Can unlisted companies be acquired?

Legal analysis: Non-listed companies can also conduct acquisition activities. Company acquisition refers to the act that a company obtains shares, business or property of another company with cash or other property as consideration according to law, thus obtaining or possibly obtaining actual control over another company. Different from M&A, M&A does not lead to the demise of any company, but only acquires the actual control over the target company by acquiring its shares, assets or business.

Legal basis: "Measures for the Administration of the Acquisition of Unlisted Companies" Article 1 In order to regulate the acquisition of unlisted public companies and the change of relevant share rights and interests, and protect the legitimate rights and interests of public companies and investors; According to the Securities Law and the Company Law, safeguard the order of the securities market and public interests, and promote the optimal allocation of resources in the securities market; These Measures are formulated in accordance with relevant laws and administrative regulations, such as the State Council's Decision on Issues Related to the National Share Transfer System for Small and Medium-sized Enterprises and the State Council's Opinions on Further Optimizing the Market Environment for Enterprise Merger and Reorganization.