The first information release term of the equity transfer shall not be less than 20 working days, starting from the date of the first information announcement at the designated newspapers above the provincial level.

In case no intended transferee is solicited meeting the conditions within the stipulated announcement term and the transfer information announcement is not changed, the transferor may prolong the term in accordance with the provisions of the equity transfer announcement and the period of extension shall not be less than five working days each time.

The information announcement shall end automatically when the term expires if the period of extension is not explicitly stated in the equity transfer announcement.