The behavior you are talking about is that holders of listed company stocks pledge their stocks to trust companies for financing, but in general it is caused by a lack of liquidity.
Whether this behavior is bad or good depends on the specifics, mainly based on the purpose of the pledge.
If the purpose is to purely alleviate financial pressure, it can be understood as negative.
If the purpose is to launch some new projects, it can be understood as a benefit.
However, generally stock pledgers are small shareholders of listed companies. These shareholders do not operate closely with the listed company itself and generally do not have a big influence.