(1) As used in this subchapter:(1) (A) “Chinese company” means a company, other than a United States person or United States subsidiary as defined by 15 C.F.R. § 772.1, as it existed on January 1, 2025, that:(i) Is domiciled, incorporated, issued, or listed in the People's Republic of China;(ii) Is headquartered in the People's Republic of China;(iii) Has its principal place of business in the People's Republic of China;(iv) Is controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including without limitation the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund; or(v) Is majority-owned by an entity controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund.(B) “Chinese company” does not include a parent company that has one (1) or more subsidiaries or affiliates that meet the definition under subdivision (1)(A) of this section if the parent company does not:(i) Meet the criteria in subdivision (1)(A) of this section; and(ii) Recognize more than fifty percent (50%) of the total annual global revenue of the parent company and subsidiaries from the People's Republic of China and the Hong Kong Special Administrative Region combined;(2) “Company” means a sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or any other entity or business association, including without limitation all wholly-owned subsidiaries, majority-owned subsidiaries, and parent companies, or an affiliate that exists for the purpose of making a profit;(3) “Control” means:(A) The same as defined in the Investment Company Act of 1940, 15 U.S.C. § 80a-2, as it existed on January 1, 2025; or(B) Involvement in an entity's governance structure, monitoring, or internal human resources decisions;(4) “Fiduciary” means a person who:(A) Exercises authority to invest or manage the assets of a state or local fund;(B) Provides investment advice for a fee or other direct or indirect compensation with respect to the assets of a state or local fund or has authority or responsibility to provide investment advice; or(C) Is a member of a public investment entity;(5) “Investment product” means a commingled fund or a collective investment, including without limitation a mutual fund or an index fund, in which a public investment entity, state fund, or local fund together with one (1) or more other investors share ownership or interest in the investments;(6) “Private equity” means an asset class consisting of equity or debt in companies or real property that are not publicly traded on a listed stock exchange, whether owned directly by a public investment entity or indirectly through a limited partnership or other company;(7) “Public investment entity” means:(A) A state or local board, political subdivision, or other governing body within the state other than an individually directed defined contribution plan, that is responsible for investing or managing a state or local fund, including without limitation public pension funds;(B) Public retirement funds;(C) City, county, or other local or municipal entity investment funds;(D) Institution of higher education public funds or a qualified tuition program under 26 U.S.C. § 529, as it existed on January 1, 2025;(E) The Treasurer of State; and(F) Other state-sponsored funds;(8) “Restricted investment product” means an investment in a Chinese company or an investment product that holds one (1) or more publicly traded investments in a Chinese company; and(9) “Venture capital” means an investment of capital to a business at any stage of its development before the business makes a public offering of stock.
(1) (A) “Chinese company” means a company, other than a United States person or United States subsidiary as defined by 15 C.F.R. § 772.1, as it existed on January 1, 2025, that:(i) Is domiciled, incorporated, issued, or listed in the People's Republic of China;(ii) Is headquartered in the People's Republic of China;(iii) Has its principal place of business in the People's Republic of China;(iv) Is controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including without limitation the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund; or(v) Is majority-owned by an entity controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund.(B) “Chinese company” does not include a parent company that has one (1) or more subsidiaries or affiliates that meet the definition under subdivision (1)(A) of this section if the parent company does not:(i) Meet the criteria in subdivision (1)(A) of this section; and(ii) Recognize more than fifty percent (50%) of the total annual global revenue of the parent company and subsidiaries from the People's Republic of China and the Hong Kong Special Administrative Region combined;
(A) “Chinese company” means a company, other than a United States person or United States subsidiary as defined by 15 C.F.R. § 772.1, as it existed on January 1, 2025, that:(i) Is domiciled, incorporated, issued, or listed in the People's Republic of China;(ii) Is headquartered in the People's Republic of China;(iii) Has its principal place of business in the People's Republic of China;(iv) Is controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including without limitation the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund; or(v) Is majority-owned by an entity controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund.
