Legal analysis: unlisted companies can buy shares. If the company has indeed entered the listing process, then it is certainly more cost-effective to subscribe for the original shares. However, the key is to judge the reliability of listing. The general experience is whether there is a financial consultant, whether there is a formal audit, who will do the legal opinion, who is the underwriter, and so on. Only the three of them can explain the listing process that they have entered. There is a time limit for the original shares to enter the secondary market, that is, the lock-up period (lock-up period), which is generally 1-3 years. Different countries, different exchanges and different departments have different regulations.
Legal basis: Article 5 of the Measures for the Administration of the Acquisition of Unlisted Public Companies. The purchaser can become the controlling shareholder of a public company by purchasing shares, become the actual controller of a public company through investment relations, agreements or other arrangements, or obtain the control right of a public company through the above methods and means. The buyer includes investors and their concerted actions.