Legal analysis: not counting. Companies listed on the New Third Board are not listed companies in the legal sense. The New Third Board is a national share transfer system for small and medium-sized enterprises, and listed companies buy and sell securities on stock exchanges. Unlisted company refers to a limited liability company whose shares are not listed on the stock exchange. The listed companies of the New Third Board are not publicly issued or sold. Although the listed companies of the New Third Board are also joint-stock enterprises, they only conduct large-scale transactions in the trading center, which is only a share transfer agency system. The New Third Board trading place is a national share transfer system for small and medium-sized enterprises. Except that the name does not contain the word stock exchange, other conditions meet the requirements of the stock exchange.
Legal basis: Article 46 of the Securities Law of People's Republic of China (PRC) shall apply to the stock exchange, which shall examine and approve the application according to law, and both parties shall sign a listing agreement. The stock exchange arranges the listing and trading of government bonds according to the decision of the department authorized by the State Council.
Article 47 An application for listing securities shall meet the listing conditions stipulated in the listing rules of stock exchanges. The listing conditions stipulated in the listing rules of a stock exchange shall require the issuer's operating years, financial status, minimum public offering ratio, corporate governance and integrity records, etc.