1. The sponsors meet the quorum. To establish a joint stock limited company, there shall be two or more promoters, and more than half of the promoters shall have their domicile in China. When a state-owned enterprise is transformed into a joint stock limited company, it shall be established by way of offering.
2. The promoters shall formulate the articles of association of the company, and the establishment by offering shall be approved by the founding meeting.
3. Have a company name and establish an organization that meets the requirements of a joint stock limited company.