Close and subscribe for new shares
The first one is to purchase through self-service entrustment or filling out a form at the sales department site;
Second, purchase through the telephone commission system of the sales department;
The third is to buy through the online trading system.
Investors can choose one of the above three ways. It is recommended to use familiar operation methods to make purchases. For example, the usual operation is trading in the sales department, so it is best to choose self-service entrustment in the sales department to avoid mistakes.
Online subscription process
☆ Investor subscription (T day): The investor pays the subscription money in full within the subscription time, and carries out subscription entrustment.
☆ freezing of funds (T+ 1): China Clearing Company will freeze the subscription funds.
☆ Capital verification and numbering (T+2 days): According to the final effective subscription amount, the exchange will assign a number to every 1000 shares (500 shares in Shenzhen Stock Exchange, the same below), and the trading host will automatically assign a unified and continuous number to the effective subscription.
☆ Lottery (T+3 days): 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.
☆ Funds unfreezing (T+4 days): unfreeze the unsuccessful subscription.
Note: Individual stocks are issued according to a special process, that is, the winning and countersigning funds are announced on T+3. For example, Ping An of China made online subscription on February 12, and the online subscription funds were released on February 15.
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
Suppose that XX shares are issued in Shanghai Stock Exchange on June 1 day, and the issue price is 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), the Exchange 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, there is no need to draw lots. The matching numbers are all lottery numbers, and investors 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
On the fourth day (T+4) after the subscription date, unfreeze the unsuccessful subscription. 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 online subscription of new shares
● To subscribe for new shares, a securities account of Shanghai Stock Exchange or Shenzhen Stock Exchange must be established before the issuance date, and a capital account must be opened in a securities company (business department), and the funds must be credited into the account.
● Investors can use their accounts to subscribe for new shares issued on the subscription date (hereinafter referred to as T-day), and the subscription time is 9: 30am-165438+0: 30pm,1:00-3: 00pm on T-day.
● Each account can only subscribe for the same new share once (excluding funds and convertible bonds). Repeat subscription, only the first subscription is valid.
● 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.
● The subscription of new shares is irrevocable, and the designated transactions cannot be revoked during the subscription of new shares.
● Every 65,438+0,000 (or 500) shares subscribe for new shares with a subscription number. All valid subscriptions are allocated continuously in chronological order, and the allocation number is uninterrupted. Until the last subscription, the exchange will send the distribution results to all securities trading outlets. Any false subscription of funds will be considered invalid and will not be distributed.
● 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.
● Each winning number is allocated 1000 shares (or 500 shares). At this point, investors don't need to "buy" separately, and the exchange system will automatically transfer the number of winning shares to your stock account, and the unsuccessful funds will be automatically unfrozen and returned.
● After the listing date of new shares is approved by the stock exchange, it will be published in the designated securities journal.
● Subscriptions for online pricing of new shares must be paid in full in advance.
● Please read the prospectus and IPO announcement in detail.
★ Generally, on the third trading day (T+3) after the subscription date, you can go to the securities business department to inquire, or you can inquire about the allocation number of new shares online. You can find the allocation number in "Allocation Number". If you subscribe for 10000 shares, then you have 10 numbers (20 numbers in Shenzhen Stock Exchange) because the numbers are continuous. After the winning numbers are announced, you can decide for yourself whether a pair will win the prize. However, it doesn't matter if you don't look. If you really win the lottery, the stock will naturally be transferred to your account (the money will naturally be deducted).
★ The new share subscription T+4 delivery list shows "sell". On T+ 1 day, after the subscription of new shares is completed, the brokerage firm prints the "buy" delivery slip, on T+4, the brokerage firm prints the "sell" subscription slip, and if the subscription is successful, it prints "buy" 1000 A shares. The "sell" subscription here is different from the usual meaning of stock trading, and it is a unified regulation of the exchange to return the investment subscription. For example, if an investor subscribes for 5000 new shares and wins 1 000 shares, "5000 shares sold" and "buy 1 000 shares" will be displayed on the T+4 delivery form.
