Legal analysis: A listed company refers to a joint stock limited company whose shares can be listed on the stock exchange and successfully traded. A joint stock limited company can raise funds by issuing shares, but a limited liability company can't unless the shareholding system reform is carried out. A listed company must meet certain conditions when trading on the stock exchange, such as: the shares must be approved by the the State Council Securities Regulatory Bureau, the company has no major illegal acts or false propaganda in the past three years, and the total share capital of the company shall not be less than RMB 30 million.
Legal basis: Article 120 of the Company Law of People's Republic of China (PRC) The listed company mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on the stock exchange.