Subscription of new shares
New share subscription process:
(1) Investor subscription (subscription date): The investor shall pay the subscription money in full within the subscription time and entrust the subscription.
(2) Freezing of funds (the first day after subscription): China Clearing Company will freeze the subscription funds.
(3) Capital verification and numbering (the day after subscription): The Exchange will automatically assign a number to the valid subscription according to the rule of assigning a number to every 65,438+0,000 shares (500 shares in Shenzhen Stock Exchange).
(4) Lottery (the third day after purchase): announce the winning rate, organize a lottery according to the total number of people and the winning rate, and announce the winning results the next day.
(5) Announce the winning number and unfreeze the funds (the fourth day after the subscription): unfreeze the unsuccessful subscription.
Note: Except for individual new shares in the above process (please read the prospectus carefully when issuing new shares).
The process of issuing new shares by the fund:
The procedures of fund subscription and online pricing issued by the two exchanges are basically the same. On the day of subscription, investors should pay the subscription money in full according to the issue price and effective subscription quantity stipulated in the issuer's issuance announcement, and make subscription entrustment. If the subscription amount paid by investors is insufficient, the securities trading outlets shall not accept the relevant subscription entrustment. Suppose Zhang San has 500,000 cash in his account, and he wants to participate in the subscription of new shares called "×××××". The subscription procedure is as follows:
1, subscribe
XX shares will be issued in Shanghai Stock Exchange on June 1 at the issue price of 5 yuan/share. On June 1 day (T-day), Zhang San can use this 500,000 yuan to buy up to 654.38+10,000 shares of XX through the entrustment system from 9: 30 am to1:30 am or 1 ~ 3 pm. The funds participating in the subscription will be frozen.
Step 2 match the number
On the second day after the subscription date (T+2), SSE will issue new shares according to the effective subscription amount: (1) If the effective subscription amount is less than or equal to the online circulation amount, there is no need to draw lots, all allocation numbers are lottery numbers, and investors will subscribe for shares according to the effective subscription amount;
(2) If the number of subscriptions is greater than the online circulation, the effective subscription winning numbers shall be determined by drawing lots, and each winning number shall subscribe for a new subscription unit share. Subscriptions often exceed circulation.
Step 3 win the lottery
The winning rate will be announced on the third day (T+3) after the purchase date, and the winning result will be confirmed by the lead underwriter according to the total allocation number. The winning result will be announced in the designated media on the first trading day (T+4) after the lottery. Each winning number can subscribe for 1000 new shares.
4. Unfreeze funds (Note: Shenzhen is now T+3)
Announce the winning number on the fourth day (T+4) after the subscription date, and unfreeze the subscription money that has not been won. If Zhang San wins 1 1,000 shares, then 495,000 yuan will be returned to the account. If he doesn't win the lottery, all 500 thousand will be returned. Investors should also note that the issuer can call back the number of online issues and the number of offline issues according to the subscription situation, and finally determine the number of shares allocated to institutional investors and public investors.
Problems needing attention in subscription of new shares;
1. To subscribe for new shares, you must open a securities account in Shanghai Stock Exchange or Shenzhen Stock Exchange before the issue date.
2. Investors can use their accounts to subscribe for new shares issued on the subscription date (hereinafter referred to as T date). The subscription time of the two cities is 9: 30 am-165438+0: 30 pm, 1: 00- 3: 00 pm on T ..
3. Each account can only subscribe for the same new share once (excluding funds and convertible bonds). Repeat subscription, only the first subscription is valid.
4. The Shanghai Stock Exchange stipulates that each subscription unit is 65,438+0,000 shares, and the number of subscriptions is not less than 65,438+0,000 shares. If it exceeds 65,438+0,000 shares, it must be an integer multiple of 65,438+0,000 shares, but the maximum number shall not exceed the number of public shares issued online or 99,999,000 shares. The Shenzhen Stock Exchange stipulates that the subscription unit is 500 shares, and the subscription entrustment of each securities account is not less than 500 shares. The number of shares exceeding 500 must be an integer multiple of 500 shares, but it must not exceed the number of online pricing issues and not exceed 99999500 shares.
