Under Article 23 of the Investment Law 2014, economic organisation with foreign investment capital (including 51% Top-Level Foreign EOs And 51% Low-Level Foreign EO/ Domestic) (collectively, “Foreign-Controlled Companies”), except for investment in securities, credit institutions, insurance business and oil and gas will be subject to the investment procedures and conditions applicable to foreign investors when(i) setting up a new enterprise; (ii) acquiring shares in existing private enterprises and (iii) entering into a Business Operation Contract.