Interpretation of this article is about the definition of listed companies.
According to whether the shares of a joint stock limited company are traded on the stock exchange, it can be divided into two forms: listed companies and unlisted companies. According to the provisions of this article, a listed company refers to a joint stock limited company whose shares are listed and traded on a stock exchange. Listed companies have the basic characteristics of general joint stock limited companies. However, due to the large number of shareholders, stocks are publicly listed and traded on the stock exchange, and the operation of listed companies and their stock trading activities will have a great impact on the interests of public investors and the order of the securities market. Therefore, it is necessary to make special provisions and strict regulations on the conditions for listing stocks, the rules for listing and trading, the establishment of internal institutions of listed companies, and information disclosure.
According to the provisions of the Securities Law, if a stock limited company wants to be listed and traded on a stock exchange, it shall apply to the stock exchange, which shall examine and approve it according to law, and both parties shall sign a listing agreement. A joint stock limited company that meets the following conditions may apply to the stock exchange for listing and trading of its shares: (1) The shares have been approved by the the State Council securities regulatory authority and have been publicly issued to the public; (2) The total share capital of the company is not less than 30 million yuan; (3) If the total number of publicly issued shares reaches more than 25% of the total number of shares of the company, and the total share capital of the company exceeds RMB 400 million, the proportion of publicly issued shares is more than 65,438+00%; (4) The company has no major illegal acts in the last three years, and its financial and accounting reports have no false records. In addition to the above conditions, a stock exchange may stipulate other listing conditions. The conditions prescribed by a stock exchange shall be reported to the the State Council securities regulatory authority for approval. A joint stock limited company becomes a listed company after its application for stock listing and trading is approved by the stock exchange according to law.