Reference Case: Li Co. (China) Investment Ltd. v. Shanghai Municipal Administration for Market Regulation and the State Administration for Market Regulation

Where a proposed business-scope change involves financial-leasing activities subject to prior sectoral approval, the market regulator may require the applicant to first submit the necessary licensing document from the competent financial regulator before processing the registration change. Such supplementation notices, and administrative reconsideration decisions upholding them, clarify market-access boundaries and help control financial risk.