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If a joint stock company is established by initiating the establishment, the promoter shall accept the shares to be issued at the time of the establishment of the company as stipulated in the articles of association. 以发起设立方式设立股份有限公司的，发起人应当认足公司章程规定的公司设立时应发行的股份。 If a joint stock limited company is established by fundraising, the shares subscribed by the promoter shall not be less than 35% of the total number of shares to be issued at the time of the establishment of the company as stipulated in the company's articles of association; however, if otherwise stipulated by laws and administrative regulations, the provisions thereof shall be followed. 以募集设立方式设立股份有限公司的，发起人认购的股份不得少于公司章程规定的公司设立时应发行股份总数的百分之三十五；但是，法律、行政法规另有规定的，从其规定。