★ Securities code change. For the subscription of new shares in Shanghai Stock Exchange, the subscription code of T+ 1 day is 780XXX. After the subscription is confirmed, investors will find that the subscription amount in their accounts is 790XXX on T+3, and the code is 79 1XXX when inquiring about the allocation number of new shares. If the lottery is won, there will be 780XXX in the investor's account after T+4, and the stock will be listed and traded on the same day, with the stock code. The subscription code of new shares in Shenzhen Stock Exchange is 0XXXXX, and the subscription amount, distribution quantity, winning new shares and code will remain unchanged after listing.
★ Changes in designated transactions during the subscription of new shares. If an investor subscribes for new shares on a certain day but cancels the designated transaction, the investor's new share data will be transmitted to the subscription seat, and the investor should make an inquiry at the original subscription seat.
★ There is no handling fee for subscription of new shares. According to the regulations of the two exchanges, fees such as handling fees, stamp duty and transfer fees are not charged for subscription of new shares, but commissions can be charged as appropriate. However, for the sake of competition, most brokers do not charge this fee.
Matters needing attention in subscribing for online issuance of new shares
Investors should fully understand the prospectus and issuance announcement before subscribing for new shares.
(2) Before subscription, sufficient funds shall be deposited in the subscription fund account. The minimum subscription limit of each securities account is 1000 shares (500 shares in Shenzhen Stock Exchange, the same below), and the subscription must be 1000 shares or an integer multiple thereof.
③ Each account can only be subscribed once, and each 1000 share is assigned a number. For multiple subscriptions, only the first subscription is valid, other subscriptions are invalid, and invalid subscriptions will not be assigned numbers.
(4) The entrustment contract number is neither the subscription number nor the winning number, but the computer serial number entrusted by the investor under the Ministry of Securities. On the third working day (T+3) after the subscription date, investors can check the number of new shares allocated through self-service system, telephone entrustment system or online trading system. On the fourth working day (T+4) after purchase, you can use your purchase number to check whether you have won the prize according to the winning number announced by the media.
There is no handling fee for subscription of new shares. The unsuccessful funds will be automatically returned to the fund account on the fourth working day (T+4) after the subscription date.
6. The subscription of new shares cannot be cancelled. The subscription time for new shares is from 9: 30 am to 3: 00 pm, and orders before 9: 30 am may be invalid (call auction will not be allowed to subscribe for new shares).
In the update of IPO subscription FAQ ...
(1) purchase
Q: Is the procedure for subscription of new shares the same as that for buying stocks in peacetime?
A: Yes. Enter the subscription code of new shares and the number of subscribed shares (500 or multiples of 1000) according to your own funds and the "buy" process.
Q: Can I place an order directly through the online trading system? When placing an order, there is only the column of "Stock Code". Where should I fill in the "subscription code"?
A: Yes. Just fill in the "Stock Code"
Q: The new shares I subscribed showed that they had been submitted, but the transaction was unsuccessful. Do you want to apply again?
A: If the "entrustment" and "declaration" indicate that the subscription is valid, don't apply again, because repeated subscription is invalid.
Q: After placing an order, please display "declared" and "unfinished". Is the subscription successful?
A: The committee was successful.
Q: Is "entrustment completed" a successful subscription?
A: When an investor subscribes for new shares through online trading system or telephone entrustment, the "entrustment completed" found in the trading system or telephone entrustment does not mean that the investor has successfully subscribed (won the lottery) and has subscribed for the required new shares. In fact, the "entrusted transaction" here can only be regarded as subscription entrustment to enter the computer host of the exchange. Whether the subscription can obtain new shares needs to check whether the mantissa of the matching number is consistent with the winning number on T+4. If they are consistent, it means that the new shares have been won and can be purchased.
Q: Yesterday I subscribed for 002 135 Southeast Power Grid 1000 shares. Today's account shows that there are 1000 shares in the account. Did the subscription succeed?
