Legal analysis: the establishment of a joint stock limited company must reach a quorum, and the promoters should be more than 2 and less than 200. When a state-owned enterprise is transformed into a joint stock limited company, the number of promoters may be less than 5, but it shall be established by way of offering. It is an international practice to set a minimum number of promoters for the establishment of a joint stock limited company. There is no minimum amount of sponsors. First, there are too few sponsors to fulfill their obligations. Second, a few sponsors are prevented from harming the legitimate rights and interests of other shareholders. There is no need to specify the maximum amount of sponsors.
Legal basis: People's Republic of China (PRC) Company Law.
Article 77 A joint stock limited company may be established by means of initiation or offering.
A promoter refers to a company established by the promoters who subscribe for all the shares that should be issued by the company.
The establishment by public offering means that the promoters subscribe for part of the shares that should be issued by the company and raise the remaining shares to the public or specific objects to establish the company.
Article 78 To establish a joint stock limited company, there shall be two or more promoters, more than half of whom shall have their domicile in China.