Limited liability companies generally cannot go public, but when a company reaches a certain scale, it can go public.

r For example, Shenzhen Tencent Computer Co., Ltd. was listed on the Hong Kong Stock Exchange in 2004, Alibaba Network Technology Co., Ltd. was listed on the New York Stock Exchange in 2014, and Beijing Xiaomi Technology Co., Ltd. was listed on the Hong Kong Stock Exchange in 2018.

r Lenovo Group is a joint-stock company and a listed company. Huawei Technologies Co., Ltd. is a limited liability company but also an unlisted company.

r The so-called listed company is generally a joint-stock company that becomes a listed company after being listed on a stock exchange. There are domestic stock exchanges (Shanghai Stock Exchange, Shenzhen Stock Exchange) and overseas stock exchanges (Hong Kong Stock Exchange, New York Stock Exchange). Once a company goes public, it means that the company can publicly offer shares, and all shareholders who buy the shares of the listed company are shareholders of the company; and the stock price of a listed company tends to rise a lot, so once a company goes public, the net worth of major shareholders often soars overnight.

r As for why Tencent, Alibaba, and Xiaomi chose to go public while Huawei did not, the reasons are complex and require consideration of many factors.

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