Q: My funds have been removed and my stocks have been put into my account. Did you win?
Answer: It only means that the subscription has been confirmed. Only by matching the number, shaking the number and announcing the winning number can we know whether we have won the prize (purchased). Inquiries can be made on or after T+4 (some online trading systems can be inquired on the evening of T+3), and the subscribed new shares must be in the account to confirm the winning. If all frozen funds are unfrozen and returned, the lottery fails to win. The subscription of new shares is a bit like buying lottery tickets. For example, because the lottery market is in short supply, all lottery tickets are sold by appointment. On a certain day (T day), you spend money to buy lottery tickets (equivalent to subscription of new shares), and the money has already been paid (subscription order), but at this time you can only get the payment voucher for buying lottery tickets (check the account, indicating "entrustment completed", "entrustment reported" and "entrustment unfinished"), and on XXXX day (T+ 1 day), you can get the reservation voucher. However, you haven't got the lottery ticket yet. You can't get the lottery ticket (matching number) until the evening of the third day (T+2) or the morning of the fourth day (T+3). You can shake the lottery (lottery) in the morning of the fourth day (T+3) and be in the media on the fourth night (T+3) or the fifth day (T+4). The difference here is that if you don't win the lottery, the money for buying lottery tickets will not be refunded, and the funds for purchasing new shares will be refunded in full.
Q: Is the online subscription of new shares between 1 1:30 and 13:00 invalid?
A: noon11:30 ~13: 00. Although it is not the normal trading hours, the general business department still accepts the entrustment during the non-trading hours from closing in the morning to opening in the afternoon, and investors can also entrust the stock trading. At this time, the investor's entrustment order will not be declared and closed immediately, and the declaration will be kept in the computer host of the business department, and will be declared after the market opens on 13 in the afternoon. This method is suitable for investors who are not convenient to buy and sell stocks in the afternoon (to avoid risks, you must consult the securities business department where you open an account to confirm whether the noon entrustment is effective, otherwise it is recommended not to entrust at noon).
Q: Can the proceeds from selling shares on the IPO subscription date be used to subscribe for new shares? Is the money transferred to the securities fund account on the same day also used for subscription of new shares?
A: Both will do.
Q: I don't know the price yet. How can I buy it? When can I know the issue price?
A: After inquiry, the issue price will be announced in the form of an announcement the day before the issue (T- 1).
Q: Is it true that the higher the price at the time of subscription, the greater the probability of subscription?
A: At present, the online subscription of new shares adopts the "pricing issue" rule, that is, investors can only place orders at the issue price, and the price cannot be filled high or low, otherwise the subscription will be invalid.
Q: Can I only apply for new shares once? If the second subscription is unsuccessful, won't you take out the money?
A: An account can only subscribe for new shares once, and cannot cancel the subscription. Repeated subscription is invalid except for the first time. Moreover, if investors' misoperation leads to repeated subscription of new shares, brokers may freeze the repeated subscription of new shares, and some repeated subscriptions are invalid and cannot be revoked, which will lead to the unavailability of this part of funds on the same day. Generally, after the close of the day, the exchange will treat it as an invalid commission, and the funds will be returned to the investor's account the next day before investors can use it.
Q: Repeated subscription funds for new shares were frozen twice. What should I do?
A: It is clearly stipulated in the IPO announcement that the subscription of new shares cannot be cancelled. If investors' misoperation leads to repeated subscription of new shares, the computer trading host of Shanghai Stock Exchange not only accepts and confirms the entrustment instruction of initial subscription of new shares, but also accepts the entrustment instruction of repeated subscription of new shares, but does not confirm the entrustment instruction. After the subscription of new shares is completed, it will be treated as "invalid entrustment". Therefore, most securities business departments set up the counter entrustment system in this way: investors repeatedly apply for new shares, and they repeatedly freeze the subscription funds for new shares. If an investor finds an operation error during trading hours, he can immediately contact the business department where the account is opened and ask for "manual unfreezing" of the repeatedly frozen subscription funds.
