It is scarily circular when a company can lend money that may end up financing the buying of its own shares. At Chinese brokerages this might easily happen: nearly one-fifth of the free float of their shares is owned by investors who have borrowed money to buy them (otherwise known as buying on margin.) Across the market as a whole, margin lending in China’s mainland A share markets has quintupled in a year, to reach $350bn. That is one-tenth of the market’s free float, according to broker estimates.
如果一家公司贷款的成果只是为购买自己的股票融资，那将形成一个可怕的循环。这种事情可能正发生在manbetx3.0 券商身上：它们近五分之一的自由流通股由借钱购股（这被称为融资交易）的投资者所有。从整个市场来看，manbetx3.0 内地A股市场的融资规模在一年内增长4倍，至3500亿美元。根据券商的估计，这占市场自由流通股规模的十分之一。
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