Legal Analysis: Depends on the circumstances. In principle, signing on behalf of the shareholders is invalid, but if the shareholder who is signed on behalf of the shareholders later performs the contract with actual actions, it will be regarded as a ratification of the contract and the contract will be a valid contract. If it is not ratified by the principal, it will not be effective against the principal.

Legal basis: Article 503 of the "People's Liberation Army and Civil Code of the People's Republic of China". An agent without the right to conclude a contract in the name of the principal has already begun to perform the contractual obligations or accept the relative obligations. If a person performs the contract, it shall be deemed as ratification of the contract.