Until now, the market has finally come to the good side! But the market is not doing much, why?
On January 28, the China Securities Regulatory Commission (CSRC) issued an announcement entitled "The CSRC Further Strengthens the Supervision of Securities Lending Business and Completely Suspends the Lending of Restricted Shares". The specific content is as follows: In order to implement the investor-oriented regulatory concept and strengthen the supervision of the lending of restricted shares, the China Securities Regulatory Commission has further optimized the securities lending mechanism after full demonstration and evaluation. Specifically, it includes: first, a complete suspension of the lending of restricted shares; The second is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability, restricting the efficiency of securities lending and lending. Due to factors such as system adjustments, the first measure will be implemented from January 29, and the second measure will be implemented from March 18.
Let's first briefly understand what restricted shares are and the impact of a complete suspension of the lending of restricted shares on the market.
Restricted Shares:It is a special type of **, which is limited by certain time and conditions and does not allow free trading on the secondary market. Generally, it can be divided into three categories: new restricted shares, restricted shares under share reform and other restricted shares.
The lending of restricted shares means that the restricted shares that have not yet been lifted are lent to others for use, and the lender can still get this part of the income.
For example, the shareholders of company A have 50,000 restricted shares in their hands, and now they are lent to company B for operation, and company B is very likely to sell refinancing bonds, forming a short force for the market.Therefore, the new regulations also further prevent the market from shorting, which not only involves the healthy operation of the capital market, but also relates to the protection of the interests of investors, especially small and medium-sized investors.
Another important adjustment is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability. This is intended to reduce the efficiency of securities lending and lending, thereby limiting the advantages of institutions in the use of information and tools.
Previously, investors could use the agreed declaration to lend ** to the brokerage in real time during the intraday for investors to sell in real time. However, according to the new arrangement, the lending information of the previous day will be made public through the exchange and China Securities Financial**, and will not be used for securities lending until the next day. Such adjustments reduce the flexibility of securities lending and borrowing transactions, increase the cost and risk of securities borrowing and lending transactions, thereby curbing excessive short selling in the market and helping to stabilize market sentiment.
However, stimulated by the good news, today's ** trend is not as investors expected, one of the reasons may be that the proportion of restricted shares is not very large.
Restricted shares will not disappear completely, because there will continue to be new shares listed, then restricted shares will inevitably exist. What's more, this positive is not in the sense of "increasing the company's revenue and profits", but rather changing the relative power of buyers and sellers in the market. So on the whole, the stimulus to the market is not very large, but in the medium and long term, it is conducive to the healthy and stable development of the market.
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