Mei Ri Jing Ji Xin Wen·2025-10-09 14:21Core Viewpoint - SMIC, a leading stock on the STAR Market, has encountered a sudden situation where its A-share margin financing rate has been adjusted to zero by several major brokerages due to its static P/E ratio exceeding 300 times [1][2][3]. Group 1: Margin Financing Rate Adjustment - The margin financing rate for SMIC's A-shares has been reduced to zero across multiple brokerages, including CITIC Securities, Guotai Junan, and Huatai Securities [1][2]. - Prior to this adjustment, SMIC's A-share margin financing rate was 70% at Guotai Junan [2]. - Other stocks, such as Mannesmann and Yongding Co., also saw their margin financing rates adjusted to zero [2]. Group 2: Regulatory Background - The adjustment is based on the revised "Implementation Rules for Margin Financing and Securities Lending Transactions" by the Shanghai and Shenzhen Stock Exchanges, which states that stocks with a static P/E ratio over 300 or negative P/E will have a margin financing rate of 0% [3]. - As of September 30, SMIC's static P/E ratio was reported to be just over 300, leading to this adjustment [3]. Group 3: Impact on Investors - Investors holding stocks with a margin financing rate reduced to zero may face challenges in continuing margin trading, as they might need to provide additional collateral or liquidate some assets to maintain their margin requirements [3][4]. - However, existing positions are not immediately affected, and investors can still hold their stocks without being forced to liquidate [4]. Group 4: Comparison with Hong Kong Market - In contrast to the A-share market, the Hong Kong market allows for more flexibility in margin financing rates, which are determined by individual brokerages and can be adjusted dynamically [4]. - For instance, SMIC's Hong Kong shares currently have a margin financing rate of around 50%, despite its high static P/E ratio of 175 [5][7].