Last year, the People's Bank of China launched stock buybacks and increased holdings through refinancing to support the development of the capital market. How has the policy been implemented for many months? As an important participant, how is the business implementation of commercial banks? How do you view the recent adjustments and optimizations of the aforementioned tools? The reporter learned from Industrial and Commercial Bank of China that since the introduction of the stock repurchase and increase loan policy, the market response has been positive. As of the end of 2024, there were over 300 special loan reserve projects for ICBC's stock repurchase and increase holdings, of which more than 100 projects have been approved. Listed companies and major shareholders independently decide on the implementation progress of repurchase and increase holdings based on their own needs and market prices. Currently, more than 40 listed companies have successfully announced their plans, multiple companies have withdrawn funds and entered the market, and several companies that have reached loan cooperation intentions with ICBC are advancing their information disclosure processes. For the issuance of risk control standards for stock repurchase and increase in holdings loans, Industrial and Commercial Bank of China strictly follows the principles of marketization and rule of law, and issues repurchase and increase in holdings special loans to eligible listed companies and major shareholders under the conditions of legal compliance and controllable risks. The issuance of loans is included in the unified credit management for borrowers, and can be processed through credit or guarantee methods. The loan conditions are determined based on the borrower's credit level, repayment ability, and other comprehensive factors. At present, the vast majority of loan projects that Industrial and Commercial Bank of China has invested in and is promoting are issued through credit. In terms of customer selection, Industrial and Commercial Bank of China adheres to two unwavering principles, treating listed companies of different ownerships equally. The companies it supports involve the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, covering multiple sectors such as the Main Board, ChiNext, and Science and Technology Innovation Board. From the perspective of company size, there are both companies with a market value of over 100 billion yuan such as BOE A, Sunshine Power, and Hikvision, as well as many high-quality small and medium-sized listed companies involved in repurchase and increase of holdings. The industry distribution is relatively balanced, with both emerging industries and traditional industry companies. China CITIC Bank has observed that in 2024, the upper limit of the repurchase and increase in holdings plan disclosed by the entire market exceeded 250 billion yuan. After the introduction of the stock repurchase and increase in holdings refinancing policy, the disclosure of repurchase and increase in holdings plans by listed companies has further accelerated. As of the end of 2024, China CITIC Bank has announced a total of 23 repurchases and increased holdings of refinancing businesses, with a total amount of 4.2 billion yuan, ranking among the top in the market. In addition, CITIC Bank has connected with over 500 listed companies and approved more than 100 projects. One third of the approved projects have signed cooperation agreements with the listed companies. In order to further increase policy support and facilitate the operation of participating entities, the financial management department has recently adjusted and optimized the policies related to the implementation of stock repurchases, increased holdings, and re loans. The Industrial and Commercial Bank of China stated that this round of policy adjustments mainly includes multiple aspects. One is to increase the financing ratio, with a maximum loan amount of 90% of the actual funds used for repurchase and increase holdings. The second option is to extend the loan term, which can be granted for a maximum of 3 years. The above two adjustments further reduce the financial pressure on listed companies and shareholders to repurchase and increase their holdings, incentivize enterprises to actively carry out repurchase and increase their holdings, and also put forward higher requirements for banks' risk control capabilities. Thirdly, the time frame for support has been relaxed, and all listed companies that have officially disclosed their repurchase and increase plans can be granted stock repurchase and increase loans, expanding the business space for repurchase and increase loans. The fourth is to further standardize the operational procedures of banks and other financial institutions, clarify that for banks that do not have third-party custody qualifications, a bank with third-party custody qualifications can be designated to carry out fund supervision agency cooperation, coordinate the implementation of fund supervision, and implement relevant management requirements for business establishment. China CITIC Bank mentioned that this policy adjustment will increase the loan ratio from 70% to 90%, with stronger financial support, further mobilizing the enthusiasm of listed companies and important shareholders to implement stock repurchases and increase holdings, improving the efficiency of fund utilization, boosting market confidence, promoting the high-quality development of listed companies, and maintaining the basic pricing and liquidity support functions of the capital market. In addition, the extension of the financing period for special loans from 1 year to 3 years has conveyed the long-term effectiveness of China's central bank's innovative policy tools to the entire market, effectively stabilizing market confidence; The second is to combine the special loan financing cycle with the capital market cycle and industry cycle to better meet the funding arrangements of listed companies, support financiers to focus on the long-term development of listed companies, and continuously improve the quality of operations; Thirdly, the implementation period for listed companies to announce repurchases and increases in holdings is generally one year, while special loans extend the loan term to three years, providing borrowers with higher flexibility in the use of funds and better meeting market demands. It is worth noting that during the initial implementation of the stock repurchase and increase in holdings and refinancing policy, a large number of listed companies hoped that banks could provide credit funding support to their announced but unfinished repurchase and increase in holdings plans. China CITIC Bank stated that in response to market demands, the central bank has announced the further expansion of the scope of applications for stock repurchase and increase loans, supporting commercial banks to provide special loans to all listed companies and their important shareholders who announce repurchase or increase plans, further expanding the scope of monetary policy radiation, significantly increasing the number of special loan application subjects, and effectively enhancing the activity of the secondary market. (New Society)