According to the news of the China Securities Regulatory Commission on January 28, 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, the following includes: first, the lending of restricted shares will be completely suspended, and second, the market-based declaration of refinancing securities will be adjusted from real-time availability to next-day availability, so as to limit the efficiency of securities lending and lending. Due to factors such as system adjustments, the first measure will be implemented from January 29, 2024, and the second measure will be implemented from March 18, 2024.
It is understood that in October 2023, the China Securities Regulatory Commission (CSRC) will cancel the lending of special asset management plans set up by senior executives and core employees of listed companies by participating in strategic placements, and restrict the lending methods and proportions of other strategic investors in the early stage of listing. Since the implementation of the new regulations, the balance of loans by strategic investors has dropped by nearly 40%, and good results have been achieved.
On the same day, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued the Notice on Suspending Strategic Investors from Lending Allotted Shares within the Promised Holding Period.
According to the notice of the Shanghai and Shenzhen Stock Exchanges, in order to further optimize the securities lending system, with the approval of the China Securities Regulatory Commission, the Shanghai Stock Exchange and the Shenzhen Stock Exchange decided to suspend the lending of allotted shares by strategic investors within the promised holding period. Loan contracts that have not been concluded before the implementation of this notice shall not be extended upon expiration. This notice will come into force on January 29, 2024.
The China Securities Regulatory Commission (CSRC) stated that on the basis of summarizing the experience of optimizing the arrangement of the securities lending mechanism in the early stage, and in accordance with the idea of "steady progress and step-by-step implementation", the optimization of the securities lending mechanism by the CSRC mainly reflects the following regulatory intentions: first, it highlights fairness and reasonableness, reduces the efficiency of securities lending and lending, restricts the advantages of institutions in the use of information and tools, gives all kinds of investors more time to digest market information, and creates a fairer market order; At the same time, we will resolutely crack down on illegal activities that take a detour to reduce holdings and cash out in the name of securities lending.
In the next step, the China Securities Regulatory Commission will continue to strengthen supervision, put the fairness of the system in a more prominent position, summarize and evaluate the operation effect in a timely manner, maintain market order in accordance with the law, and effectively protect the legitimate rights and interests of investors.
China Business Daily is integrated from the official website of the China Securities Regulatory Commission, the WeChat official account of the Shanghai Stock Exchange, and the WeChat official account of the Shenzhen Stock Exchange