Legal analysis: not all listed companies are state-owned enterprises. A listed company refers to a joint stock limited company whose publicly issued shares are listed and traded on the stock exchange with the approval of the securities administration department authorized by the State Council or the State Council. State-owned enterprises, that is, state-owned enterprises, refer to the state's ownership or control over its capital, and the will and interests of the government determine the behavior of state-owned enterprises. As an organizational form of production and operation, state-owned enterprises have both commercial and public welfare characteristics. Their commerciality is reflected in the pursuit of maintaining and increasing the value of state-owned assets, and public welfare is reflected in the fact that the establishment of state-owned enterprises is usually to achieve the goal of national economic regulation and play a role in coordinating the development of all aspects of the national economy. If the controlling stake of listed companies still belongs to state-owned capital, then listed companies are state-owned joint-stock enterprises and still belong to the nature of state-owned enterprises. There is no contradiction between state-owned enterprises and listing. Many state-owned enterprises have gone public, but they still maintain the nature of state holding.
Legal basis: Article 120 of the Company Law of People's Republic of China (PRC) The listed company mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on the stock exchange.