A joint stock limited company is an enterprise legal person whose registered capital consists of equal shares and raises capital by issuing shares (or warrants). Its main features are: the total capital of the company is divided into equal shares; Shareholders shall bear limited liability to the company with their subscribed shares, and the company shall bear liability for the company's debts with all its assets; One vote per share, shareholders enjoy rights and assume obligations with their shares.
In essence, a company limited by shares is just a special limited liability company. Due to the law, a limited liability company can only have less than 50 shareholders, which limits the company's ability to raise funds. On the other hand, a joint stock limited company overcomes this shortcoming, and breaks down the registered capital of the whole company into shares with small face value (usually RMB 1 yuan, with the exception of course: in 2000, Li Ka-shing bought shares issued by an unknown company at a total price of HK$ 6,543,800+0,500, thus increasing the total number of shares held by the company to 5), which can attract a large number of investors, especially small investors.
Due to the characteristics of a joint stock company, it is different from a limited liability company in organization and management.