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on september 27, a reporter from shell finance learned that an internal document from a national bank showed that the bank had issued a notice to all domestic branches to carry out marketing promotion work, requiring branches to actively market and sort out listed companies and major shareholders within their jurisdiction, so as to achieve mainstream customer financing docking and financing demand marketing are "fully covered", and two categories of customers are defined: "priority support" and "no intervention".

according to this document, the "special loan business for stock repurchase and increase in holdings" refers to the use of compliant funds by banks to provide loans to qualified entities such as qualified listed companies or their major shareholders for the purpose of repurchasing company shares or increasing company shares. .

just three days ago, pan gongsheng, governor of the central bank, revealed at a meeting of the state council information office that he would "create a special re-loan for stock buybacks and increase holdings." this has caused the topic of "loan funds to be exclusively used for investing in stocks" to arouse heated discussion in the market, and has also become a part of the "policy combination" that has recently promoted the recovery of the stock market.

the industry pointed out that the financial innovation of stock repurchase and holding increase and special re-loan provides listed companies with "blood transfusion" opportunities. however, special financing to increase holdings through stock buybacks may increase the future debt burden of listed companies, so banks should also pay attention to risk control when doing this business.

seize marketing opportunitiesthe bank said it would give priority to supportlisted companies with stable market capitalization

in an internal document obtained by a reporter from shell finance, the bank clearly requested to “seize marketing opportunities.” the document states that it is necessary to "ensure that policy information is obtained as soon as possible and followed up in a timely manner, and that policy selection, publicity, implementation and business support are provided."

according to the document, the financing entities of special loans for stock repurchases are listed companies; the main purposes of stock repurchases are to reduce registered capital, employee stock ownership plans or equity incentives, convert corporate bonds issued by listed companies that can be converted into stocks, and to maintain the company. necessary purposes such as value and shareholder rights; repurchase implementation methods include but are not limited to centralized bidding, tender offers, etc.

it is worth noting that the document also clearly delineates the customer categories of "priority support" and "no intervention". the bank will give priority to supporting customers who have been included in the whitelist of listed companies. for stock holding loan business, the bank will give priority to intervention with stable market value, active secondary market transactions and good liquidity, including csi 300, csi 500, csi 1000 and other index stocks; but we should be cautious in getting involved in stocks where the proportion of external pledges of listed companies and their shareholders' shares is too high, and stocks that remain restricted due to the impact of new regulations on shareholding reduction.

"in principle, it is not allowed to intervene in stocks that are suspended or terminated from listing, stocks that are listed as risk warning stocks, or stocks that are delisted." the document shows that at the same time, listed companies or their shareholders have been investigated by the china securities regulatory commission in the past six months, or face administrative or criminal penalties. and other stocks that may have a significant negative impact on its operations; stocks with abnormal credit records of listed companies or their shareholders or involving restricted financing; negative opinions, inability to express opinions, qualified opinions, or the latest stocks whose first-period audit reports contain unqualified opinions in the emphasis of matters paragraph, other matters paragraph, and significant uncertainty of continuing operations paragraphs are all included in the "negative list."

"some banks are launching new businesses in advance, probably hoping to seize customers' minds." analysts from the banking industry said that the current plan is just a marketing push, and the implementation process is yet to be determined. when the future details of this new business are released, it is likely that multiple departments will jointly issue a document, which also means there will be cross-marketing opportunities. the business itself may not be profitable, but its core is marketing to increase new customers.

it is understood that many banks are currently maintaining a wait-and-see attitude. another bank staff told the shell finance reporter that each bank has its own specialties and characteristics, and currently the bank where it works has no arrangements for related business. however, some banks said they are still waiting for the release of detailed rules from relevant regulatory authorities.

the central bank will create stock buybacks, increase holdings and re-lendingaiming to maintain the inherent stability of the market

the financial regulatory authorities are about to create stock repurchases, holdings, and re-lending. according to industry insiders, this means guiding listed companies and major shareholders to take loans to support repurchases and stock holdings. however, the details are still to be released.

citic securitiesthe chief economist clearly stated that this will help inject liquidity into the equity market and improve market expectations, but in essence it is not the central bank directly purchasing assets in the equity market, so it is essentially different from the bank of japan's qqe.

zhou yiqin, a senior expert in financial supervision, also pointed out in an interview with a reporter from shell finance that the financial innovation of stock repurchases and holdings increase and special re-loans provides listed companies with "blood transfusion" opportunities.

"when the stock price is low, listed companies can repurchase shares through this business to convey to the market the listed company's confidence in the future strong stock price." zhou yiqin said that major shareholders of listed companies can also repurchase shares at a lower capital cost to stabilize their holdings. share ratio to better maintain the inherent stability of the market.

however, zhou yiqin believes that the initiators of such transactions are listed companies and major shareholders, and their own willingness to lend is also very important, and how to rationally allocate credit resources, taking into account efficiency and risk, is the most important thing for commercial banks to carry out this project. key points that need to be considered in the future of the business.

"high-quality listed companies with good operating conditions and sufficient cash flow are often not short of money. even if they carry out repurchases and increase holdings, they do not need to obtain loans from commercial banks." zhou yiqin further said that, on the contrary, listed companies with average operating conditions and depleted cash flow , if special financing is used to increase holdings through stock repurchases, it may also increase the future debt burden of listed companies and further amplify financial risks, and such listed companies are likely to be outside the scope of cooperation with commercial banks.

zeng gang, director and chief expert of the shanghai finance and development laboratory, also said in an interview with a reporter from shell finance that this business can provide precise credit support to enterprises, and the market-oriented mechanism can also effectively prevent risks and risk transmission issues.

"the specific effects still need to be observed again after the policy is implemented." zeng gang said, but in principle, this is the first time to construct a relevant structural monetary policy for the stock market, and also opens up the imagination of structural tools. this will play a positive role in enhancing market confidence and building and improving long-term development mechanisms.

beijing news shell finance reporter, jiang fan, editor, chen li, proofreader, mu xiangtong