Legal analysis: the nature of enterprises is different. A listed company refers to a joint stock limited company whose shares are listed and traded on the stock exchange with the approval of the securities administration department authorized by the State Council or the State Council. Private enterprises refer to profit-making economic organizations established by or controlled by natural persons and based on wage labor.
Legal basis: Article 120 of the Company Law of People's Republic of China (PRC) The listed company mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on the stock exchange.