According to the new rules, the basic calculation formula for the net capital of securities companies is: net capital = net assets - risk adjustment for financial product investments - risk adjustment for receivable items - risk adjustment for other current asset items - long-term Risk adjustment of assets - risk adjustment of contingent liabilities +/- other adjustment items identified or approved by the China Securities Regulatory Commission. In the future, net capital will become an important reference for measuring the asset quality of securities companies. In the past, securities companies were classified into comprehensive or brokerage categories based on the size of their assets. From now on, the concept of net capital will be adopted, which is a relatively big improvement. Because capital scale is only a quantitative concept, while net capital is a qualitative concept.

Net capital is a comprehensive risk control indicator based on the business scope of the securities company and the liquidity characteristics of the assets, and after risk adjustment of assets and other items on the basis of net assets. The net capital indicator reflects the highly liquid part of net assets and indicates the amount of funds that a securities company can realize to meet payment needs and cope with risks. In layman's terms, net capital is the amount after assuming that all liabilities of a securities company mature at the same time and all existing assets are realized to pay off all liabilities.

The formula of net capital in futures is: net capital = net assets - asset adjustment value + liability adjustment value - customer's insufficient additional margin +/- other adjustments