The unlisted companies can not trade their securities through the listing system at the stock exchange or other stock markets.

未上市的公司的股票不能在证交所或其他股票市场公开挂牌交易。

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GMI, based in New York and recently merged with the Corporate Library, a governance research firm, rates the practices of more than 4, 100 companies by examining pertinent public data, including regulatory filings, company websites and news services, to see how well they follow securities regulations, stock exchange listing requirements and various corporate governance codes and principles.

FORBES: Beyond The Balance Sheet