Q: Can I subscribe for new shares without holding shares in the securities margin account?
A: You don't need stocks in your account to subscribe for new shares. Now you subscribe in cash. As long as the securities margin account has enough funds to meet the subscription, you can subscribe for new shares, whether you hold shares or not. There used to be a regulation of "market value placement" in the issuance of new shares, but now this regulation is no longer applicable.
(2) Matching number
Q: Does the contract number match?
A: No, the contract number is only the serial number of the investors entrusted by the computer system of the securities company, not the winning number. The subscription number of new shares shall be uniformly distributed by the computer system of the exchange.
Q: Why did you only find a matching number?
A: The allocation of new shares is to allocate a number for every 65,438+0,000 shares. Distribute numbers continuously in chronological order, and the numbers are uninterrupted. When each stock account is delivered, only one initial distribution number is printed (displayed), and at the same time, the distribution number is printed (displayed). For example, if the allocation number is 10003502 and the allocation number is 5, then the allocation numbers are 10003502, 10003503, 65438+ in turn.
Q: When can I find a matching number?
A: The exchange system allocates the allocation number on the second working day (T+2) after the subscription date, and sends it to the brokers that evening, so most people can find their own allocation number through the online trading system and other means on the evening of T+2. You can check it on the morning of T+3 at the latest.
Q: How do you know your game number?
A: On the third working day (T+3) after the subscription date, you can check the allocation number of the subscription new shares through the sales counter or self-service system, telephone entrustment system and online trading system. In addition, inquiries can be made through the voice enquiry telephone provided by Shenzhen Stock Exchange: 0755-82288800. Shanghai Stock Exchange also provides voice telephone service for new share subscription inquiry. The number is 02 1- 16883006.
Q: Why is the number of shares allocated in Shanghai sometimes greater than the total number of shares allocated?
A: In the subscription of new shares in Shanghai stock market, because the trading system does not start with the number 1 every time, investors may get a subscription number greater than the total number of subscriptions.
Q: Is it possible for the sales department to manipulate my winning number or distribute shares to them, but I can't find it?
A: There is no need to suspect that brokers are cheating. Many investors are worried that brokers will switch packages in the purchase. This kind of worry is unrealistic. First, after the successful subscription of new shares, the exchange host directly credited the new shares to the investor's securities account, and the brokerage firm could not change them. Two, if investors have questions, they can also obtain evidence by inquiring about the transaction records after the listing of new shares. (Source: Shanghai Stock Exchange website-quick navigation-investor education column-investor handbook-investor frequently asked questions-about the subscription of new shares-what should be paid attention to when online subscription of new shares)
(3) Winning lots and unfreezing funds
Q: What's the winning percentage?
A: At present, new shares issued online are generally issued at a fixed price. How do investors confirm the number of shares they can subscribe for after subscribing for new shares?
1. If the effective subscription amount is less than or equal to the online circulation, there is no need to draw lots. All the matching numbers are lottery numbers. Investors subscribe for shares according to their effective subscription amount, and the remaining shares are underwritten by sponsors (lead underwriters);
2. If the number of valid subscriptions is greater than the online circulation, the host computer of the trading system will determine that every 500 shares (Shenzhen Stock Exchange) or 1 000 shares (Shanghai Stock Exchange) will be a declaration number (i.e. allocation number), and then the valid subscriptions will be determined by drawing lots, and each allocated number can be subscribed for 500 shares or 1 000 shares.
Winning rate = total online issuance/total online effective subscription × 100%.
Q: How do I know I won the lottery?
A: There are usually two ways:
(1) Find your own distribution number in t+3 days, announce the winning number in T+4 days, and draw a prize if the mantissa of the distribution number is consistent with the winning number.
② Check your stock/fund account on T+4. If the stock is displayed, it means that the stock that has been withdrawn for distribution has been accounted for (the balance that has not been withdrawn should also be returned).
