Legal analysis: in international practice, state-owned enterprises only refer to enterprises invested or controlled by the central government or the federal government of a country. In China, state-owned enterprises also include enterprises invested and controlled by local governments. The will and interests of the government determine the behavior of state-owned enterprises. As a form of production and operation organization, state-owned enterprises have the characteristics of both profit-making legal persons and public welfare legal persons. Its profitability is reflected in the pursuit of maintaining and increasing the value of state-owned assets. Its public welfare is reflected in the fact that the establishment of state-owned enterprises is usually to achieve the goal of national economic regulation and play a role in coordinating the development of all aspects of the national economy. A listed company refers to a joint stock limited company whose publicly issued shares are approved to be listed and traded on the stock exchange by the securities management department authorized by the State Council or the State Council in accordance with the relevant provisions of the People's Republic of China (PRC) Company Law. The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange. State-owned enterprises meet the listing requirements, apply to the CSRC for listing, and arrange the listing time after passing, and become listed companies.
Legal basis: Article 120 of the Company Law of People's Republic of China (PRC)? A listed company as mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on a stock exchange.