Legal Analysis: According to the relevant provisions in Section 5 of Chapter 4 of the Company Law of People's Republic of China (PRC), a listed company refers to a joint stock limited company whose publicly issued shares are approved by the securities management department authorized by the State Council or the State Council to be listed and traded on the stock exchange. The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange. Limited company is a limited liability company. It is an enterprise legal person established according to the conditions stipulated in the Company Law and relevant laws. Shareholders shall be liable to the Company to the extent of their capital contribution, and enjoy the benefits in proportion to their shares. The company is liable for its debts with all its assets. Limited liability companies can't be listed directly, and only after the shareholding system reform and successful listing on the exchange can they become listed companies. In other words, a limited company is not a listed company and cannot trade in the stock exchange market.
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.