(i) Is domiciled, incorporated, issued, or listed in the People's Republic of China;
(ii) Is headquartered in the People's Republic of China;
(iii) Has its principal place of business in the People's Republic of China;
(iv) Is controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including without limitation the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund; or
(v) Is majority-owned by an entity controlled by the government of the People's Republic of China, the Communist Party of China, the People's Liberation Army, or any instrumentality thereof, including the State-owned Assets Supervision and Administration Commission of the State Council or the National Social Security Fund.
(B) “Chinese company” does not include a parent company that has one (1) or more subsidiaries or affiliates that meet the definition under subdivision (1)(A) of this section if the parent company does not:(i) Meet the criteria in subdivision (1)(A) of this section; and(ii) Recognize more than fifty percent (50%) of the total annual global revenue of the parent company and subsidiaries from the People's Republic of China and the Hong Kong Special Administrative Region combined;
(i) Meet the criteria in subdivision (1)(A) of this section; and
(ii) Recognize more than fifty percent (50%) of the total annual global revenue of the parent company and subsidiaries from the People's Republic of China and the Hong Kong Special Administrative Region combined;
(2) “Company” means a sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or any other entity or business association, including without limitation all wholly-owned subsidiaries, majority-owned subsidiaries, and parent companies, or an affiliate that exists for the purpose of making a profit;
(3) “Control” means:(A) The same as defined in the Investment Company Act of 1940, 15 U.S.C. § 80a-2, as it existed on January 1, 2025; or(B) Involvement in an entity's governance structure, monitoring, or internal human resources decisions;
(A) The same as defined in the Investment Company Act of 1940, 15 U.S.C. § 80a-2, as it existed on January 1, 2025; or
(B) Involvement in an entity's governance structure, monitoring, or internal human resources decisions;
(4) “Fiduciary” means a person who:(A) Exercises authority to invest or manage the assets of a state or local fund;(B) Provides investment advice for a fee or other direct or indirect compensation with respect to the assets of a state or local fund or has authority or responsibility to provide investment advice; or(C) Is a member of a public investment entity;
(A) Exercises authority to invest or manage the assets of a state or local fund;
(B) Provides investment advice for a fee or other direct or indirect compensation with respect to the assets of a state or local fund or has authority or responsibility to provide investment advice; or
(C) Is a member of a public investment entity;
(5) “Investment product” means a commingled fund or a collective investment, including without limitation a mutual fund or an index fund, in which a public investment entity, state fund, or local fund together with one (1) or more other investors share ownership or interest in the investments;
(6) “Private equity” means an asset class consisting of equity or debt in companies or real property that are not publicly traded on a listed stock exchange, whether owned directly by a public investment entity or indirectly through a limited partnership or other company;
(7) “Public investment entity” means:(A) A state or local board, political subdivision, or other governing body within the state other than an individually directed defined contribution plan, that is responsible for investing or managing a state or local fund, including without limitation public pension funds;(B) Public retirement funds;(C) City, county, or other local or municipal entity investment funds;(D) Institution of higher education public funds or a qualified tuition program under 26 U.S.C. § 529, as it existed on January 1, 2025;(E) The Treasurer of State; and(F) Other state-sponsored funds;
(A) A state or local board, political subdivision, or other governing body within the state other than an individually directed defined contribution plan, that is responsible for investing or managing a state or local fund, including without limitation public pension funds;
(B) Public retirement funds;
(C) City, county, or other local or municipal entity investment funds;
(D) Institution of higher education public funds or a qualified tuition program under 26 U.S.C. § 529, as it existed on January 1, 2025;
(E) The Treasurer of State; and
(F) Other state-sponsored funds;
(8) “Restricted investment product” means an investment in a Chinese company or an investment product that holds one (1) or more publicly traded investments in a Chinese company; and
(9) “Venture capital” means an investment of capital to a business at any stage of its development before the business makes a public offering of stock.