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 shall meet the quorum. (2) Having the total capital subscribed by all promoters or the total paid-in capital raised in accordance with the articles of association. (3) The issuance and preparation of shares comply with the law. (4) The Articles of Association shall be formulated by the promoters, established by way of subscription and approved 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.