A securities account generally has several levels of account contents:
The first is the asset account (fund account), which records your assets in the securities company, including cash, stocks, bonds, on-site funds, off-site funds, wealth management products, etc.
Second, shareholder accounts, including Shenzhen shareholder accounts and Shanghai shareholder accounts. This is the account where China Securities Depository and Clearing Company records your securities. The shareholder account must be "linked" to the asset account, in order to find out the information such as the number of securities in your asset account.
The third is the fund account, which is the account where the fund company records the off-exchange funds you purchased through the aforementioned asset account;
Fourth, this asset account may also have opened a credit account (such as a margin account).
Therefore, to cancel a securities account, we must first find out which level of account to cancel. Because the shareholder account does not belong to the securities company, it is decoupled from the securities company (Shanghai Stock Exchange) by canceling the designation, and the shares and off-exchange funds of Shenzhen Stock Exchange can be transferred to the new securities company through the transfer custody procedures, so it is generally not necessary to cancel the shareholder account and fund account. If cancellation is necessary, the number of securities in the account must be zero first.
If you want to cancel the asset account, you must first make the assets in the account zero, with neither cash nor securities. After filling out a set of business application forms, the business personnel will empty the assets in your account layer by layer, and the securities such as stocks and bonds in your account will be removed from the designated place. After the interest is settled, the cash will be transferred to your three-party depository account in the bank, then the three-party depository relationship will be dissolved, and finally the asset account can be cancelled.
It is also possible to keep the asset account after the designation is revoked and transferred to custody. After the cash is transferred out, it will be an empty account and there is no need to close the account.
Every business, every step, the securities company will give you a business receipt or business documents. You only need to pay attention to the requirements of affixing the special business seal and agency seal on the documents.