Legal analysis: The companies listed on the New Third Board are not listed companies. The listed company is a joint stock limited company, and its shares are listed and traded on the stock exchange, while the New Third Board is a national enterprise equity trading place independent of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, not a trading place for listed companies, so the enterprises listed on the New Third Board are not listed companies.
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.