The China Securities Regulatory Commission adjusted and optimized the securities lending related systems on October 14, and the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange subsequently introduced relevant arrangements for optimizing securities lending transactions and refinancing securities lending transactions. Experts said that this will help strengthen countercyclical adjustment of securities lending and maintain the order of securities market transactions.
This adjustment and optimization of securities lending related systems by the China Securities Regulatory Commission mainly includes: on the securities lending side, the margin ratio for securities lending will be raised from no less than 50% to 80%, and the margin ratio for private securities investment funds participating in securities lending will be raised to 100% ; On the lending side, the lending of special asset management plans established by listed company executives and core employees through participation in strategic placements will be cancelled, and the lending methods and proportions of other strategic investors in the early stages of listing will be moderately restricted.
Tian Lihui, Dean of the Institute of Financial Development of Nankai University: This is a concrete manifestation of regulatory agencies achieving countercyclical adjustments through rule optimization. Through market-oriented means of increasing short-selling costs and legal means of optimizing relevant rules, and to a certain extent, restricting the trading behavior of relevant insiders, it will help to correct market failures and prevent improper arbitrage.
In the specific arrangements of the exchange, it is particularly emphasized that strategic investors who lend their allotted stocks shall not conspire with securities lending investors or other entities to lock in the proceeds from the allotment of stocks, implement benefit transfers, or seek other improper benefits. At the same time, the exchange requires that the principles of fairness and risk control should be followed, a sound allocation mechanism for securities lending sources should be established, and the transfer of interests should be prevented; the situation of investors should be verified in accordance with the principle of penetration, and the management of investors' securities lending behavior should be strengthened.
Zhang Gang, Chief Analyst of Southwest Securities: The securities regulatory authorities have been strictly supervising the lending of securities by strategic investors, and clearly require relevant entities not to reduce their holdings in any disguised manner, or to conspire to transfer benefits in any way. Once discovered, they will be punished in accordance with the law. Take it seriously. This time, it was also specifically proposed to improve the allocation mechanism of securities lending sources, hoping to strengthen the management of securities lending transactions and strengthen supervision and law enforcement through institutional means.
The margin trading and securities lending system is a common basic trading system in mature capital markets. It provides trading tools for both long and short parties in the market and is conducive to improving the price discovery capabilities of the capital market. At the same time, margin trading and securities lending serve as an important risk management tool. , can effectively meet the risk management needs of investors.
Yang Delong, chief economist of Qianhai Kaiyuan Fund: This policy adjustment is guiding the market to use relevant tools in a healthy manner and further encouraging funds to participate in the market. The main purpose of restricting securities lending is to give full play to the countercyclical adjustment ability of the system. In addition, in the long run, this can also reduce to a certain extent investors' concerns about short selling by some private equity funds and other investors through securities lending. This will reduce the pressure on the secondary market to cash out, help boost investor confidence and promote The capital market stabilized and rebounded.
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