noun
unlisted company; privately held company
A company whose shares are not traded on a public stock exchange. Often contrasted with 上場会社 (listed company).
See also: 非公開会社
非上場会社は株式市場に株式を公開していない。
An unlisted company does not offer its shares to the public on the stock market.
このベンチャー企業はまだ非上場会社だ。
This venture company is still a privately held company.