A joint Chinese and foreign-invested limited liability company with its capital divided into shares of equal value and equal voting rights.

FICLS used to be separately governed by the Interim Provisions on Certain Issues Concerning the Establishment of Foreign-Invested Joint Stock Companies 1995 (关于设立外商投资股份有限公司若干问题的暂行规定), which was repealed by the Ministry of Commerce under the MOFCOM Circular 3/2019 (商务部关于废止部分规章的决定) on 28 December 2019.

The annulment of the 1995 provisions is aligned with China's implementation of the Foreign Investment Law 2019 (2019 FIL). See Chinese foreign investment law: legislation tracker to monitor the progress of key China legislation enacted, repealed or amended due to the 2019 FIL reform.