What Is a Publicly Unlisted Company?

According to the "Supervision and Management Measures for Unlisted Public Companies (China Securities Regulatory Commission Order No. 96)", an unlisted public company refers to a joint stock limited company that has one of the following conditions and its shares are not listed on a stock exchange: 1) The issuance or transfer of stocks to specific objects resulted in a total of more than 200 shareholders; (2) the public transfer of stocks.

Unlisted public company

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According to the "Supervision and Management Measures for Unlisted Public Companies (China Securities Regulatory Commission Order No. 96)", an unlisted public company refers to a joint stock limited company that has one of the following conditions and its shares are not listed on a stock exchange: 1) The issuance or transfer of stocks to specific objects resulted in a total of more than 200 shareholders; (2) the public transfer of stocks.

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On December 21, 2006, the China Securities Regulatory Commission set up a "non-listed company supervision office." The department's responsibilities are clearly defined in four areas:

1. Formulate the rules and implementation rules for the public issuance of unlisted shares of a company limited by shares, review the application materials for public issuance of unlisted shares of a company limited by shares, and supervise its issuance activities;

2. Approving the application for the establishment of a company limited by shares through public offering;

3. To formulate information disclosure rules and implementation rules for publicly offering unlisted companies limited by shares and to supervise the disclosure of information;

4. Undertake the daily work of the Office of the Coordination Group to Combat Illegal Securities Activities.

For a long time, regulation of unlisted public companies has been in a vague area. Especially in recent years, with the continuous emergence of cases of illegal issuance and illegal securities management in various places, it is urgent to strengthen the supervision of non-listed public companies. To this end, the supervisory department actively prepared for the establishment of relevant departments in 2006 to supervise joint stock limited companies that publicly issue shares but are not listed on the stock exchange. There are also people in the industry who refer to it as "the second issue". The establishment of the "non-listed company supervision office" means that the supervision of non-listed public companies has been formally incorporated into the legal system.

In October 2012, the Securities Regulatory Commission's Listed Company Supervision Department was renamed the Listed Company Supervision Department 1 and the Listed Company Supervision Department 2 was established. The cancellation of the work coordination department of the dispatched organization shall be undertaken by other relevant departments within the CSRC.

The main responsibilities of the newly established Supervision Department of Listed Companies 2 are to formulate rules and implementation rules for the supervision of GEM listed companies; urge the GEM listed companies to improve the corporate governance structure; propose regulatory opinions on M & A and reorganization activities of GEM listed companies; Supervision of GEM listed companies by stock exchanges and dispatched agencies; supervising GEM listed companies and their directors, supervisors, senior management, and major shareholders in fulfilling their obligations under securities regulations; assisting relevant departments in supervising GEM listed companies in issuing shares, Acts such as bonds; assist relevant institutions to deal with major risks such as delisting of GEM listed companies. ^[1]

Public company: A public company is a company limited by shares that publicly issues shares to a specific object, or issues shares to a specific object, with more than 200 shareholders.

Private company: is a company registered in the name of an individual, which does not belong to the state and collective management;

Listed company: A company limited by shares issued by the State Council or a securities regulatory authority authorized by the State Council for listing on a stock exchange.

Unlisted public company: A public company whose shares are not listed and are not traded on the stock exchange.

Non-public companies: The shares of the so-called "non-public companies" are not issued in the manner of public companies (similar to fundraising); because China's laws have not clearly stipulated such issues, the transfer of shares of such companies has not been able to proceed normally .