Legal analysis: A joint stock limited company is not necessarily a listed company. A joint stock limited company refers to an enterprise established by raising capital or funds by issuing and subscribing shares, and a listed company refers to a joint stock limited company whose publicly issued shares are listed and traded on the stock exchange with the approval of the securities administration department authorized by the State Council or the State Council. A company limited by shares refers to a company established by capital contribution of less than 200 shareholders. All the capital of the company is divided into equal shares. All information of a company must be disclosed to shareholders, and the liquidity of its shares is better than that of a limited liability company.
Legal basis: Article 78 of the Company Law of People's Republic of China (PRC) establishes a joint stock limited company, which shall have two or more promoters but not more than 200, and more than half of the promoters shall have their domicile in China.