After the merger, the competent economic and trade department of the company's domicile and the registration authority authorized by the State Administration for Industry and Commerce (hereinafter referred to as the State Administration for Industry and Commerce) shall approve the registration, approve the corresponding authority of the combined company's total investment, approve the company after merger or division with the Ministry of Foreign Trade and Economic Cooperation of the People's Republic of China (hereinafter referred to as the Ministry of Foreign Trade and Economic Cooperation), dissolve the original company or set up a new company with a different name, and seek the approval of the company's dissolution or listing.
The listed enterprise is a company limited by shares. A company limited by shares may be an unlisted enterprise, but a listed enterprise must be a company limited by shares. Listed companies must be approved by the competent government departments. According to the Company Law, the listing of a joint stock limited company must be approved by the securities regulatory authority authorized by the State Council or the State Council. Without approval, it shall not be listed. Shares issued by listed companies are traded in stock exchanges. The issued shares are not traded on the stock exchange and are not listed shares. Compared with ordinary companies, the biggest feature of listed companies is that they can use the securities market to raise funds and widely absorb social idle funds, thus rapidly expanding the scale of enterprises and enhancing the competitiveness and market share of products. Therefore, after a joint stock limited company develops to a certain scale, it often takes the public listing of its shares on the exchange as an important strategic measure for enterprise development. From the international experience, almost all the world-famous large enterprises are listed companies. For example, 95% of the top 500 companies in the United States are listed companies. First of all, a listed company is also a company and a part of it. From this perspective, companies can be divided into listed companies and unlisted companies. Secondly, listed companies divide their assets into several shares and trade them in the stock market. Everyone can buy shares in this company and become a shareholder of the company. Listing is an important channel for company financing; Shares of unlisted companies cannot be traded in stock exchanges (note: all companies have equity proportions: state investment, personal investment, bank loans and venture capital). Listed companies need to regularly disclose their assets, transactions, annual reports and other related information to the public, while non-listed companies do not. Finally, in terms of profitability, we can't absolutely say who is good and who is bad. Listing does not mean strong profitability, and not listing does not mean no profitability. Of course, companies with strong profitability are more likely to be sought after when they go public.