Article 13 of the Provisions on Foreign Investment in Establishing Holding Companies (MOFCOM [2004] Decree No.2) stipulates, a holding company may set up a foreign invested stock company as a sponsor. After the sponsors of the stock company reach an agreement to set up the company, they may collectively entrust one sponsor to proceed with the application. The procedure for this is articulated in the Interim Provisions on Issues Related to the Establishment of Foreign Invested Stock Companies (MOFTEC Decree [1995] No.1).