Securities are a kind of equity certificate, which are legal certificates used to prove certain specific rights and interests enjoyed by the ticket holder. In our country, the main types of securities include equity products such as stocks, debt products such as debt, and derivative securities such as stock index futures and options.

Listed securities, that is, the above-mentioned types of securities, can be circulated and traded in fixed markets and can be bought and sold freely. Securities that need to be approved by the securities regulatory authority and registered with the stock exchange to be eligible for public trading on the exchange.

Unlisted securities are over-the-counter securities and are not allowed to be traded on the stock exchange. However, they can be traded in the over-the-counter market, usually through agreement transactions.

The domestic stock exchanges established with the approval of the State Council include the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Small and Medium-sized Share Transfer System, and the inter-bank bond market.

The listed company (Thelistedcompany) refers to a joint-stock company whose 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 the stock exchange. The so-called unlisted companies refer to joint stock limited companies whose stocks are not listed and not traded on the stock exchange.

Unlisted companies: The so-called unlisted companies refer to joint stock limited companies whose stocks are not listed and not traded on the stock exchange.

The main difference is that stocks of unlisted companies can only be traded over the counter (that is, transactions agreed between buyers and sellers). The stocks of listed companies can be listed and traded. On the other hand, the trading of shares of unlisted companies requires the consent of the company's shareholders, which is more restrictive; while the shares of listed companies can be freely traded in the market (excluding restricted shares)

The shares of listed companies They are called stocks, and the shares of unlisted companies are called equity. The liquidity of the two is different. The trading volume of stocks is also large and easy to transfer, while equity is difficult to transfer. The transfer venues are also different. Stocks can be circulated on the Shanghai or Shenzhen exchanges, while equity can only be transferred in the property rights market or the over-the-counter market. , the stock transaction is at least 100 shares, and the equity transaction amount is generally large.