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. The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange. A listed company is a joint stock limited company, which must meet certain conditions besides being approved to be listed and traded on the stock exchange. After the revision of the Company Law and the Securities Law, more enterprises will become listed companies and companies whose corporate bonds are listed and traded.
Article 50 of the Securities Law stipulates that one of the conditions that a joint stock limited company must meet when applying for listing its shares is that the total share capital of the company is not less than RMB 30 million. Compared with the original provision of 50 million yuan, the threshold for SMEs to become listed companies has been greatly reduced. The original requirement of "thousands of people and thousands of shares" has also been deleted. At this stage, it is more conducive to the implementation of the State Council's Minutes of Meeting on Several Policies and Measures to Support and Expand Beijing Zhongguancun Science Park, and it is required to "establish a' green channel' to support Shenzhen SMEs in Zhongguancun". Of course, a stock exchange may stipulate listing conditions higher than those stipulated in the preceding paragraph and report them to the the State Council securities regulatory authority for approval.