Legal basis: Article 76 of the Company Law of People's Republic of China (PRC) shall meet the following conditions for the establishment of a joint stock limited company: (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. 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.