No more than 12 months. Haitong Securities Financing Exchange stipulates that the time limit for margin financing and securities lending agreed by brokers and customers cannot exceed 6 months, but financing contracts that meet the extension conditions can apply for extension within one month before the expiration, and the extension time is 6 months, which means that investors who apply for extension can extend the time limit for margin financing and securities lending to 12 months. Haitong Securities Co., Ltd. (hereinafter referred to as Haitong Securities) (Haitong Securities Co., Ltd.: 600837) is one of the earliest securities companies with the strongest comprehensive strength in China. It has a comprehensive business platform, a huge marketing network and a strong customer base. Traditional businesses such as brokerage, investment banking and asset management are among the best in the industry, while innovative businesses such as margin financing and securities lending, stock index futures and PE investment lead the industry.