The registered capital of a joint stock company is the total share capital of the issued shares registered with the company registration authority. No shares may be offered to other persons until the shares subscribed for by the promoters have been fully paid.

Where laws, administrative regulations, or decisions of the State Council provide otherwise regarding the minimum registered capital of a joint stock company, those provisions shall prevail.

For a joint stock company established by promotion, the promoters shall subscribe for all shares to be issued upon incorporation as specified in the articles of association.

For a joint stock company established by share offering, the shares subscribed for by the promoters shall not be less than 35% of the total shares to be issued upon incorporation as specified in the articles of association, unless otherwise provided by laws or administrative regulations.

The promoters shall fully pay for their subscribed shares before the company is established.