Legal analysis: If a state-owned enterprise that has been listed and listed increases capital and expands shares, it does not need to be listed on an equity exchange. The purpose of requiring state-owned enterprises to be listed on the Industry Exchange is to fully disclose the restructuring information of state-owned enterprises, find the best investors in a fair and just way, and prevent the loss of state-owned assets. Listed and listed state-owned enterprises have fully disclosed information related to capital increase and share expansion through stock exchanges and equity transfer companies, and have found the best investors in the capital market. There is no need to restrict the target company by entering the market for listing.

Legal basis: "Securities Law of the People's Republic of China" Article 2 Within the territory of the People's Republic of China, stocks, corporate bonds, depositary receipts and other securities recognized by the State Council in accordance with the law are This Law shall apply to issuance and trading; if this Law does not provide for it, the provisions of the Company Law of the People's Republic of China and other laws and administrative regulations shall apply.

This Law shall apply to the listing and trading of government bonds and securities investment fund shares; if other laws and administrative regulations provide otherwise, such provisions shall apply.

The administrative measures for the issuance and trading of asset-backed securities and asset management products shall be prescribed by the State Council in accordance with the principles of this Law.

Any securities issuance and trading activities outside the territory of the People's Republic of China that disrupt the market order within the People's Republic of China and damage the legitimate rights and interests of domestic investors shall be dealt with in accordance with the relevant provisions of this Law and shall be dealt with accordingly. Pursue legal responsibility.