但是，就连上述数字也未能充分反映杠杆炒股的规模。除了券商外，据海通证券(Haitong Securities)测算，通过第三方进行的灰色市场保证金贷款，也向股市输送了5000亿至1万亿元人民币。

Brokerages limit margin leverage to a ratio of two to one and require clients to put up at least Rmb500,000. By contrast, Xunqianwang, a company that connects punters with borrowed money, allows leverage of up to six to one, and requires as little as Rmb2,000 of the client’s own funds. The company, whose Chinese name translates as “search for money”, boasts that new clients can gain approval in an hour.

券商对保证金贷款规定的杠杆率上限为2比1，并要求客户至少拿出50万元人民币本金。相比之下，在炒股者与资金之间牵线搭桥的寻钱网允许最大为六比一的杠杆率，而且只要求客户自己至少拿出2000元人民币。寻钱网夸口说，新客户有望在一小时内获得批准。

“We can still control the risk because we strictly examine and assess every client,” says Zhong Jingtian, the founder and chief executive. The company restricts which stocks a client can buy and does not give loans to a single client exceeding Rmb3m.

“我们仍然可以控制风险，因为我们严格审查和评估每一个客户，”寻钱网创始人和首席执行官周竞天表示。该公司对客户可以买入哪些股票实行限制，而且不向单一客户提供超过300万元人民币的贷款。

Analysts say the proliferation of margin lending creates the risk of a snowball effect as margin investors,http://www.123yingyu.com/  faced with mounting losses, are forced to liquidate their positions unless they can post additional collateral.

分析师们表示，保证金贷款的泛滥带来了雪球效应风险，因为在亏损越来越大的情况下，利用保证金的投资者除非能够拿出额外担保金，否则将被迫平仓。

David Cui, equity analyst at Bank of America Merrill Lynch, estimates that the Shanghai Composite would need to fall an additional 40 per cent for large-scale margin calls to kick in on official margin lending. “However, this doesn’t mean that margin call is not a serious risk right now,” he wrote in a note yesterday. “The selling pressure so far has mainly come from stock-related borrowings via various unofficial channels where the leverage is much higher.”

美银美林(BofAML)股票策略师崔伟(David Cui)估计，上证综指(Shanghai Composite)还需要再下跌40%，才会触发正规保证金贷款的大规模追加要求。“不过，这并不意味着追加保证金通知现在不是一个严重风险，”他在昨日一份简报中写道。“迄今的抛压主要来自各种非正规渠道的股票相关借款，它们的杠杆率要高得多。”

Some analysts still expect the market to rebound. They argue that the fundamental factors underpinning the rally, especially loose monetary policy and ongoing economic reforms in China, are still intact, even as valuations now look more reasonable.

一些分析师仍预计市场将反弹。他们认为，支撑股市涨势的一些基本面因素，尤其是中国的宽松货币政策和正在开展的经济改革，仍然完好存在，同时现在的估值看起来较为合理。