxation Administration on the VAT Policies for Interest Income from Treasury Bonds and Other Bonds (Announcement of the Ministry of Finance and the State Taxation Administration [2025] No. 4).
(7) Circular on Tax Policies for the Operation and Management of State-owned Equity and Cash Proceeds Transferred to the Social Security Fund (Cai Shui [2025] No.
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Announcement of the Ministry of Finance and the State Taxation Administration [2026] No. 10
January 30, 2026
To ensure the transition of value-added tax (VAT) preferential policies after the implementation of the Value-Added Tax Law of the People's Republic of China (hereinafter referred to as the "Value-Added Tax Law"), and to continue the existing rules and practices, the relevant matters concerning VAT preferential policies are hereby announced as below:
I. Standards for VAT Thresholds
From January 1, 2026, to December 31, 2027, the following VAT thresholds shall apply to small-scale taxpayers engaging in taxable transactions:
(1) For a tax period of one month, the threshold shall be a monthly sales revenue of CNY100,000. For a tax period of one quarter, the threshold shall be a quarterly sales revenue of CNY300,000.
(2) For tax payment on a per-transaction basis, the threshold shall be sales revenue of CNY1,000 per transaction (day). If multiple taxable transactions occur within one day, the daily threshold standard shall apply.
For small-scale taxpayers engaging in taxable transactions, where the sales revenue is calculated based on the balance after deducting relevant amounts in accordance with relevant regulations, or where the tax payable is calculated based on the balance after deducting relevant amounts from the tax-inclusive sales revenue, the VAT thresholds specified in this article shall apply to the tax-exclusive balance after deducting relevant amounts.
II. Items Exempt from VAT
(I) From January 1, 2026, the following items shall be exempt from VAT:
1. Agricultural products sold by agricultural producers.
The term "engaging in agricultural production" as mentioned in Article 26 of the Implementation Regulations of the Value-Added Tax Law of the People's Republic of China (the "Implementation Regulations") refers to the acts of directly engaging in the planting and harvesting of plants and the breeding and catching of animals. The term "primary agricultural products" refers to agricultural products listed in Annex 1 Notes on the Scope of Goods Subject to the 9% VAT Rate to the Announcement of the Ministry of Finance and the State Taxation Administration on Matters Concerning the Specific Scope of Value-Added Tax Levying (Announcement of the Ministry of Finance and the State Taxation Administration [2026] No. 9).
Sales of purchased primary agricultural products, as well as primary agricultural products produced or processed using purchased agricultural products, shall not be exempt from VAT under this item and shall be subject to VAT in accordance with relevant regulations.
2. Mechanized farming, irrigation and drainage, pest and disease control, plant protection, agricultural and animal husbandry insurance, and related technical training services, as well as breeding and disease prevention for poultry, livestock, and aquatic animals.
The term "mechanized farming" as mentioned in Item 1, Paragraph 1, Article 24 of the Value-Added Tax Law refers to the use of agricultural machinery for farming (including plowing, planting, harvesting, threshing, and plant protection) in agriculture, forestry, and animal husbandry; "irrigation and drainage" refers to irrigation or drainage services for farmland; "pest and disease control" refers to the monitoring and control of pests and diseases in agriculture, forestry, animal husbandry, and fisheries; "agricultural and animal husbandry insurance" refers to insurance services for plants and animals in planting, breeding, and animal husbandry; "related technical training" refers to technical training related to mechanized farming, irrigation and drainage, pest and disease control, and plant protection, as well as training to provide farmers with knowledge of agricultural and animal husbandry insurance; breeding and disease prevention for poultry, livestock, and aquatic animals include services related to the provision of medicines and medical equipment.
3. Medical services provided by medical institutions.
The term "medical institutions" as mentioned in Article 27 of the Implementation Regulations specifically includes hospitals at all levels, outpatient departments (clinics), community health service centers (stations), emergency centers (stations), rural and urban health centers, nursing homes (institutions), sanatoriums, clinical testing centers, health and epidemic prevention stations (centers for disease control and prevention) established by governments at all levels and relevant departments, specialized disease prevention and treatment stations (institutions), maternal and child health care institutions (stations), maternal and infant health institutions, child health care institutions, and blood stations (blood centers) established by governments at all levels. For-profit cosmetic medical institutions are excluded.
