A listed company is a specific part of a company limited by shares. Public offering of shares has reached a considerable scale, and its shares have been approved to enter the centralized securities trading market according to law. When a joint stock limited company applies for listing its shares, it shall submit relevant documents to the stock exchange. A stock exchange shall decide whether to accept the listing and trading of its shares in accordance with this Law and relevant laws and administrative regulations. According to the provisions of Article 50 of China's Securities Law, a joint stock limited company applying for listing its shares must meet the following conditions: (1) The shares have been publicly issued with the approval of the State Council securities regulatory authority; (2) The total share capital of the company is not less than 30 million yuan; (3) The publicly issued shares account for more than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of publicly issued shares exceeds10%; (four) the company has no major illegal acts in the last three years, and its financial and accounting reports have no false records; (5) A stock exchange may prescribe conditions higher than those prescribed in the preceding paragraph and report them to the the State Council securities regulatory authority for approval. A listed company must regularly disclose its financial status and operation in accordance with the provisions of laws and administrative regulations, and publish its financial and accounting reports every six months in each fiscal year. The above conditions are to make the listed company with high quality, large scale and reasonable equity distribution, form a certain transaction volume and form a good reputation among investors.
Relevant regulations on pledged shares of listed companies: After the pledged shares are marked in the system, the pledgee shall apply to the people's court for changing the price of shares within the scope of pledged claims by means of centralized bidding and block trading in the stock exchange with materials proving the existence of pledged claims and the conditions for realizing pledged claims, which shall be allowed, unless otherwise stipulated by laws and judicial interpretations. After the people's court freezes the capital account, the amount of the creditor's rights in the case and the total execution expenses within the scope of the pledged creditor's rights opened by the debtor in the securities company, it shall promptly notify the securities registration and settlement institution or the securities company in writing to adjust the corresponding pledged shares to the saleable state in the system.