Legal basis: People's Republic of China (PRC) Company Law.
Article 16 The company's investment in other enterprises or providing guarantee for others shall be decided by the board of directors or shareholders' meeting in accordance with the provisions of the company's articles of association; Where the articles of association stipulate limits on the total amount of investment or guarantee and the amount of individual investment or guarantee, it shall not exceed the prescribed limits.
Article 66 The articles of association of a wholly state-owned company shall be formulated by the state-owned assets supervision and administration institution or the board of directors and submitted to the state-owned assets supervision and administration institution for approval.