In principle, the equity change agreement only needs to be signed by both parties; Secondly, the resolution of the shareholders' meeting on this equity change requires the signature and consent of more than half of the shareholders, unless otherwise stipulated in the articles of association. At the same time, the resolution of the shareholders' meeting is also one of the necessary materials for industrial and commercial registration. Moreover, shareholders' meetings are generally absent, so it is difficult to require all shareholders to be present to sign. If all shareholders are required to attend every shareholders' meeting, it may be difficult to organize shareholders' meetings, which is not conducive to the formation, release and implementation of company decisions.

To sum up, in the process of equity change, only the signatures of shareholders and transferee are needed, and other shareholders are not required to participate, but such equity change must be carried out in accordance with the company's articles of association.

Legal basis: Article 43 of the Company Law of People's Republic of China (PRC), the discussion methods and voting procedures of the shareholders' meeting are stipulated in the company's articles of association, unless otherwise stipulated in this Law.

The shareholders' meeting shall make resolutions on amending the Articles of Association, increasing or decreasing the registered capital, and on the merger, division, dissolution or change of corporate form of the company, which must be approved by shareholders representing more than two thirds of the voting rights.