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The CSRC has further optimizedSecurities lending mechanism, announcing a total moratoriumRestricted SharesIt's on loan! 
What does this mean? Let's talk about it in two ways:
Restricted SharesRestricted SharesIt is a special type of **, not if you want to sell it, you can sell it, there will be oneBlackout period
So-calledBlackout period, that is, a kind of ** held by shareholders, agreed to holdfor a certain period of timeIt cannot be traded and circulated in the secondary market.
Only after the restricted period, this part **Unbannedin order to be traded on the secondary market.
SettingsBlackout period, which can prevent shareholders from going public in the companyCash out and leave, this is forMaintain stock price stability。At the same time, it can also allow shareholders to pay more attention to the company's operation and improveCompany Valueto reduce moral hazard.
Understand the concept of restricted shares, that can'tLending of restricted sharesWhat does that mean? This brings us to another point of knowledge:Securities lendingTo understand securities lending, we must first understand what isGo short。As a simple example, let's say you're going to have rice in the future** will fall, so you asked the old man next door in advance to borrow a bag of rice.
At this time, the market for a bag of rice is 100 yuan. So you sell the borrowed rice at the market price of 100 yuan. 
After a while, as you expected, the rice** began to plummet and became 60 yuan a bag.
At this time, you buy back a bag of rice in the market at the market price of 60 yuan and return it to Lao Wang. 
The same is a bag of rice, because ** is different, one in and one out, not counting interest, you earn a gross profit of 40 yuan. This wave of operation isGo short
So,Go shortIt's firstBorrowUnderlying Asset,SellGet cash and wait for a whileThe underlying asset is notRestitutionof the operation. And securities lending isBorrowThe meaning is equivalent to the act of borrowing "rice", but the rice here has been replaced with **. 
Securities lendingShorting has the best ability to discover and promote the marketReasonable pricingfunction, but also sendVolatile reverse cycleThe role of regulation.
But shorting can also happenUndue arbitrageacts.
This will result in **Abnormal fluctuations。Supervision is to continue to intensifySecurities lendingThe supervision of business needs to restrict some improper short-selling behaviors.
The suspension of restricted shares by the China Securities Regulatory Commission this time is precisely because a company has happened beforeRestricted SharesbeSecurities lendingof events.
Isn't the behavior of this company equivalent to-
Visible, allowedRestricted SharesLending, which may lead to problems such as invalid "limited sale period" and "disguised **".
To this end, the CSRC has further optimizedSecurities lending mechanism, the early stage has been rightExecutive war loansRestrictions were imposed, and this time it was a total suspensionLoan of restricted shares
This measure can better stabilize investor expectations fromJanuary 29, 2024Start implementation. Okay, that's it.