What's the difference between listed companies and state-owned enterprises?

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. A listed company refers to a joint stock limited company whose shares are not listed and traded on a stock exchange. State-owned enterprises meet the listing requirements and apply to the CSRC for listing. Only after passing can they become listed companies.

Legal basis: Article 3 of the Company Law of People's Republic of China (PRC).

The company is an enterprise legal person, with independent legal person property and legal person property rights. The company is liable for its debts with all its property.

Shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them.