How to subscribe for new shares? Introduction of new share subscription process.

The restart of 20 14 new shares is accompanied by a new round of reform of the issuance system. Compared with the past, many changes have taken place in the rules of new share subscription. For investors who are interested in playing new shares, they need to figure out the new "playing method" first. In addition, in the case of intensive issuance of new shares, if we can find the optimal subscription strategy of new shares, it will undoubtedly achieve twice the result with half the effort. In order to facilitate investors to purchase new shares smoothly, we collected and answered investors' questions about online subscription business, and explained the new rules of new share subscription in detail. Please pay attention to them.

Q: What are the main differences between market value subscription and previous market value placement and fund subscription?

A: Subscription by market value means that investors must hold the market value of A shares with unlimited sale conditions in Shenzhen market of more than 65,438+00,000 yuan and pay enough funds to participate in online subscription of new shares. At the same time, the number of investors' subscriptions cannot exceed the subscription limit set by the lead underwriter and the subscription amount corresponding to the holding market value.

Q: What are the conditions for investors to subscribe for new shares online?

A: According to the Implementation Measures for Online Issuance and Subscription, investors with a market value of over 654.38 million yuan (including 654.38 million yuan) can participate in the subscription of new shares. One subscription unit can be subscribed for every 5,000 yuan market value, and the part less than 5,000 yuan is not included in the subscription amount.

Q: What is the market value held by investors? What kind of securities does the market value placement include? Does it include transactional open index funds?

A: The market value held by investors refers to the average daily market value held by T-2 (T-2 is the subscription date, the same below) in the first 20 trading days (including T-2), including the market value of unrestricted A shares in this market, excluding preferred shares, B shares, funds, bonds or other securities. Trading open index funds are not included in the scope of subscription market value.

Q: What are the restrictions on the number of online subscriptions?

A: The online subscription quantity of investors shall not exceed the average daily market value of the 20 trading days before T-2 (including T-2), nor exceed the subscription limit set by the lead underwriter, and must be paid in full.

Q: If investors have multiple securities accounts, how should they subscribe for new shares? How to calculate the stock market value? & gt A: For each IPO, investors with multiple securities accounts can only use one account with market value to subscribe once. If you buy it multiple times, only the first purchase is valid. For investors with multiple accounts, the market value held by them will be calculated together.

Q: Can the stock market value of the day be reused? Can the subscription funds be reused?

A: The market value of the day can be reused. For example, if multiple new shares are issued on the same day, investors can repeatedly participate in the subscription of multiple new shares with determined market value. However, the subscription funds cannot be reused. After investors effectively subscribe for a stock, the corresponding funds will be frozen, and this part of the funds can no longer be used to subscribe for other new shares. If you want to subscribe for other new shares, you need to use funds that match the number of other new shares.

Q: Can investors participate in online fund subscription for initial public offering in Shenzhen only by holding unlimited A shares in Shanghai stock market with a market value of more than 6.5438+0 million yuan?

A: The market value of Shanghai and Shenzhen stock markets cannot be calculated together. The market value of Shenzhen stock market can only be used to purchase new shares in Shenzhen stock market.

An example of the process of subscription by market value is as follows:

At the same time, Company A and Company B are scheduled to make online subscription in Shenzhen Stock Exchange on T, with online circulation of 50 million shares and 20 million shares respectively. The subscription limit stipulated by the lead underwriter is 50,000 shares and 20,000 shares respectively, and the issue price is 65,438+00 yuan.

On T-2, according to the new method, only investors who own at least 654.38+0 million yuan of shares can obtain the corresponding amount of new share subscription rights. After the market closes two trading days before the subscription date, the average daily market value of the unrestricted A shares held by investor Zhang in Shenzhen Stock Exchange in the first 20 trading days (including the current day) is 209,000 yuan, and he can be allocated 465,438+0 subscription units and purchase 465,438+0× 500 = 20,500 new shares. The subscription amount is lower than the subscription limit of 50,000 shares of Company A and more than the subscription limit of 20,000 shares of Company B. Therefore, Zhang Can only subscribes 20,500 shares of Company A and 20,000 shares of Company B at most, and the excess is invalid subscription.

T day, online subscription. Zhang deposited 405,000 yuan into the capital account in full, and subscribed 20,500 shares of Company A and 20,000 new shares of Company B to Shenzhen Stock Exchange during the trading hours.

T+2 days, announce the winning rate and winning number.

On T+3, all unsuccessful funds will be unfrozen.

Note: The above T+N days are trading days, which will be postponed on Saturday and Sunday.