Legal analysis: listed companies are not necessarily state-owned enterprises. A listed company refers to a joint stock limited company that publicly issues shares according to law, and its shares are listed and traded on the stock exchange after examination and approval by the stock exchange. A listed company is a joint-stock limited liability company, which has the general characteristics of a joint-stock limited company, such as shareholders' limited liability, ownership and management rights. Shareholders participate in company decision-making by electing the board of directors and voting.
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.