① Different definitions: A stock exchange is a legal person that provides venues and equipment for centralized securities trading. A securities company refers to a company with independent legal personality, which is established with the approval of the the State Council Securities Regulatory Authority in accordance with the requirements of the Company Law and the Securities Law, and specializes in stock business.
② Different characteristics: The characteristics of the stock exchange depend on the fact that the stock exchange is a non-profit social legal person team composed of several members. The members that make up a stock exchange are all securities companies, including full members and informal members. The establishment of a stock exchange must be approved by the state. The characteristic of securities companies is that most of them are state-controlled enterprises, and the gift of assets must comply with the relevant regulations of the state-owned assets management department. Most of them are unlisted companies with limited share circulation and no market price, but they have listing plans, which can meet the relevant regulations of listed companies.
(3) Different purposes: The purpose of securities companies is to make profits, and stock exchanges include corporate profit-making legal persons and membership non-profit legal persons. China's stock exchange belongs to the latter.
4. Different functions: the main function of securities companies is to buy and sell securities as agents, and investors place orders through securities companies; The functions of a stock exchange include providing places and facilities for centralized securities trading.
What kind of unit is the stock exchange?
The stock exchange is a public institution, not a government agency, but a non-profit legal entity with membership system, which is directly managed by the China Securities Regulatory Commission. Its main functions include providing places and facilities for securities trading; The business rules of the designated stock exchange; Accepting listing applications and arranging the listing of securities; Organizing and supervising securities trading; Supervise, manage and publish market information for members and listed companies.