Legal basis: People's Republic of China (PRC) Company Law.
Article 76 The establishment of a joint stock limited company shall meet the following conditions: (1) The number of promoters shall reach a quorum; (2) The total amount of capital subscribed by all promoters or the total amount of paid-in capital raised in accordance with the articles of association; (3) The issuance and preparation of shares meet the legal requirements; (4) The promoters have formulated articles of association, and the promoters established by public offering have been approved by the founding meeting; (5) Having a company name and an organization meeting the requirements of a joint stock limited company; (6) Having a company domicile.
Article 77 A joint stock limited company may be established by means of initiation or offering. A promoter refers to a company established by the promoters who subscribe for all the shares that should be issued by the company. The establishment by public offering means that the promoters subscribe for part of the shares that should be issued by the company and raise the remaining shares to the public or specific objects to establish the company.