Legal analysis: A joint stock limited company is not necessarily a listed company. A joint stock limited company refers to a joint stock limited company established according to law by two or more promoters with less than 200 people by means of initiation or offering. A listed company refers to a joint stock limited company. On the basis of the above, it should also meet the conditions for its shares to be listed and traded on the stock exchange.
Legal basis: Article 78 of the Company Law of People's Republic of China (PRC) establishes a joint stock limited company, which shall have two or more promoters but not more than 200, and more than half of the promoters shall have their domicile in China.