In China, what is the number of sponsors who set up a joint stock limited company?

According to the Company Law of China, the establishment of a joint stock limited company shall be initiated by two or more persons but not more than 200 persons, and more than half of the promoters have domicile in China. When a state-owned enterprise is transformed into a joint stock limited company, there may be less than five promoters. The promoter can be a natural person or a legal person.

If the original enterprise is the sponsor, it must be approved by the original enterprise asset owner. If the original enterprise is not used as the sponsor, the original enterprise investor can be used as the sponsor to set up the company.

If the original enterprise investor is the sponsor, it will involve the change of the organizational form of the original company.

According to Article 39 of the Company Law, the dissolution, division or change of corporate form of a limited liability company must be approved by shareholders representing more than two thirds of the voting rights.