When did the joint-stock enterprises first appear in the history of China?

The shareholding system reform in China mainly started after the reform and opening up, and it was only 20 years before the shareholding system reform entered a substantive stage 1992. The stock in your material is actually different from the current stock. In ancient times, some people cooperated in business, and the person who paid the money was also called a shareholder, which means boss or boss. Not the current joint-stock company.