First of all, securities companies and listed companies are independent legal entities. A securities company is a company engaged in securities trading. The securities companies we usually refer to mainly refer to securities management companies, which can be divided into securities brokers, securities underwriters and securities dealers. However, the business scope of most domestic securities companies is collectively referred to as full-license companies, and this article is about full-license securities management companies. A listed company refers to a company listed in the stock market, and a domestic company refers to a company listed in one of Beijing (North Exchange), Shanghai (Shanghai Stock Exchange) and Shenzhen (Shenzhen Stock Exchange). There are tens of millions of types of listed companies, as long as they meet the listing standards, they can go public.
Secondly, what is the relationship between stock exchanges and listed companies, mainly business cooperation? If a listed company wants to go public, it must be recommended by a sponsor broker (all securities companies with full licenses are qualified to sponsor). Sponsor brokers should give guidance to the company before listing, that is, the guidance period we usually say is generally about one year, and some will be longer. This is the relationship of service cooperation. During the company's listing, the listed company entrusts the sponsoring brokers to provide services for the whole process of stock issuance and trading. Of course, you can also change securities companies during this period. The two are business cooperation. In addition, after the company goes public, the securities company can use its own funds to buy the shares of this listed company in the stock market, that is, become the shareholders of this listed company.
Finally, securities companies and listed companies are the same type of companies and have their own businesses. Only when a company is about to go public, it needs the cooperation of securities companies to complete the whole process of listing. After listing, securities companies hold shares of listed companies, which is a shareholder relationship.