Is a listed company a listed company?
The listed company of the New Third Board is not a listed company. A listed company refers to a joint stock limited company whose shares are listed and traded on the stock exchange, while the New Third Board is a national enterprise equity trading place independent of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, not a trading place for listed companies.
Listing refers to the non-listed company, which is listed and traded through the share agency transfer system, that is, the "New Third Board" pilot park of the National High-tech Zone. The transaction on behalf of the share transfer system is mainly completed through independent inquiry by both parties. You can't issue new shares at the same time as listing, but only after listing (at present, there are no more than 20 additional targets).
The New Third Board is a national OTC market led by the China Securities Regulatory Commission and under unified supervision. Using the trading system of the stock exchange, the intermediary agencies mainly involved are securities companies. The local government-led property rights exchange refers to the places where both parties conduct property rights transactions, such as Tianjin Stock Exchange Center and Shanghai Stock Exchange Custody Center. Both the New Third Board and the local property rights trading market are part of the establishment of a unified national OTC market.