Can the equity of a subsidiary be changed?

Legal analysis: Yes, but the following conditions must be met: 1. If it is an internal transfer, it can be agreed through consultation; 2. If it is transferred to a person other than the shareholders of the company, it shall notify other shareholders in writing and obtain the consent of more than half of the shareholders; 3. If other shareholders fail to reply within 30 days, it shall be deemed that they agree to the transfer.

Legal basis: Article 71 of the Company Law of People's Republic of China (PRC). Shareholders of a limited liability company may transfer all or part of their shares to each other. Shareholders' transfer of equity to persons other than shareholders shall be approved by more than half of other shareholders. Shareholders shall notify other shareholders in writing of the transfer of shares for comments. If other shareholders fail to reply within 30 days from the date of receiving the written notice, they shall be deemed to have agreed to the transfer. If more than half of the other shareholders do not agree to the transfer, the shareholders who do not agree shall purchase the transferred equity, and those who do not agree shall be deemed to agree to the transfer.