Step 1: Investors need to determine whether the securities companies and business departments that open accounts are qualified for margin financing and securities lending business.

Securities companies must be approved by the China Securities Regulatory Commission to carry out pilot financing and securities lending business; Without the approval of the China Securities Regulatory Commission, a securities company may not provide any convenience and services for the margin financing and securities lending activities between customers or between customers and others. Moreover, securities companies are also qualified to carry out margin financing and securities lending business for their subordinate business departments, and not all business departments can handle margin financing and securities lending business.

Step 2: Investors need to determine whether they meet the requirements of securities companies for margin customers.

Margin trading has certain requirements for investors' assets, professional level and investment ability. Due to the principle of appropriate management, securities companies will initially screen investors who apply to participate in margin trading.

Before opening an account for margin financing and securities lending business, investors need to evaluate and determine whether it meets the customer selection criteria for margin financing and securities lending of securities companies.

Step 3: Investors need to transmit credit information from the headquarters of securities companies.

Before margin financing and securities lending to customers, securities companies will conduct credit surveys on investors who apply for margin financing and securities lending business, so as to understand the identity, property and income status, securities investment experience and risk preference of customers, and keep records in written and electronic ways.

Securities companies will comprehensively determine the investor's credit limit according to the application materials, credit status, collateral value, performance and market conditions submitted by investors.

Step 4: Investors need to sign margin financing and securities lending contracts, risk disclosure documents and other documents with securities companies.

Before signing a margin trading contract with a securities company, investors should listen carefully to the explanations of the relevant personnel of the securities company on the business rules and contract contents, understand the business rules and risks of margin trading, and sign the margin trading contract and risk disclosure book for confirmation. Investors can only sign financing and securities lending contracts with securities companies to integrate funds and securities into them.

Investors should pay special attention to and understand the following contents of the margin financing and securities lending contract: (1) the calculation method of the amount, term, profit (fee) rate and interest (fee) of margin financing and securities lending; (2) Margin ratio, maintenance guarantee ratio, types and conversion rates of securities that can cover margin, and scope of secured creditor's rights. (3) The notification method and time limit for additional margin. (four) the way to pay off the debts of the investors and the right of the securities company to dispose of the collateral; (5) Handling rights and interests such as guaranteed securities and securities sold by short selling.

Step 5: Investors open credit securities accounts and credit fund accounts in the account opening business department.

(1) Opening a credit securities account

After an investor signs a margin trading contract with a securities company, the securities company will open a real-name registration system credit securities account for the investor in accordance with the provisions of the securities registration and settlement institution. Investor's credit securities account is the secondary account of the securities company's customer's credit transaction guarantee securities account, which is used to record the detailed data of the guarantee securities held by the securities company entrusted by investors. Investors can only have one credit securities account for trading securities listed on the stock exchange. The name of the account holder of the investor's credit securities account and its ordinary securities account shall be the same.

The credit securities account is independent of the ordinary securities account and is a newly opened securities account. Before margin trading, investors need to transfer the securities that can be used for margin guarantee from ordinary securities accounts to credit securities accounts. After the margin trading is completed, investors can transfer the secured securities back to the ordinary securities account. During the margin trading, with the consent of the securities company, investors can transfer more than 300% of the guaranteed securities back to the ordinary securities account.

(2) Opening a credit fund account

After signing the margin financing and securities lending contract with the securities company, investors need to sign the third-party depository agreement of customer credit funds with the securities company and commercial bank. A securities company shall, upon the application of an investor, notify a third-party depository bank to open a real-name registration system credit fund account for it. Investor's credit fund account is the secondary account of the customer's credit transaction margin account of a securities company, which is used to record the detailed data of the margin deposited by investors. Investors can only open one credit fund account.

After the above steps, the investor's account opening procedures in the securities company have been completed. When investors submit full collateral, they can start margin trading.