Are all listed companies limited by shares?

Legal analysis: A joint stock limited company is not necessarily a listed company, but a listed company must be a joint stock limited company. A joint-stock company refers to a company with shares as its capital, and its shareholders are liable to the company to the extent of the shares subscribed by them. To establish a joint stock limited company, there shall be no less than two promoters and no less than 200 promoters, and the minimum registered capital shall be RMB 5 million. Because all joint-stock companies must be limited liability companies, they are generally called joint-stock companies.

Legal basis: Article 80 of the Company Law of People's Republic of China (PRC). Where a joint stock limited company is established by means of sponsorship, the registered capital shall be the total share capital subscribed by all promoters registered in the company registration authority. Before the shares subscribed by the promoters have been paid in full, they may not raise them from others. Where a joint stock limited company is established by offering, the registered capital shall be the total paid-in share capital registered with the company registration authority. Where laws, administrative regulations and decisions of the State Council have other provisions on the paid-in amount of registered capital and the minimum amount of registered capital, those provisions shall prevail.