Legal subjectivity:

We all know that in the past week, five Chinese Internet companies have been listed on the Hong Kong main board, including Xiaomi Group, Inke, Qijia.com, and 51 Credit Card , Fingertips are moving happily. Before this, many unicorn companies went public in Hong Kong, which we usually call listed companies. 1. The concept of a listed company. According to the relevant provisions of the Company Law of the People's Republic of China, a listed company refers to a company whose publicly issued stocks have been approved by the State Council or the securities management department authorized by the State Council to be listed and traded on a stock exchange. Co., Ltd. The so-called unlisted companies refer to joint stock limited companies whose stocks are not listed and not traded on the stock exchange. A listed company is a type of joint stock limited company. In addition to being approved for listing on a stock exchange, such a company must also meet certain conditions. The revision of the Company Law and Securities Law will help more companies become listed companies and companies whose corporate bonds are listed and traded. 2. Definition of listing: Listing, that is, Initial Public Offerings (IPO), refers to the process in which an enterprise issues additional shares to investors for the first time through a stock exchange in order to raise funds for enterprise development. When a large number of investors subscribe for new shares, the shares need to be allocated by lottery, also known as drawing new shares. Investors who subscribe expect to be able to sell at a price higher than the subscription price. Listing means that stocks can be traded on a stock exchange. Each stock exchange has established its own stock listing requirements. Stocks must meet these requirements before they can be listed and start trading. Stock listing requirements usually include the following aspects: public float, number of shareholders, and publication of financial statements for at least several years, etc. Different stock exchanges also have different requirements. 3. Characteristics of listed companies 1. Listed companies are limited by shares. 2. Listed companies must obtain approval from the competent government departments. 3. Stocks issued by listed companies are traded on stock exchanges. A listed company refers to a joint-stock company whose publicly issued stocks have been approved by the State Council or the securities management department authorized by the State Council to be listed and traded on a stock exchange. Nowadays, money in the primary market has become tighter, and it will become increasingly difficult for startups to raise funds. Institutions that have invested in the past also have incentives to withdraw. Due to many factors, companies have greater incentives to turn to the secondary market. Legal objectivity:

Article 14 of the "Company Law" states that a company may establish a branch. To establish a branch, one must apply for registration with the company registration authority and obtain a business license. A branch does not have legal personality and its civil liability shall be borne by the company. A company may establish a subsidiary company, which shall have legal personality and independently bear civil liability in accordance with the law. Article 120 The term "listed company" as used in this Law refers to a joint-stock company whose stocks are listed and traded on a stock exchange.