What are the requirements for a Sino foreign joint stock company?
 1. Conditions for the establishment of a contractual joint venture The establishment of a Chinese foreign contractual joint venture (hereinafter referred to as a contractual joint venture) within the territory of China shall conform to the State's development and industrial policies and comply with the State's provisions on guiding the direction of foreign investment. According to the provisions of the Law of the People's Republic of China on Chinese Foreign Contractual Joint Ventures, the cooperative enterprises encouraged by the state are: (1) production oriented cooperative enterprises exporting products. It refers to the productive cooperative enterprises whose products are mainly used for export to earn foreign exchange. (2) A productive cooperative enterprise with advanced technology. It refers to a productive cooperative enterprise in which the foreign party provides advanced technology, engages in the development of new products, and realizes the upgrading of products in order to increase foreign exchange earnings from exports or replace imports. 2. Legal procedures for the establishment of a contractual JV (1) The Chinese party shall submit relevant documents to the examination and approval authorities. These documents include: the project proposal for the establishment of the cooperative enterprise; Feasibility study report jointly prepared by all partners; The contractual JV agreement, contract and articles of association. The business license or registration certificate, credit certificate and valid certification documents of the legal representative of each party. If the foreign party is a natural person, it shall provide valid certification documents related to its identity, resume and credit. The list of candidates for the chairman, vice-chairman, director, or director, vice-chairman, or member of the joint management committee of the venture as determined by the parties through consultation; Other documents required by the examination and approval authority. (2) Examination and approval by the examination and approval authority. The examination and approval authority shall decide whether to approve or not within 45 days from the date of receiving all the required documents. If the examination and approval authority considers that the submitted documents are incomplete or inappropriate, it has the right to require all parties to complete or amend them within a specified period of time. (3) Go through industrial and commercial registration. The contractual JV approved for establishment shall apply to the administrative department for industry and commerce for registration and obtain a business license according to law. The date of issuance of the business license of a contractual JV shall be the date of its establishment. The examination and approval authority mentioned above refers to the Ministry of Commerce or the provincial competent commerce department. Do you understand that?