Legal basis: People's Republic of China (PRC) Company Law.
Article 84 Where a joint stock limited company is established by offering, the shares subscribed by the promoters shall not be less than 35% of the total shares of the company. However, if there are other provisions in laws and administrative regulations, those provisions shall prevail.
Article 85 When the promoters offer shares to the public, they must announce the prospectus and make a subscription letter. The subscription letter shall specify the items listed in Article 86 of this Law, and the subscriber shall fill in the number, amount and domicile of the subscribed shares, and sign and seal them. The subscriber shall pay the subscription fee according to the number of shares subscribed.