Yesterday afternoon, there were rumors in the market that some brokerages informed customers that "restricted shares are not allowed to be borrowed and borrowed", and it is regarded as the latest regulation. In accordance with the requirements of the Notice on Optimizing the Relevant Arrangements for Securities Lending Transactions and Refinancing ** Lending Transactions issued by the Shanghai and Shenzhen Stock Exchanges in October, securities firms have imposed relevant restrictions on customers in accordance with the new regulations. The new regulations clarify that "if an investor holds restricted shares of a listed company, a strategic placement share, or a major shareholder or a specific shareholder** shares transferred by way of block trading, etc., the investor and related parties shall not sell the listed company ** by securities lending during the restriction period" and will be implemented from October 16.
After reading this notice, I think you will be in a fog, because generally I think this is the latest policy, after all, the restricted shares are not allowed to borrow and lend securities is a great benefit to the market, which means that the previous loopholes have been filled, not to say that the major shareholders continue to sell through securities lending, which is undoubtedly a serious move to reduce the pressure on the market, and of course it will promote the market to be positive.
However, there are several strange things about this notice:
First of all, in the public perception, it is considered to be a "rumor", and it is regarded as the latest regulation, and there is no official notice, so it is difficult to distinguish between the true and the false. But what I want to say is that the restricted shares cannot be lent and refinanced was implemented in October this year, and it is only further emphasized at present, in other words, the provisions are indeed true, if it is not rumors and fake news.
Secondly, from the point of view of time, the new regulations began in October, and officially implemented on October 16, since this is the case, and under the premise of refinancing, the restricted shares of listed companies are sold through refinancing to the market impact is so obvious, and now the new regulations do not allow this, so why is the market in November and even December still so obvious, from this point of view, the restricted shares are not allowed to be borrowed and the benefits are reflected in the market
I still think that the regulations are good, but in the past two months, the benefits have not played a corresponding role, and I can only guess whether the relevant implementation is in place, which should be the root cause;
Finally, from the recent period of brokerage stock price performance, almost all the way down, I wonder if it is related to the news that the restricted shares are not allowed to refinance the securities, after all, this is bad for the brokerage, equivalent to one less business, yesterday the market once again used the "rumors" way to vent the restricted shares are not allowed to lend securities, it is estimated that today's brokerage will have another impact.
If you look at it from a big picture, yesterday afternoon the market even used "rumors" The key is to see how the market funds understand the latest regulations that restricted shares are not allowed to lend securities, and the main thing is to buy it, that is, everyone's positive understanding of the news, from the most ordinary level, although it is a little small impact on the business of brokers, but the role of restrictions on market shorting is immediate, after all, it is not uncommon for major shareholders and restricted shares to cash out in various ways for a long time in the past, and this provision is good as long as it can plug the loopholes。
Disclaimer: The content in this article is for reference only and does not constitute any operational advice or tips