1.Financing transactions

（1）Financing transaction is a trading model in which investors use their own securities account funds or securities as collateral to borrow more funds from securities firms for securities purchase, and repay the principal and interest within the agreed period.

（2）After registering with BiyaPay, investors can conduct financing transactions on BiyaPay and enjoy up to 4x leverage financing.

2.Short selling

(1) Margin trading is a trading model in which investors use their own securities account funds or securities as collateral to borrow securities from securities firms and sell them. At a later time, they buy the same amount and variety of securities to return them to the securities firm and pay the corresponding margin interest.

(2) After registering with BiyaPay, investors can conduct margin trading on BiyaPay and enjoy up to 4x leverage financing.

(3) The cost of short selling through margin trading is relatively complex. Generally, the cost of short selling is related to the risk level and liquidity of the stock. The cost of short selling is not fixed.

(4) Margin trading may face the risk of short positions being squared due to insufficient number of available stocks for lending or recall of stocks by stock lenders.

Tip:

• After margin trading, if the number of available stocks for lending is insufficient, the securities firm may position squaring the short position without notifying the client.

• Not all stocks can be used for financing and short selling. Click on the specific stock trading page to see if it supports mortgage financing or short selling.