Legal analysis: Yes, after the pledge, you can sign an equity transfer contract to transfer the equity to pay off the debt, but you can't register the equity change unless the pledgee agrees. The transferor of equity shall inform the transferee of the actual situation of equity pledge to prevent fraud.

Legal basis: Article 443rd of the Civil Law of People's Republic of China (PRC) pledges the fund share or equity, and the pledge right is established upon the completion of the pledge registration. After the pledge, the fund share and equity shall not be transferred, except that the pledgor and the pledgee agree through consultation. The pledgor shall pay off the debts in advance to the pledgee or deposit the proceeds from the fund share and equity transfer.