As the name implies, unlisted public companies refer to joint stock limited companies that are not listed on Shanghai Stock Exchange, Shenzhen Stock Exchange and Hong Kong Stock Exchange, but will issue shares to unspecified objects. But only some of them will apply for listing on the New Third Board.
According to the definition of the Measures for the Supervision and Administration of Unlisted Public Companies (Order No.96 of the CSRC), unlisted public companies refer to joint stock limited companies whose shares are not listed on the stock exchange under any of the following circumstances:
(1) The total number of shareholders exceeds 200 due to the issuance or transfer of shares to specific objects;
(2) Public transfer of shares.
In addition, the Measures for the Supervision and Administration of Unlisted Public Companies adjust the access conditions of unlisted public companies and the exemption standards for small loans, and make it clear that joint-stock companies with more than 200 shareholders will also be included in the scope of supervision before the implementation of the Measures, which indicates that the supervision of unlisted public companies will be brought into the legal track.