This diagram is an illustrative high level timeline of the Chinese regulatory approval process for a typical transfer of equity in a Chinese company to a foreign investor. It does not address industry-specific approvals that may be required, for example, within the banking, insurance, automotive and other industries, or internal corporate approvals e.g. board/shareholder approvals. Time periods are based on the general timeframes set out under the applicable PRC regulations (which commence on formal acceptance of the application by the authorities, a process which itself can take considerable time) although these are not generally binding, and only indicative. In an actual transaction, the stages at which particular approvals are sought and procedures are completed may differ from the sequence illustrated below.