Legal analysis: The companies listed on the New Third Board are not listed companies. A listed company is a joint stock limited company whose shares are listed and traded on the stock exchange, while the New Third Board is a national enterprise equity trading place independent of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, not the trading places of listed companies.

legal basis: article 12 of the company law a listed company as mentioned in this law refers to a joint stock limited company whose shares are listed and traded on a stock exchange.