5. The subscription of new shares is irrevocable, and the designated transactions cannot be revoked during the subscription of new shares.
6. Every 1000 (or 500) shares are allocated a subscription number, and the number allocated by the same subscription is continuous.
7. In case of overdraft subscription by investors (that is, the total subscription amount exceeds the balance of settlement reserve), the overdraft part will be confirmed as invalid subscription and will not be numbered.
8. Each winning number can only subscribe for 1000 shares (or 500 shares).
9. After the listing date of new shares is approved by the stock exchange, it will be published in the designated securities journal.
10. Subscription for online pricing of new shares must be paid in full in advance.
1 1.IPO Online is the fastest and most authoritative professional website for new shares in China. Please pay attention to the prospectus, listing announcement and winning announcement published by listed companies online when purchasing new shares.
12. The subscription code of Shenzhen Stock Exchange is the same as the subscription code after listing, while the subscription code of A shares of Shanghai Stock Exchange is 730XXX and the listing code is 600XXX.
13. After three working days, you can print out the subscription number and check it with the winning number. If the quantity is the same, the subscription is successful.
14. After four working days, unsuccessful deposits will be automatically returned to the deposit account.
15. Subscription does not need to pay fees at all levels.
The price of new shares shall be determined by the issuer and the listed company through consultation. Due to the widespread packaging phenomenon and high pricing, new shares may also fall into the issue price. Most of the new shares to be issued in the future are concentrated in enterprises that need help in the direction of debt-to-equity swap or high-risk "science and technology" enterprises, and the risks are increasing day by day, so they cannot participate with a risk-free attitude. At the same time, when purchasing new shares, we should observe the possible changes in the issuance method in time and adjust the strategy in time.
In the case of zero risk of new shares, hundreds of billions of funds have been invested in "new stock rice". The subscription of new shares by funds belongs to risk-free arbitrage, especially for large funds, and the annual rate of return will be very stable. Therefore, it is expected that the issuance of new shares will bring huge new funds to the primary market and become a reservoir for the secondary market. For small and medium-sized investors, if they have idle funds, they can also participate in the subscription of new shares. At present, the market is at a high level, and the risk is much higher than the previous stage. Therefore, they took the initiative to withdraw some funds from the secondary market to subscribe for new shares. Small and medium-sized investors have less funds, and although they can't get the same stable rate of return as big funds, they can also get higher returns through some skills. Mastering the following skills will help you successfully apply for new shares. First, memorize the subscription rules. An account cannot be subscribed repeatedly; The new shares of the Shanghai Stock Exchange must be subscribed in multiples of 65,438+0,000 shares, and the Shenzhen Stock Exchange must be subscribed in multiples of 500 shares; Can't exceed the upper limit of subscription. Second, it is very important to choose the timing of placing an order. According to historical experience, the probability of winning an order at the opening or closing is very small. It is best to choose an intermediate time period, such as10: 30 ~1:30 and 13: 00 ~ 14: 00. Third, the whole warehouse attacks new shares. Because of participating in the subscription of new shares, the funds will be locked for a period of time. If several new shares are issued at the same time in the future, then we should choose one and apply for it in Man Cang to improve the winning rate. First of all, give priority to buying a stock with the largest circulating market value, and the chances of winning the lottery will be even greater. Secondly, because everyone will stare at good companies to purchase, and some stocks with relatively poor fundamentals may be left out in the cold, small and medium-sized funds will take the initiative to purchase varieties that are not very popular in the industry and are expected to increase less after listing, and the winning rate will be higher. Third, choose varieties with relatively late subscription time, such as new shares issued today, tomorrow and the day after tomorrow. At this time, you should subscribe for the last new share, because everyone usually spends money on the first and second day of subscription, and by the third day, a lot of funds have been used up. At this time, the subscription rate of new shares on the third day is higher. //