Meaning of a stock exchange.
A stock exchange is a legal person that provides premises and facilities for the centralized trading of securities, organizes and supervises the trading of securities, and exercises self-regulation. In countries around the world, there are corporate, for-profit legal persons and member-based, non-profit legal persons.

Meaning of Securities Company.
Securities Company is a legal entity specializing in the purchase and sale of securities, and is divided into a securities management company and a securities registration company. A securities company in the narrow sense is a securities management company, which is an institution specializing in securities business after being approved by the competent authorities and obtaining a business license from the relevant Administration for Industry and Commerce. It has the membership of the stock exchange and can underwrite the issuance, self-dealing or self-dealing and agency trading of securities. Ordinary investors have to go through a securities dealer for their securities investments.

The differences between a stock exchange and a securities company are as follows.
　　
1, The concepts are different. A stock exchange is a legal person that provides premises and facilities for the centralized trading of securities, organizes and supervises the trading of securities and exercises self-regulation. A securities company is a limited liability company or joint-stock company established in accordance with the provisions and approved by the state authorities for the supervision and administration of securities, which specializes in securities business and has the status of an independent legal person.
　　
2, The characteristics are different. A stock exchange is characterized by the fact that it is a non-profit social corporate body voluntarily formed by a number of members. The members that constitute the stock exchange are all securities companies, of which there are both full and unofficial members. The establishment of a stock exchange is subject to the approval of the State.
　　
3, The duties are not the same. The stock exchange shall provide guarantees for the organization of fair and centralized trading, publish instant quotations of securities transactions and produce a securities market quotation table for publication by trading day. Without the permission of the stock exchange, no entity or individual may publish the real-time quotations of securities trading.
　　
Securities companies, on the other hand, are mostly state-controlled enterprises and the granting of assets must meet the relevant regulations of the state-owned assets management department. Most of them are unlisted companies with restricted circulation of shares and no market price, but have plans to be listed and are able to meet the relevant regulations of listed companies.

Where a company limited by shares is established by way of promotion, the registered capital is the total amount of share capital subscribed by all promoters registered with the company's registration authority. In order to completely open up the market economy. Where a company limited by shares is established by way of subscription, the registered capital shall be the total amount of paid-up share capital registered with the company's registration authority. Where laws or administrative regulations provide for a higher minimum amount of registered capital for a company limited by shares, the provisions shall apply.