The term "medical services" as mentioned in Item 2, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services listed in the National Specification of Medical Service Price Items provided by medical institutions to patients at prices not exceeding those set by healthcare security departments at the prefectural city-level or above (including government-guided prices and prices determined by supply and demand negotiations in accordance with regulations), as well as health and epidemic prevention services provided by medical institutions to the public.
4. Services provided by disabled persons.
The term "services provided by disabled persons" as mentioned in Item 6, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services provided to the society by individuals with disabilities themselves.
5. Childcare services provided by nurseries and kindergartens.
The term "relevant charging standards" as mentioned in Article 29 of the Implementation Regulations refers to charging standards approved by relevant local departments for public nurseries and kindergartens, as well as actual charging standards for private nurseries and kindergartens under government-guided price management or reference ranges determined by the government.
Fees for childcare and education exceeding the prescribed charging standards, as well as fees collected under the guise of establishing experimental classes, specialty classes, and interest classes, and sponsorship fees, support fees, and other fees tied to enrollment in nurseries or kindergartens beyond the prescribed scope, shall not be exempt from VAT.
6. Funeral services.
The term "funeral services" as mentioned in Item 7, Paragraph 1, Article 24 of the Value-Added Tax Law refers to services such as the transportation of remains (including carrying and disinfection), remains grooming, remains preservation, remains storage (including refrigeration), remains cremation, ashes storage, rental of mourning facilities and equipment, and the leasing and management of burial plots, where the charging standards are determined by local price authorities in conjunction with relevant departments or are subject to government-guided price management.
7. Academic education services provided by schools.
(1) The term "academic education" as mentioned in Item 8, Paragraph 1, Article 24 of the Value-Added Tax Law specifically includes:
Primary education: ordinary primary schools and adult primary schools.
Lower secondary education: ordinary junior high schools, vocational junior high schools, and adult junior high schools.
Upper secondary education: ordinary senior high schools, adult senior high schools, and secondary vocational schools (including ordinary secondary specialized schools, adult secondary specialized schools, vocational senior high schools, and technical schools).
Higher education: ordinary undergraduate and junior college programs, adult undergraduate and junior college programs, online undergraduate and junior college programs, postgraduate programs (doctoral and master's degrees), self-study examinations for higher education, and higher education diploma examinations.
(2) The term "schools" as mentioned in Article 30 of the Implementation Regulations specifically includes:
Ordinary schools; schools of various types established with the approval of the people's governments at the prefectural city level or above or the education administrative departments at the same level, with the academic qualifications of their students recognized by the state; technical schools and advanced technical schools established with the approval of human resources and social security administrative departments at the provincial-level or above; and technician colleges established with the approval of provincial-level people's governments. The aforementioned schools include private schools engaged in academic education that meet the prescribed requirements but do not include vocational training institutions or other educational institutions whose academic qualifications are not recognized by the state.
(3) Income exempt from VAT for providing academic education services refers to income obtained by schools for providing academic education services to enrolled students included in the prescribed enrollment plan, which specifically includes tuition fees, accommodation fees, textbook fees, exercise book fees, examination registration fees, and meal fees from catering services provided by school canteens, as approved and collected in accordance with the prescribed standards by relevant departments. Income from other sources, including sponsorship fees and school selection fees collected under various names, shall not be exempt from VAT.
8. Agricultural production land, specifically including:
(1) Leasing state-owned agricultural land to agricultural producers for agricultural production.
(2) Transferring land use rights to agricultural producers for agricultural production.
(3) Transferring contracted land to agricultural producers for agricultural production through subcontracting, leasing, exchange, transfer, or equity participation.
9. Income obtained by individuals from engaging in the transfer of financial products.
10. Ship inspection services provided by the American Bureau of Shipping (ABS) within China, under the premise that its non-profit purpose remains unchanged and the China Classification Society enjoys equivalent tax exemption treatment in the United States.
11. Transportation income obtained by Taiwan shipping companies and airlines from engaging in direct maritime and air transportation across the Taiwan Strait in Chinese mainland.
