Legal analysis: A joint stock limited company is not necessarily a listed company, but a listed company must be a joint stock limited company. A joint-stock company refers to a company with shares as its capital, and its shareholders are liable to the company to the extent of the shares subscribed by them. To establish a joint stock limited company, there shall be no less than two promoters and no less than 200 promoters.
Legal basis: Article 78 of the Company Law of People's Republic of China (PRC) establishes a joint stock limited company, which shall have two or more promoters but not more than 200, and more than half of the promoters shall have their domicile in China.