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The implementation of pledge of stock right may produce results of equity transfer. But existing laws and regulations do not mention whether shareholders can exercise their preemptive right in the process of realizing pledge of stock right, or how to exercise their preemptive right. This paper argues that, in the establishment stage of pledge of stock right, companies do not need to comply with procedural provisions on equity transfer in theCorporation Law,and the preemptive right of shareholders is not involved; while in the implementation phase, companies should respect the preemptive right of shareholders. Institutional defects still exist in the limitation of shareholders' preemptive right, the definition of equal conditions and the effectiveness of contracts against the preemptive right of shareholders, and it is necessary to improve them through procedure and system design.

Analysis on the Relationship Between Pledge of Stock Right and Shareholders' Preemptive Right