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Margin Trading and Securities Lending

Margin trading and securities lending refers to the practice that an investor purchases securities with borrowed money from a member of Shenzhen Stock Exchange (SZSE), or sells securities borrowed from a member, by providing collateral to the member.

Margin trading and securities lending on SZSE shall comply with the following requirements:

1. Orders shall be conducted as auction trading, and be placed only on underlying securities recognized by SZSE for margin trading or securities lending.

2. Collateral provided by an investor shall be cash or shares, funds and bonds that listed and traded on SZSE and other securities recognized by SZSE.

3. The term of the contract shall not exceed six months. Before the expiry of the contract, the member can execute roll-over upon client’s application. The term of each roll-over may not exceed six months.

4. Observe “tick rule”, i.e., the quotation price of a short selling order, except for certain security recognized by SZSE, shall not be lower than the last traded price, or previous closing price in the absence of last traded price, of the relevant security.

5. Comply at all times with the Detailed Implementation Rules of Shenzhen Stock Exchange on Margin Trading and Securities Lending.