In the Old QFII Measures, each QFII was permitted to entrust three securities companies in China to trade securities at the Shanghai Stock Exchange and Shenzhen Stock Exchange, respectively. However, in practice, a QFII could only entrust one securities company in each Stock Exchange because (i) each QFII has only one special Renminbi account approved by the State Administration of Foreign Exchange ("SAFE"); (ii) the Old QFIII Measures require that the securities account must correspond with the special Renminbi account on a one-to-one basis; and (iii) China Securities Depository and Clearing Corporation Limited (the "Clearing Company"), where a QFII's securities account would be open, only allowing a QFII to open one securities account for every special Renminbi account. Therefore, a QFII can only open one securities account in the Clearing Company Shanghai Branch and Shenzhen Branch respectively, and thus can entrust only one securities company in each Stock Exchange to manage such securities account.