A limited liability company does not belong to a listed company, and a listed company must be a joint stock limited company. If a limited liability company wants to go public, it must be restructured into a joint stock limited company. A listed company must be a joint stock limited company, which is not necessarily a listed company.
Legal objectivity:
People's Republic of China (PRC) Company Law Article 120 A listed company as mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on a stock exchange.