Legal analysis: the pledge of shares of unlisted companies is registered in the administrative department for industry and commerce. Where a fund share or equity is pledged, the parties concerned shall conclude a written contract. Where the fund share or the equity registered by the securities registration and settlement institution is pledged, the pledge right shall be established when the securities registration and settlement institution handles the pledge registration. Where other shares are pledged, the pledge shall be established when the administrative department for industry and commerce handles the pledge registration, and the pledge of shares of unlisted companies shall be registered in the administrative department for industry and commerce.

Legal basis: Article 14 of the Civil Law of People's Republic of China (PRC), the registration authority shall go through the registration formalities on the spot and issue a notice of registration. The notice is stamped with the special seal for registration of equity pledge of the registration authority. If it does not fall within the scope of registration of equity pledge or the jurisdiction of this organ and does not conform to the provisions of these Measures, the registration organ shall inform the applicant on the spot and return the application materials.