Legal analysis: Initiation and establishment, also known as "simultaneous establishment" and "simple establishment", refers to the way that the promoters set up a company by subscribing all the shares of the company or the shares issued in the first phase. In contrast, the establishment of public offering refers to a company that the promoters subscribe for a part of the shares that should be issued by the company, and the rest of the shares are raised from the public or specific objects. China initiated the establishment of a joint stock limited company, mainly including the following procedures: 1. All sponsors initiate and sign the establishment agreement. 2. All promoters shall formulate articles of association. 3. Pre-approval of application name. 4. Conduct necessary administrative examination and approval. 5. Shareholders subscribe for shares and contribute capital. 6. The capital verification institution conducts capital verification. 7. Decide on the organization of the company, and elect the board of directors and the board of supervisors. 8. Apply for registration of establishment. 9. Register and distribute photos.
Legal basis: Article 77 of the Company Law of People's Republic of China (PRC), a joint stock limited company may be established by means of initiation or public offering.