On October 19, 2011 (September 23, 2011 lunar calendar), the China Securities Finance joint stock company was officially established. On October 19, 2011, the China Securities Finance joint stock company (hereinafter referred to as the Securities Finance Company) was officially approved by the State Administration for Industry and Commerce. It is reported that the Securities Finance Company has held its first shareholders' meeting last week. Its shareholders are the Shenzhen-Shanghai Stock Exchange and Zhongdeng Company, and the registered capital base is 6 billion yuan. The personnel framework has been initially established. Xue Wenshi, the former director of the Shaanxi Securities Supervision Commission, will serve as the chairperson and party secretary of the company, and Nie Qingping, the former director of the Securities Supervision Commission's margin financing and lending working group office, will serve as the general manager of the Securities Finance Company. Several people interviewed said that the establishment of CSF is the second breakthrough since the opening of margin financing and securities lending, which means that the refinancing business that has been brewing for several years will be broken through, and margin financing and securities lending will enter the fast lane.