1. State-owned shares, state-owned legal person shares and legal person shares issued by a joint stock limited company to institutional investors.
2. Share certificates of internal employee shares issued by a joint stock limited company to investors of internal employee shares under centralized custody.
3. Shares issued by a limited liability company to investors. The equity certificate must be registered and issued after the shareholders have paid their share capital. It cannot be traded, but it can be transferred with the consent of other shareholders within the scope permitted by the company's articles of association. When transferring, you must go through the transfer formalities in the company.