Does the listed company refer to the New Third Board?

Not exactly. Companies listed on the New Third Board are not listed companies in the legal sense. The New Third Board is a national share transfer system for small and medium-sized enterprises, and listed companies buy and sell securities on stock exchanges. Unlisted company refers to a limited liability company whose shares are not listed on the stock exchange. The listed companies of the New Third Board are not publicly issued or sold.

legal ground

Article 2 of the Interim Measures for the Administration of National Small and Medium-sized Enterprise Share Transfer System Limited Liability Companies

These Measures shall apply to the management of the marketing units of the national share transfer system for small and medium-sized enterprises (hereinafter referred to as the national share transfer system). Where there are no provisions in these Measures, other provisions of the National Share Transfer System Company shall apply.