China's Ministry of Finance, State Administration of Taxation, and Securities Regulatory Commission have jointly issued Announcement No. 22 of 2023, which provides tax incentives for investment in Chinese depositary receipts issued by innovative enterprises (innovative enterprise CDRs). The incentives for Chinese enterprise investors include a corporate tax exemption on gains from the transfer of innovative enterprise CDRs, as well as a tax exemption on income from dividends and bonuses obta…