A listed company refers to a joint stock limited company that publicly issues shares according to law and is listed and traded on the stock exchange after being examined and approved by the stock exchange. Listed companies can be private enterprises or state-owned enterprises. Private enterprises refer to enterprises established, owned and operated by private individuals or private collectives, while state-owned enterprises are enterprises owned or controlled by the state. Therefore, listed companies can be both private enterprises and state-owned enterprises. The specific ownership depends on the ownership structure and control right of the company.