The risk-credit guarantee programmes have enabled a sustainable market transformation. While the first transactions in China were all accompanied by the IFC, the second set were conducted more independently by the local banks, both in terms of human resources and in the level of risk guarantee provided by the IFC. The second transaction only saw IFC guarantee 60% of the transaction instead of 75%. As pointed out by a Hong Kong investor, it is usually very difficult for foreign investors to get significant stakes in Chinese companies.