③ Print the delivery note in the correct business department on T+4, or check the delivery note with the online trading system.
Q: How do I subscribe for new shares after winning the lottery?
A: After winning the lottery, the exchange system will automatically deduct money from the frozen funds, and investors don't need to do anything. The winning shares will be automatically transferred to your account.
Q: Do I have to apply for new shares every time I issue them? How did you hear that if you win the lottery, a staff member will call you?
A: At present, the online subscription of new shares requires investors to have the entrustment of "subscription" in order to obtain the matching number and then qualify for winning the bid. After winning the prize, a staff member called us to inform us that this is a "value-added service" developed by some securities business departments! Not every business department has this service, and even if it does, it is not necessarily for all investors (probably only for VIP customers with big funds). Please consult the securities business department where you open an account for details.
Q: How many days can the funds be frozen and unfrozen after the subscription of new shares?
A: Assuming the subscription date is T, the money will be released on T+4 (except for special procedures).
For example: purchase on Monday, unfreeze funds on Friday; Purchase on Tuesday of the second week and thaw on Monday; Buy on Wednesday and thaw on Tuesday of the second week. ...
(4) listing
Q: I won a new share. When can I sell them? Can it be sold on the day of listing?
A: If you want to sell the new shares subscribed online, you have to wait until the day of listing. New shares are usually listed 5 ~ 10 days after the completion of the issuance work.
Q: How long is the lock-up period of new shares obtained by offline placement? How can I know the length of the lock-up period of new shares?
A: Under normal circumstances, the shares obtained by institutions through offline placement will be locked for 3 months, and the lock-up period will be calculated from the date of listing. You can learn about the lock-up period of offline placement shares in the announcement of IPO pricing.
Q: If the subscription of new shares is successful, will it definitely make money? Under normal circumstances, what is the ratio of the subscription price of new shares to the listing price?
A: If the subscription of new shares is successful, it will definitely make money in the current market situation. Generally speaking, the opening price of new shares will be 50%~250% higher than their issue price.
(5) Comprehensive or other.
Q: What is the meaning of "t" in (T+ 1 day)?
A: T date = IPO date (subscription date)
Q: Does the rest day count as days?
A: Not really. Calculate the number of days by trading day.
Q: What are offline placement and online subscription? Can individuals participate in offline placement?
A: Offline inquiry and placement to inquiry objects is called "offline placement", and online pricing and issuance to public investors is called "online issuance". Individuals can't participate in offline placement, only online subscription. Eligible to participate in offline subscription must refer to institutional investors who meet the relevant provisions of the Measures for the Administration of Securities Issuance and Underwriting (Order No.37 of the CSRC) and have published the list on the website of China Securities Association. In addition, the new shares obtained by offline placement have a lock-up period and can only be lifted after listing for a certain period of time; The new shares obtained by online subscription have no lock-up period and can be traded when they are listed.
Q: How is the IPO price determined?
A: At present, the issue price of new shares is generally determined by asking the inquiry object. The inquiry targets refer to legally established securities investment funds, qualified foreign investors (QFII), securities companies meeting the requirements stipulated by the China Securities Regulatory Commission and other institutional investors recognized by the China Securities Regulatory Commission.
Q: What is "inquiry"?
A: Inquiry system is a way of pricing new shares. Previously, the issue price of new shares was decided by the issuer (the company to be listed) and the underwriter (the sponsor). Since 2004, the CSRC has issued an "inquiry system" to determine the issue price of new shares, which is said to be in line with the "market pricing principle". Inquiry targets refer to those specific institutions, and individuals cannot participate in inquiry.
The following are some clauses of the Notice on Several Issues Concerning the Trial Inquiry System for Initial Public Offerings:
1. A company that issues shares for the first time and its sponsor institution shall determine the issue price of the shares by inquiring the inquiry object.
