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.
When the shares issued by a joint stock limited company are listed, the the State Council securities regulatory authority may also authorize the stock exchange to approve its listing application in accordance with legal conditions and procedures.
A joint stock limited company applying for listing its shares must meet the following conditions:
1. Approved by the securities regulatory authority of the State Council, the company will issue shares to the public.
2. The total share capital of the company is not less than RMB 50 million.
Three, the opening time of more than three years, and the last three years of continuous profit; If the original state-owned enterprise is established after being rebuilt according to law, or if it is newly established after the implementation of this law, and its main sponsors are large and medium-sized state-owned enterprises, it can be counted continuously.
4. The number of shareholders holding shares with a face value of more than 1,000 yuan is not less than 1,000, and the shares issued to the public account for more than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of shares issued to the public is more than 10%.
Five, the company has no major illegal acts in the last three years, and there are no false records in the financial and accounting reports.
Six, other conditions stipulated by the State Council.
The above conditions are to make listed companies have high quality, large scale and reasonable equity distribution, form a certain trading volume and form a good reputation among investors.
Under the condition of fierce competition in market economy, enterprises can generally develop in two basic ways: one is to expand production capacity through internal investment and new construction; The second is to absorb external resources through mergers and acquisitions and expand the business scale of enterprises through external expansion. Asset reorganization refers to the reorganization or integration of existing businesses inside and outside the enterprise through various channels in order to improve the overall quality and profitability of the company. External merger and expansion is one of the core contents of asset reorganization.