For example, suppose A's capital is 6.5438+0 million yuan, and the financing amount given by brokers is generally between 500 million and 2 million yuan. If Party A pays the principal to buy 6,543,800 shares of a stock, the transaction price is 6,543,800 yuan, and then refinances 6,543,800 shares to buy 6,543,800 shares. When the stock price fell to 9 yuan, the value of the 200,000 stock market held by A was only 6.5438+0.8 million yuan; When the stock price fell to 8 yuan, the market value of 200,000 shares held by A was only 6.5438+0.6 million yuan, minus 6.5438+0.00 million yuan borrowed by A, and the principal of A was reduced from 6.5438+0.00 million shares to 600,000 shares. When the stock price fell to 7 yuan, the value of the 200,000 stock market held by A was only 6.5438+0.4 million yuan; When the stock price fell to 6.5 yuan, the value of the 200,000 stock market held by A was only 6.5438+0.3 million yuan, which means that it may be forcibly sold by brokers at any time if it touches the liquidation line.

When the liquidation line 130% means that the maintenance guarantee ratio is lower than 130%, investors need to add collateral, and the additional maintenance guarantee ratio shall not be lower than 150%. If you occupy 6.5438+0.3 million yuan, regardless of the sum of interest and expenses, the total market value of securities in the cash+credit securities account is only 6.5438+0.3 million yuan, then you will ask for additional collateral, otherwise you will be forced to close your position.

If the share price drops from 10 yuan to 6.5 yuan, and 200,000 shares are forcibly closed by the securities firm, the principal of Party A will also drop from100,000 yuan to 300,000 yuan. Therefore, margin financing and securities lending is not only to "amplify leverage and income", but also to amplify losses! ! !