Taiwan shipping companies refer to shipping companies that have obtained the Cross-Strait Waterway Transportation Permit issued by the Ministry of Transport, with the company registration address specified on the permit being in Taiwan.
Taiwan airlines refer to airlines that have obtained an "operation permit" issued by the Civil Aviation Administration of China or are approved to operate non-scheduled (charter) cross-strait passenger, cargo, and mail transportation services in accordance with the Cross-Strait Air Transport Agreement and the Supplementary Agreement to the Cross-Strait Air Transport Agreement, with the company registration address being in Taiwan.
12. Transfer of land use rights by landowners and the return of land use rights to landowners by land users.
13. Transfer, assignment, or recovery of natural resource use rights (excluding land use rights) by local people's governments at or above the county level or administrative departments of natural resources.
14. Income obtained by Hong Kong market investors (including entities and individuals) from trading stocks and funds, specifically including:
(1) Income obtained from trading A shares listed on the Shenzhen Stock Exchange through the Shenzhen-Hong Kong Stock Connect.
(2) Income obtained from trading A shares listed on the Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect.
(3) Income obtained from trading mainland fund shares through mutual recognition of funds.
15. Debt repayment offered by revoked financial institutions using goods, immovable property, intangible assets, securities, bills, and other properties.
Revoked financial institutions refer to financial institutions and their branches in various locations that have been lawfully revoked by the People's Bank of China or the National Financial Regulatory Administration, including commercial banks, trust companies, finance companies, financial leasing companies, and credit cooperatives that are lawfully revoked. Unless otherwise stipulated, enterprises affiliated with or subordinate to revoked financial institutions are not entitled to the VAT exemption policies for revoked financial institutions.
16. Interest income from loans provided by the People's Bank of China to financial institutions.
17. Interest income from foreign exchange loans issued by financial institutions entrusted by foreign exchange administration departments during the operation of national foreign exchange reserves.
18. Sales of self-built and self-used housing by individuals (excluding general taxpayers among individual businesses).
19. Gratuitous transfer by an individual of immovable property or land use rights in connection with the division of family property.
The division of family property includes the following circumstances: division of property upon divorce; gratuitous transfer to spouses, parents, children, grandparents, maternal grandparents, grandchildren, maternal grandchildren, or siblings; gratuitous transfer to caregivers or supporters who bear direct caregiving or support obligations; and lawful acquisition of house ownership by statutory heirs, testamentary heirs, or legatees upon the death of the property owner.
20. Income from the disposal of confiscated property by law enforcement departments and entities, provided that such income is fully turned over to the treasury as confiscated revenue.
21. The currently effective VAT preferential policies listed in the following documents:
(1) Circular of the Ministry of Finance, the State Taxation Administration, and the Ministry of Foreign Trade and Economic Cooperation on Exemption of Value-Added Tax for Materials Procured in China for Gratuitous Aid Projects of Foreign Governments and International Organizations (Cai Shui [2002] No. 2) and Supplementary Circular of the Ministry of Finance and the State Taxation Administration on Exemption of Value-Added Tax for Materials Procured in China for Gratuitous Aid Projects of Foreign Governments and International Organizations (Cai Shui [2005] No. 13).
(2) Circular of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Investment Business of the National Social Security Fund (Cai Shui [2018] No. 94).
(3) Circular of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Investment Business of the Basic Endowment Insurance Fund (Cai Shui [2018] No. 95).
(4) Announcement of the Ministry of Finance, the State Taxation Administration, and the China Securities Regulatory Commission on the Tax Policies for Exchange-Traded Funds under the Mainland-Hong Kong Stock Connect Mechanism (Announcement of the Ministry of Finance, the State Taxation Administration, and the China Securities Regulatory Commission [2022] No. 24).
(5) Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies for Legal Aid Subsidies (Announcement of the Ministry of Finance and the State Taxation Administration [2022] No. 25).
(6) Announcement of the Ministry of Finance and the State Taxation Administration on the VAT Policies for Interest Income from Treasury Bonds and Other Bonds (Announcement of the Ministry of Finance and the State Taxation Administration [2025] No. 4).
(7) Circular on Tax Policies for the Operation and Management of State-owned Equity and Cash Proceeds Transferred to the Social Security Fund (Cai Shui [2025] No.
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