1. With the approval of the securities management department of the State Council, publicly issue shares to the public;
2. The total share capital of the company is not less than RMB 50 million;
3. It has been in business for more than three years and has been making profits continuously in the last three years;
4. The number of shareholders holding shares with a face value of more than RMB 1000 yuan is not less than 1000, and the shares publicly issued to the public account for more than 25% of the total shares of the company; If the company's share capital exceeds 400 million yuan, its public offering ratio is more than 15%;
5. The company has no major illegal acts in the last three years, and its financial and accounting reports have no false records.
People's Republic of China (PRC) Civil Code
Article 268
The state, collectives and individuals may establish a limited liability company, a joint stock limited company or other enterprises with capital contribution according to law. If the state, collective and private-owned real estate or chattel are invested in an enterprise, the investor shall enjoy the rights of asset income, major decision-making, selection of managers, and fulfill the corresponding obligations according to the agreement or investment proportion.