Stock pledge, English is squeeze of shares, which is a very common financing method such as reducing shares. From the perspective of business positioning, the stock pledge transaction aims to serve the real economy and solve the problem of financing difficulties for shareholders of small and medium-sized listed companies. Most of the funds are major shareholders of listed companies, and the funds are mainly used for business turnover, which is obviously different from other leveraged funds and leveraged funds used to buy stocks.
Second, what is stock pledge?
Stock pledge is a very common financing method like reducing shares. From the perspective of business positioning, the stock pledge transaction aims to serve the real economy and solve the problem of financing difficulties for shareholders of small and medium-sized listed companies. Most of the funds are major shareholders of listed companies, and the funds are mainly used for business turnover, which is obviously different from other leveraged funds and leveraged funds used to buy stocks.
3. What is stock pledge?
Stock pledge is the abbreviation of stock pledged repo transaction. Simply put, you get a sum of money from the stock pledge in your hand, and the pledge will be released at maturity.
Judging from the provisions of the Measures for the Administration of Stocks of Securities Companies (hereinafter referred to as the Measures), what is the meaning of stock pledge is subdivided into the following three points:
1. In principle, the stocks used should have excellent performance, moderate circulating share capital and good liquidity. For the securities companies that suffered losses in the last year, or the stock price fluctuated more than 200%, or the circulating shares were excessively concentrated, or the stock exchange was closed, it means that if the securities companies want to make full use of their quotas, they should give priority to the stable "blue chips" that have been recognized by the market, rather than the future "blue chips".
2. The reason is that the risk measurement of stocks is determined by banks. From a sound point of view, listed companies with stable stock prices, good performance and healthy finances will undoubtedly become the first choice for banks. The pledge rate of blue chips is 70%, and the pledge rate of common shares is 50%.
3. The shares of a listed company pledged by a commercial bank shall not be higher than 10% of all the shares in circulation of the listed company. The shares of a listed company pledged by a securities company shall not be higher than 10% of all the circulating shares of the listed company, and shall not be higher than 5% of the issued shares of the listed company.
4. The pledged shares of a listed company shall not be higher than 20% of all the outstanding shares of the listed company. This article determines the diversified investment of securities companies and avoids pursuing only a few stocks.
5. The maximum stock pledge rate cannot exceed 60%, and the pledge rate is the ratio of the loan principal to the market value of the pledged stock. Stocks with large circulating market value are more likely to be favored by brokers than stocks with small circulating market value.
Extended data:
Transaction declaration type
The declaration types of pledged stock repurchase include initial transaction declaration, repurchase transaction declaration, supplementary pledge declaration, partial pledge cancellation declaration, repurchase termination declaration and default disposal declaration.
(1) Initial transaction declaration refers to the transaction declaration in which the acquirer pledges the underlying securities according to the agreement and integrates the funds into the lender.
(2) Repo transaction declaration refers to the transaction declaration that the merging party returns the funds, cancels the underlying securities and the corresponding fruits pledge registration according to the agreement, including due repurchase declaration, early repurchase declaration and delayed repurchase declaration. The business agreement shall stipulate the conditions of early repurchase and delayed repurchase, and the adjustment method of repurchase transaction amount under the above circumstances. The cumulative repurchase period after deferred repurchase is generally not more than 3 years.
(3) Supplementary pledge declaration refers to the transaction declaration that the merging party submits the underlying securities for pledge registration according to the agreement.
(4) The declaration of partial pledge cancellation refers to the transaction declaration that the lender cancels the registration of partial underlying securities or their fruits pledge.
(5) The declaration of default disposal refers to the disposal of pledged securities under the agreed circumstances. The securities company submits the declaration of default disposal to the Shanghai Stock Exchange according to the business agreement, and the transaction enters the default disposal procedure.
(6) Termination of repurchase declaration refers to the transaction declaration that the lender cancels the registration of the underlying securities and the corresponding fruits pledge in accordance with the agreement when the repurchase transaction is no longer carried out.