Reference Case: Lei Moumou v. Company, Wang Mou, Chen Moumou, and Jiang Moumou

Shareholder status cannot be determined solely by registration appearances. If the supposed transfer agreements behind repeated shareholder changes did not reflect the parties' true intent and the registrations were not lawfully completed, the equity never transferred. Before the right actually passes, the donor may revoke the gift, and the donee's claim to shareholder status should fail.