If the investor fails to pay the collateral in full on schedule or fails to repay the margin financing and securities lending debts due, the securities company shall take compulsory liquidation measures in accordance with the agreement to dispose of the customer's collateral, and the insufficient part can be recovered from the customer. The funds obtained from liquidation are first used to pay off the debts owed by customers, and the remaining funds are credited to the customer's credit fund account. Closing positions includes closing positions of buying and selling.

I hope our answer from Guotai Junan Securities Shanghai Branch will satisfy you!

Respondent: Manager Tu, account manager of Guotai Junan Securities.

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