Closed company, also known as unlisted company, private company or non-public offering company. A closed company refers to a company whose shares are all held by shareholders who set up a company according to its articles of association, and the transfer of shares is strictly restricted and cannot be freely transferred in the securities market. Its characteristic is that the company's shares can only be issued to a specific range of shareholders, but not to the public on the stock exchange. Shares or stocks owned by shareholders can be conditionally transferred, but they cannot be publicly listed, traded or circulated on the stock exchange.