There are two kinds of stock issuance: establishment issuance and new share issuance. The establishment and issuance of shares: refers to the issuance of shares for the purpose of establishing a company and raising legal capital. Refers to the company's issuance of shares in the process of establishment, and it is also the first time for the company to issue shares.
Stock listing refers to the legal act of publicly listing and trading the issued shares on the stock exchange with the approval of the stock exchange. A company that publicly issues shares can go public after a period of counseling by underwriters and on-site examination and approval by the exchange. Stock listing is a "bridge" connecting stock issuance and stock trading. In China, shares are eligible for listing after public offering.
The stock market can be divided into primary market (issuing market) and secondary market (trading market). The stocks we trade in securities companies are traded in exchanges and belong to the secondary market. In practice, the difference between IPO and IPO is whether it enters circulation or not.
Issuance can be the issuance of tradable shares or non-tradable shares, and issuance does not necessarily mean entering the circulation field (secondary market); Listing means that shares enter the circulation field (secondary market), and the tradable shares of listed companies can be traded through the trading system of the exchange.
In other words, the issuance is in the primary stock market, that is, the shares of listed companies are subscribed with money, and the transaction subject is between the buyer and the listed company; Listing is the secondary market of stocks. You go to the exchange to trade, and the main body of the transaction is the buyer and the seller, not the listed company. The initial public offering (IPO) of shares can only be purchased (bought), and shares can be bought and sold freely when they are listed.
Stocks that have been publicly issued must meet certain conditions before they can be listed and traded; A listed company refers to a joint stock limited company whose shares are listed and traded on a stock exchange. Therefore, the concept of listed companies is indeed included in the concept of joint stock limited companies.
Both can issue shares. Registered shares and bearer shares have two ways: public offering and non-public offering. If you arrange and combine them, there are many kinds.
At present, the so-called "stock speculation" is the speculation of registered shares issued publicly, and only this kind of stock can be listed and traded. Others can only be transferred according to law and cannot be listed and traded. Therefore, a joint stock limited company or a listed company can issue a variety of stocks. The difference is that a listed company will always have one more stock than a joint stock limited company: stocks that can be listed and traded.