Can unlisted companies be acquired?

Legal analysis: the company can be acquired without listing, but the specific situation needs specific analysis.

Legal basis: Article 5 of the Measures for the Administration of the Acquisition of Unlisted Public Companies. The purchaser can become the controlling shareholder of a public company by purchasing shares, become the actual controller of a public company through investment relations, agreements or other arrangements, or obtain the control right of a public company by adopting the above methods and means. The buyer includes investors and their concerted actions.