As Chinese New Year approaches, the difficulty of corporate finance in China continues to rise. In the equity pledge financing market, the current pledge cost has generally risen to 9%, while the end of last year was still between 7% -8%. A private source disclosed that 9% of the costs would be difficult to achieve, and now formal channels of pledge of equity are too few. Under the policy of macro-reducing leverage, risk prevention and strong supervision, this year's Chinese financing environment will likely be significantly tightened, and the contradiction between capital supply and demand will become even more prominent.