On 14 January 2026, following the approval from China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE) jointly announced an adjustment to the margin requirement for securities margin trading. The minimum margin ratio for investors financing the purchase of securities has been increased from 80% to 100%.

In August 2023, the three exchanges lowered the margin requirement for securities margin trading from 100% to 80%. That change contributed to a steady rise in both the scale of margin financing and overall trading volume. Recently, margin trading activity has surged noticeably, with market liquidity remaining relatively abundant. In line with the statutory counter-cyclical adjustment mechanism, the return to a 100% minimum margin ratio aims to moderately reduce leverage in the market, better control systemic risks, effectively safeguard the legitimate rights and interests of investors, and support the long-term, stable, and healthy development of China's capital markets.

Important clarification: The adjustment applies only to new margin financing contracts entered into after the effective date. The existing margin contracts opened before the implementation of this change - along with any extensions or rollovers - will continue to follow the previous regulations.