Margin Requirement Raised from 80% to 100%

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• News Release

Shanghai, Shenzhen and Beijing Stock Exchanges Raise Minimum Margin Requirement for Leveraged Trading

14 Jan 2026 On January 14, 2026, upon the approval of the China Securities Regulatory Commission (CSRC), the Shanghai, Shenzhen and Beijing Stock Exchanges issued a notice to raise the minimum margin ratio required for leveraged purchase of securities from 80% to 100%.

In August 2023, the three exchanges lowered the aforementioned ratio from 100% to 80%, which was followed by a steady growth in the scale of margin trading and transaction volume. Given the recent active margin trading market and relatively ample liquidity, and following the statutory counter-cyclical adjustment arrangements, an appropriate increase of the margin ratio back to 100% will help moderately reduce leverage level, safeguard the legitimate rights and interests of investors, and sustain the long-term, stable and healthy momentum of the market.

It should be noted that this adjustment shall only apply to newly opened margin trading contracts. Outstanding margin trading contracts at the time of implementation of the adjustment and their roll-overs shall still be subject to the relevant provisions prior to the adjustment.