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Corporate Service - China

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Q&A Regarding Auction Business (1)

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Q: What does an auction refer to?
A: Auction refers to a trading method in which specific items or property rights are transferred to the highest bidder through public bidding.

Q: What are the requirements for the auction event?
A: Auction activities shall abide by relevant laws and administrative regulations and follow the principles of openness, fairness, impartiality and good faith.

Q: What does the auction item refer to?
A: The auction item should be an item or property right that the consignor owns or is legally entitled to dispose of.

Q: What items cannot be used as auction items?
A: Items or property rights prohibited from being traded by laws and administrative regulations shall not be used as auction subjects.

Q: What needs to be done before the auction of cultural relics entrusted for auction?
A: For cultural relics entrusted for auction, they shall be lawfully appraised and permitted by the cultural relics administrative department of the place where the auctioneer resides before the auction.

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