Legal basis: People's Republic of China (PRC) Company Law.
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.
Article 216 The meanings of the following terms in this Law: (2) Controlling shareholders refer to shareholders whose capital contribution of a limited liability company accounts for more than 50% of the company's total capital or whose shares of a joint stock limited company account for more than 50% of the company's total share capital; Although the capital contribution or the proportion of shares held is less than 50%, but according to their capital contribution or shares held, shareholders have enough voting rights to the shareholders' meeting and the resolutions of the shareholders' meeting.