In terms of personnel appointment, Xue Ren, former director of Shaanxi Securities Regulatory Bureau of CSRC, is the chairman and party secretary of the company, and Nie Qingping, former director of the Securities Margin Working Group Office of CSRC, is the general manager of the securities company.
The establishment of the securities company is the second breakthrough since the opening of margin financing and securities lending, which means that the refinancing business that has been brewing for several years will get a breakthrough and margin financing and securities lending will enter the fast lane.
As the main body of refinancing business, securities finance companies will not aim at profit. Besides providing refinancing services, they will also shoulder the function of monitoring and supervising the operation of margin financing and securities lending business.
At present, other supporting rules related to "refinancing" have been basically prepared. According to industry insiders, after the implementation plan of refinancing is determined, relevant companies and institutions will soon start a series of work such as networking testing, and it is expected that refinancing will be officially launched this year.
Previously, the market circulated that the opening of refinancing would lead to a large number of "short selling". In this regard, the CSRC stipulates that the balance of each securities purchased by a securities finance company shall not exceed 65,438+00% of the market value of the securities in circulation.
In view of the possibility that restricted shares may be sold in disguised form by borrowing bonds. There are also some restrictions in the relevant regulations. For example, the restricted shares held by "Sizhen" after the lifting of the ban can be used as the source of securities lending in the refinancing business under legal and compliant conditions, but the shares still in the restricted period will not be used as the source of securities lending.