Is there an upper and lower limit for the number of shareholders in a joint stock limited company?

Legal analysis: There is no upper limit on the number of shareholders of a listed joint stock limited company, and the number of shareholders of a non-listed joint stock limited company shall not exceed 200 when it is established, because a joint stock limited company with more than 200 shareholders is a public company and must be approved by the securities regulatory agency of the State Council or the department authorized by the State Council.

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.

Article 79 The promoters of a joint stock limited company shall undertake the preparatory work of the company. The promoters shall sign a promoter agreement to clarify their respective rights and obligations during the establishment of the company.

Article 76 To establish a joint stock limited company, the following conditions shall be met: (1) The promoters meet the quorum; (2) It has the total amount of capital subscribed or paid-in by all promoters in accordance with the articles of association; (3) The issuance and offering of shares comply with the law; (4) The promoters shall formulate articles of association, which shall be adopted by the founding meeting; (5) Having a company name and establishing an organization meeting the requirements of a joint stock limited company; (6) Having a company domicile.