A listed company is a specific part of a company limited by shares. The public offering of shares has reached a considerable scale, and the shares have entered the centralized securities trading market after being approved according to law. When a joint stock limited company applies for listing its shares, it shall submit relevant documents to the stock exchange. A stock exchange shall, in accordance with this Law and relevant laws and administrative regulations, decide whether to accept the listing and trading of its shares.
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1. According to Article 50 of China's Securities Law, a joint stock limited company applying for listing must meet the following conditions:
(a) approved by the the State Council securities regulatory authority for public offering.
(2) The total share capital of the company is not less than 30 million yuan;
(3) Shares publicly issued to the public account for more than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of shares issued to the public accounts for more than 10%;
4. The company has no major violations of laws and regulations in the last three years, and its financial and accounting reports have no false records;
(5) A stock exchange may prescribe conditions higher than those prescribed in the preceding paragraph and report them to the the State Council securities regulatory authority for approval. A listed company must regularly disclose its financial status and operation in accordance with the provisions of laws and administrative regulations, and publish its financial and accounting reports every six months in each fiscal year. The above conditions are to enable listed companies to distribute their shares reasonably with high quality and large scale, form a certain trading volume and form a good reputation among investors.
Two. Listed companies have the following legal characteristics:
(1) The listed company is a joint stock limited company. According to the company laws of various countries, only a joint stock limited company has the right to go public, and no other company, including a limited company, has the right to publicly issue shares for listing. At the same time, not all shares issued by joint stock limited companies are listed and traded, and only some joint stock limited companies can be listed and traded. Therefore, a listed company must be a joint stock limited company, but a joint stock limited company is not necessarily a listed company.
(2) The listing of shares of a listed company must meet the statutory requirements and be examined and approved by the stock exchange according to law. Because there are many public shareholders in listed companies, the law pays more attention to their transaction safety. China's "Company Law" stipulates that the listing of stocks shall comply with relevant laws, administrative regulations and trading rules of stock exchanges. The Securities Law has made specific requirements for the conditions and procedures of securities listing. The premise of listing is that the shares must be publicly issued after being approved by the the State Council Securities Regulatory Authority, and then an application is submitted to the stock exchange, which will review and agree according to law, and both parties will sign a listing agreement.
(3) The shares of listed companies are listed and traded on stock exchanges.