Legal basis: People's Republic of China (PRC) Company Law.
Article 120 A listed company as mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on a stock exchange.
Article 121 Where a listed company purchases or sells major assets within one year or the amount of guarantee exceeds 30% of the company's total assets, it shall make a resolution at the shareholders' meeting, which shall be passed by more than two thirds of the voting rights held by the shareholders present at the meeting.