What exactly does patent transfer mean?

Patent transfer refers to the legal act that the patentee and the patentee transfer the patent application right and patent right to others. The Patent Law of People's Republic of China (PRC) stipulates that the patent application right and patent right can be transferred. The transfer of the patent application right or patent right by a unit owned by the whole people must be approved by the competent authority at a higher level; China people (or units) to foreigners to transfer the right to apply for a patent or patent right, must be approved by the relevant competent authorities in the State Council. The parties to the assignment of a patent application or patent right must conclude a written contract, which will take effect after being registered by the Patent Office. Patent transfer includes many forms, such as sale, investment in shares, etc.