Lend money as capital.

Two ways

Members participating in the margin trading of this Exchange shall, in accordance with the relevant provisions, open special securities accounts for margin trading, customer credit transaction guarantee securities accounts, special financing fund accounts and customer credit transaction guarantee fund accounts, and report them to this Exchange for the record within 3 trading days after opening the accounts.

Article 6 Before financing and securities lending to customers, members shall sign financing and securities lending contracts and risk disclosure statements with customers in accordance with relevant regulations, and open credit securities accounts and credit fund accounts for them.

Article 7 Investors conducting margin trading in this Exchange shall select members to open credit securities accounts for them in accordance with relevant regulations. The opening and cancellation of credit securities accounts shall be handled in accordance with the relevant provisions of the members and the registration and settlement institutions designated by this Exchange.

Article 8 If a member's authority for margin trading is cancelled, it shall terminate the margin trading relationship with the customer as agreed, and may not engage in new margin trading.

Article 9 When accepting a client's entrustment for margin financing and securities lending, a member shall make a declaration in the format prescribed by this Exchange, and the declaration instruction shall include the client's credit securities account number, seat code, target securities code, trading direction, price, quantity, margin financing and securities lending trading marks, etc.

Article 10 The declared number of margin purchase and short sale is 65,438+000 shares (shares) or an integral multiple thereof.

Article 11 The declared price of securities sold by short selling shall not be lower than the latest trading price of the securities. If there is no transaction on that day, the declared price shall not be lower than its previous closing price. The declaration below the above price is invalid. During short selling, if an investor holds the same securities as the short-selling target through a securities account owned or controlled by him, the selling price of the securities shall comply with the provisions of the preceding paragraph, except for the part exceeding the short-selling amount.

Article 12 After financing to buy securities, investors can repay the incorporated funds to members by selling securities or directly repaying them. Repayment of sold securities refers to a repayment method in which investors declare the sold securities through their credit securities accounts, and directly transfer the funds from the sold securities to a special member financing account at the time of settlement. If the funds are repaid by direct repayment, the specific operation shall be handled in accordance with the agreement between the member and the customer.

Article 13 After selling securities through short selling, investors can return the short selling to members by buying and returning directly. Buying coupons refers to a way that investors declare buying securities through their credit securities accounts, and the securities they buy are directly transferred to members' special securities accounts for securities lending at the time of settlement. If the integrated securities are repaid by direct repayment of principal and interest, it shall be handled in accordance with the agreement between members and customers and the relevant provisions of the registration and settlement institutions designated by this Exchange.

Article 14 An investor must first repay the debt of margin financing and securities lending from the proceeds of selling securities in the credit securities account.

Article 15 Before the relevant securities lending transactions are concluded, the proceeds from the sale of securities by investors shall not be used for other purposes except for buying and returning securities.

Article 16 Investors shall not engage in margin trading in this Exchange for more than 6 months.

Article 17 Special securities accounts for members' margin financing and securities lending shall not be used for securities trading.

Article 18 An investor's credit securities account shall not buy or transfer the collateral and securities beyond the scope of the underlying securities mentioned in these Detailed Rules, and shall not be used for the bond repurchase transaction of this Exchange.

Article 19 Block trading shall not be adopted for margin financing and securities lending for the time being.

Article 20 If an investor fails to pay the collateral in full on time or fails to repay the margin financing and securities lending debts due, the member shall take compulsory liquidation measures to dispose of the customer's collateral in accordance with the agreement, and the insufficient part can be recovered from the customer.

Article 21 Where a member takes compulsory liquidation measures according to the agreement with the customer, it shall declare the compulsory liquidation instruction in the format specified by this Exchange, and the declaration instruction shall include the customer's credit securities account number, seat code, target securities code, trading direction, price, quantity, liquidation mark and other contents.

Chapter III Basic Securities

Article 22 The following securities listed and traded in this Exchange may be used as the underlying securities for financing purchase or short selling (hereinafter referred to as "the underlying securities") with the approval of this Exchange:

(1) Stocks that meet the requirements of Article 23 of these Rules;

(2) Securities investment funds.

(3) bonds;

(4) Other securities.

Article 23 Where the underlying securities are stocks, the following conditions shall be met:

(1) It has been listed and traded in this Exchange for three months;

(2) The circulating share capital of the underlying stocks purchased by financing is not less than 6,543.8 billion shares or the circulating market value is not less than 500 million yuan, and the circulating share capital of the underlying stocks sold by securities lending is not less than 200 million shares or the circulating market value is not less than 800 million yuan;

(3) The number of shareholders is not less than 4,000;

(4) The average daily turnover rate in the last three months is not less than 20% of the average daily turnover rate of the benchmark index, the deviation value between the average daily fluctuation and the average daily fluctuation of the benchmark index is not more than 4 percentage points, and the fluctuation range is not more than 500% of the fluctuation range of the benchmark index;

(5) The stock issuing company has completed the share-trading reform;

(6) The stock trading has not been specially handled by this Exchange.

(7) Other conditions stipulated by this Exchange.