Article 14 of the Measures for the Administration of Futures Companies stipulates that any change in the equity of a futures company under any of the following circumstances shall be approved by the China Securities Regulatory Commission: (1) The shareholding ratio of a single shareholder is increased to more than 5%, or the total shareholding ratio of related shareholders is increased to more than 5%; (2) Transfer by shareholders who hold more than 5% of shares, or transfer by shareholders who are related and hold more than 5% of shares in total.