Unlisted companies have stocks. As long as it is a joint stock limited company, it can issue shares. Stocks issued by non-listed companies cannot enter the market for free circulation and trading, and can only be conducted through over-the-counter trading. Generally speaking, it can be traded in banks or securities companies, and it can also be simply understood as private trading. There are two kinds of stock trading, one is our common stock that can be bought and sold freely on the exchange, which belongs to on-site trading, and the other is the over-the-counter trading mentioned above. Unlisted joint stock limited companies that want to raise funds can raise funds by issuing stocks for over-the-counter trading. In addition, in order to issue shares, the company must be a joint stock limited company. If it is only a limited liability company, it is not qualified to issue shares. If you want to issue shares, you can only turn them into joint stock limited companies.
legal ground
Article 80 in the Company Law, if a registered capital joint stock limited company is established by means of sponsorship, the registered capital shall be the total share capital subscribed by all promoters registered at the company registration authority. Before the shares subscribed by the promoters have been paid in full, they may not raise them from others. Where a joint stock limited company is established by offering, the registered capital shall be the total paid-in share capital registered with the company registration authority. Where laws, administrative regulations and decisions of the State Council have other provisions on the paid-in amount of registered capital and the minimum amount of registered capital, those provisions shall prevail.