Legal analysis: the equity certificate is issued by the company to shareholders, which should be the right certificate that this person (or legal person) is a shareholder of the company. Including three situations: first, the state-owned shares, state-owned legal person shares and legal person shares issued by joint stock limited companies to institutional investors; Second, the shares held by shareholders can be transferred according to law, and the stock certificates of internal employee shares issued by joint stock limited companies to internal employee investors are kept in centralized custody; Third, the equity certificate issued by the limited liability company to its investors.
Legal basis: Article 137 of People's Republic of China (PRC) Company Law: The shares held by shareholders can be transferred according to law.