2. Inquiry targets refer to securities investment fund management companies, securities companies, trust and investment companies, finance companies, insurance institutional investors and qualified foreign institutional investors (QFII) that meet the requirements stipulated by China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission), and other institutional investors recognized by China Securities Regulatory Commission.
Q: Is there any interest on the funds during the IPO freeze period?
A: During the period when the subscription funds for new shares are frozen, the interest generated is included in the "investor protection fund". If the investor fails to win the bid, only the principal will be returned.
Q: Is there a specific time for subscription?
A: Theoretically speaking, the time of subscription and ordering has nothing to do with winning the lottery or not, which will be clear to anyone who has studied probability and understood the current rules of subscription for new shares. But in practice, some people may choose a time period for their own benefit, just as people like the license plate number of 88888. I am usually used to shopping in the afternoon, such as 13: 18, hehe, superstition is just fooling myself.
Q: If I use 400,000 yuan to subscribe for new shares, will it be put in one account or divided into two accounts, and the winning rate will be higher?
A: I want to make two personal suggestions:
(1) Theoretically speaking, the winning probability is the same whether or not a separate account is used to purchase new shares.
From the operational level, different people have different views, so it is difficult for me to make more constructive suggestions.
For example, if the winning rate of a new stock is 1%, and your funds are just enough to buy this new stock with 100, then, if you buy it centrally with an account, you can guarantee winning a number, but only one number; However, if you divide your subscription into two accounts, you may not win one number, but you may win two numbers ... so you can only decide according to your own preferences.
Q: Some investors can win two or three posts at a time. How did they win? Isn't it stipulated that a fund account can only be purchased once, and repeated purchases are invalid? Could you please introduce it?
A:
1. Each new share in each fund account can only be subscribed once, and repeated subscription is invalid (the first subscription is valid).
2. Subscription must be a multiple of 500 shares (take Shenzhen as an example, the same below).
3. After the subscription is confirmed, every 500 shares will be 1 share, and the allocation number will be allocated by the system. If you subscribe for 30,000 shares, you will be given 60 allocation numbers (that is, the greater the amount of funds, the more allocation numbers you will get).
4. The underwriter will organize a lottery according to the winning rate (similar to a lucky draw), and the number shaken is the "winning number".
5. If the mantissa of the matching number is consistent with the winning number, it is the winning number. If two of the 60 matching numbers are consistent with the winning number, it is the winning bid (obviously, the more matching numbers, the more winning numbers may be).
6. Each winning number can get 500 new shares. If you win two numbers, you will get 1000 new shares.
Q: Where can I buy new shares? Try to explain the meaning of "net" in online subscription and offline placement.
A: The questioner may have misunderstood "online subscription". The "net" in online subscription does not refer to the Internet or websites. This "net" refers to the stock trading system network of Shanghai Stock Exchange or Shenzhen Stock Exchange. Online subscription is through the trading system. Like buying and selling stocks at ordinary times, it can only be purchased during trading hours.
The offline subscription (offline placement) is not conducted through the trading system, and the subscription operation does not have to be conducted during trading hours. Placing objects participating in offline subscription must fill in a written subscription form and affix the official seal of the unit, fax or deliver it to the lead underwriter together with other materials within the specified time, transfer the subscription funds into the account designated by the lead underwriter within the specified time, and fax a copy of the transfer voucher to the lead underwriter. The procedure of offline placement is much more complicated than online subscription.
Q: What is the callback mechanism of stock issuance?
Answer: The callback mechanism refers to that when the same issue adopts two issuance methods: market value allotment and online pricing issuance, market value allotment and online pricing issuance, or online pricing issuance and online pricing issuance, and legal person investor allotment, in order to ensure the success of the issue, different types of investors are treated fairly, and the number of issues under different issuance methods is artificially set, and then the number of issues is appropriately adjusted between them according to the subscription results and pre-announced rules. At present, most of the offline allotment is transferred to the Internet, thus increasing the online allotment. At present, the callback mechanism is often used to issue large-cap stocks.