The shares subscribed by the promoters of a joint stock limited company shall not be less than

Thirty five percent. The minimum registered capital of a joint stock limited company (the total paid-in share capital registered with the company registration authority) is RMB 654,380,000. If it is established by way of offering, the shares subscribed by the promoters shall not be less than 35% of the total shares of the company. When a company applies for listing its shares, its total share capital shall not be less than RMB 50 million. The promoters and subscribers shall not withdraw their capital after they have paid up their share capital or contributed capital to offset the share capital, except that they have not paid up their shares on time, the promoters have not convened the founding meeting on time or the founding meeting has decided not to set up a company. To establish a joint stock limited company, there should be more than five promoters, and more than half of them must have domicile in China. The domicile of the company is the place where its main office is located.