Legal subjectivity:

Required. 20% of the income needs to be paid personal income tax. According to the "Notice of the State Administration of Taxation on Certain Income Tax Issues in Enterprise Equity Investment Business" (Guo Shui Fa [2000] No. 118). In the case of natural person equity transfer, the transferor needs to calculate personal income tax based on "property transfer income". That is: the balance of the income from the transfer of equity after deducting the original value and reasonable expenses is subject to a 20% proportional tax rate to calculate and pay personal income tax. However, if the transferor transfers the property at the original price, no personal income tax will be paid. The equity has been substantially transferred, and the transferor has received corresponding remuneration or been exempted from liability. Therefore, it should be classified as an equity transfer, and individuals must pay personal income tax in accordance with regulations on the income obtained. Legal basis: Article 71 of the "Company Law" Equity Transfer Shareholders of a limited liability company may transfer all or part of their equity to each other. The transfer of equity by a shareholder to a person other than the shareholder must be approved by a majority of the other shareholders. Shareholders shall notify other shareholders in writing to seek consent regarding the transfer of their equity. If other shareholders do not respond within thirty days from the date of receipt of the written notice, they shall be deemed to have agreed to the transfer. If more than half of the other shareholders do not agree to the transfer, the shareholders who do not agree should purchase the transferred equity; if they do not purchase, it will be deemed to have agreed to the transfer. For equity transferred with the consent of shareholders, other shareholders have the right of first refusal under the same conditions. If two or more shareholders claim to exercise the right of first refusal, they shall negotiate to determine their respective purchase proportions; if the negotiation fails, the right of first refusal shall be exercised according to the proportion of their respective capital contributions at the time of transfer. If the company's articles of association have other provisions on equity transfer, those provisions shall prevail. Legal objectivity:

Article 23 of the "Measures for the Administration of Acquisitions of Listed Companies" If an investor voluntarily chooses to acquire the shares of a listed company by way of tender offer, he or she may issue an offer to all shareholders of the acquired company to acquire all the shares held by them. An offer for shares (hereinafter referred to as a comprehensive offer) may also be issued to all shareholders of the acquired company to acquire part of the shares held by them (hereinafter referred to as a partial offer). Article 28 When acquiring shares of a listed company by way of tender offer, the acquirer shall prepare a tender offer report, hire a financial consultant, notify the acquired company, and at the same time make an indicative announcement on the summary of the tender offer report. If this acquisition should be approved by relevant departments according to law, the acquirer should make a special reminder in the summary of the tender offer report and publish the tender offer report after obtaining approval.