According to statistics, the current financing balance has increased by 454.9 billion yuan compared with the end of last year, a big increase of about 45%; while the balance of securities lending was only 13.78 billion yuan at the end of last year, but now it has reached 116.29 billion yuan, that is to say, in less than 11 months, the margin loan balance has soared by 7.43 times!
No securities for financing is one of the difficult problems in the A-share financing market in recent years. Since the beginning of this year, the abundant supply of securities lending is the main reason for the rapid growth of securities lending scale.
According to the reporters analysis, the current increase in securities sources mainly comes from three aspects: first, the enthusiasm of public offering and private placement participating in refinancing securities lending has increased significantly; second, shareholders of listed companies have significantly increased their participation in refinancing securities lending; third, QFII and social security have begun to participate in refinancing lending business.
On June 21 last year, China Securities Regulatory Commission (CSRC) issued the guidelines for public offering of securities investment funds to participate in refinancing securities lending (for Trial Implementation), and public funds began to participate in refinancing business. Subsequently, the exchange expanded the two financing targets and increased the source of securities lending in the market. In March this year, the Shanghai Stock Exchange made a new regulation on the refinancing business: if a securities lender participates in the refinancing securities lending business, the calculation of the holding period of the securities held by the lender will not be affected by the lending. As a result, the enthusiasm of public funds and private funds to participate in the refinancing securities lending business has been greatly improved.
It is worth mentioning that the NSSF officially launched the refinancing securities lending business on January 18. The lending target is the 300 shares of Shanghai and Shenzhen held by the Social Security Fund Council. Guotai Junan, Shenwan Hongyuan, Guoxin Securities and Societe Generale Securities are acting as agents to carry out the lending business.
In addition to institutions, shareholders of listed companies also provide a large number of securities sources. This year, more than 10 listed companies, including Hengshun vinegar, Hongda blasting, jinhuijiu, Guilin Sanjin and Hualu Hengsheng, have announced that shareholders participate in the refinancing securities lending business.
On September 9, the shareholders of RONGTONG Securities Co., Ltd. announced its participation in securities lending. According to the announcement, as of the end of September, Guangye group, the controlling shareholder, had lent 3.5 million shares to SGC through the exchange platform, accounting for 0.5% of the companys total share capital.
On October 28, the company again disclosed the progress announcement of controlling shareholders participation in refinancing securities lending business. According to the announcement, Guangye Group intends to continue to use its shares to carry out refinancing in the next three months.
At present, the maximum amount of securities lent by shareholders of listed companies has not exceeded 3% of the total share capital of the company.
Securities lending business refers to the institutions holding stocks and shareholders of listed companies who can lend their stocks to investors through securities companies to sell them. After the introduction of securities lending business, the scale of securities lending business has been expanded, which enables securities companies to borrow securities from funds, social security funds and other institutional investors through the platform of China Securities Fund, and then provide securities to short selling customers.