Legal analysis: No, pledge registration is required for equity pledge. During the pledge period, the equity cannot be transferred, and the non-transferable equity cannot be registered for shareholder change.

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.