In May 2003 UBS was granted "Qualified Foreign Institutional Investor" (QFII) status by the China Securities Regulatory Commission. QFII permits UBS to provide their clients with direct access to China's domestic equity and debt markets. The purchase of Henan Rebecca shares was undertaken within this framework. Due to the way QFII works UBS is listed as owning such shares even though the transaction was handled on behalf of clients.