Legal analysis: 1. There is no limit on the number of shareholders of a joint stock limited company, but there is a limit on the number of promoters when establishing a joint stock limited company. 2. To establish a joint stock limited company, there shall be two or more promoters, more than half of whom shall have their domicile in China.
Legal basis: Article 78 of the Company Law of People's Republic of China (PRC) establishes a joint stock limited company, which shall have two or more promoters but not more than 200, and more than half of the promoters shall have their domicile in China.