Is the collateral in the credit account a new market value?

According of Shanghai Stock Exchange and Shenzhen Stock Exchange (Implementation Measures for Online Subscription for Initial Public Offerings at Market Value):

According to Article 4 of Chapter II of the Implementation Measures, the market value of the credit securities accounts of margin customers is calculated as the market value held by investors, and the market value of the detailed accounts of secured securities refinanced by securities companies is calculated as the market value held by securities companies. Where an investor holds more than one securities account, the market value of the multiple securities accounts shall be calculated together.

According to Article 8 of Chapter II of the Implementation Measures, if there is judicial freezing or pledge of non-restricted A shares and there are trading restrictions on directors, supervisors and senior managers of listed companies, the calculation of the market value of securities accounts will not be affected.

The market value held by investors is based on the unit of investors, and is calculated according to the daily average market value held in the first 20 trading days (including T-2) on T-2 (T-2 is the online subscription date determined in the issuance announcement, the same below).