The higher the market value of online subscription of single-customer and single-market new shares, the more the subscription amount of a single stock can be, but the maximum can not exceed the subscription limit of a single customer and a single stock.
t+ 1
The lead underwriter will announce the winning rate in the designated media on (T is the online subscription date determined in the issuance announcement). If the effective subscription amount is greater than the online circulation, under the supervision of the notary department, the lead underwriter will preside over the lottery to confirm the lottery results, and
t+2
Announce the winning results in the designated media on the 20th.
The online issuance process of new shares is as follows:
(1)t- 1 day, the issuer and the lead underwriter publish the issuance announcement.
(2) On the T day, investors can inquire about their market value or purchasable quota through the securities companies designated for trading, and investors can subscribe for new shares according to the purchasable quota; Match the number on the same day and send the matching result data.
(3)T+ 1 day, the lead underwriter announces the winning rate and organizes the lottery to form the winning result; Shanghai Stock Exchange or China Clearing Shenzhen Branch will send the winning result to the securities company after the close of the day.
(4) On T+2, the lead underwriter announces the winning results, and investors can also inquire about the winning results from the securities companies designated by them.
Investors who win the lottery shall fulfill the obligation of fund delivery according to the result of the lottery, and ensure that their fund accounts have enough funds for the subscription of new shares at the end of t+2. Settlement participants may agree with investors on a specific time limit according to actual conditions.
(5) Before T+3 15:00, settlement participants shall report the data of their investors' abandonment of subscription to China Clearing; 16:00, China Clearing settled the subscription funds and transferred them to the fund settlement account of the lead underwriter.
(6) On T+4, the lead underwriter will allocate the subscription funds after deducting the underwriting fees to the issuer and announce the online issuance results.
The calculation rules for the market value of new share subscription in Shanghai and Shenzhen stock markets include the following contents:
1. The market value held by investors is based on investors. The market value standard of Shanghai and Shenzhen stock markets is:
Shanghai Stock Exchange: On t-2 (the online subscription date confirmed in the issuance announcement), the average daily market value of Shanghai unrestricted A-share stocks in the first 20 trading days (including t-2) exceeded 654.38+0000 yuan (including 654.38+0000 yuan), and every 10,000 market values corresponded to the subscription quota of 654.38+0000 shares.
Shenzhen Stock Exchange: The average daily market value of A-shares in Shenzhen Stock Exchange is over 654.38+00000 yuan (including 654.38+00000 yuan) in the first 20 trading days (including t-2 day), and the market value of each 1 10000 shares corresponds to 654.38+0000 shares.
2、
Where an investor holds more than one securities account, the market value of the multiple securities accounts shall be calculated together.
(Shenzhen market) If an investor holds the same securities account in multiple places, its market value shall be calculated on a consolidated basis.
3. The principle of confirming that multiple securities accounts are held by the same investor is that the "account holder's name" and "valid ID number" in the securities account registration materials are consistent. Securities account registration information
t-2
Take the end as the standard.
4. The market value of customers' margin financing and securities lending credit accounts is calculated as the market value held by investors.
5, unqualified, dormant, cancellation of securities accounts do not calculate the market value. The opening time of investor-related securities accounts is insufficient.
20
Trading day, according to
20
Calculate the daily average market value of each trading day.
6. Unrestricted sales
a
The calculation of the market value of the securities account shall not be affected by the judicial freezing and pledge of the shares, and the directors, supervisors and senior managers of the listed company are restricted from holding the shares.
7. The market value held by the investor's relevant securities account shall be calculated by multiplying the number of shares included in the market value calculation range in his securities account by the corresponding closing price.
References:
Detailed rules for the online issuance of initial public offerings in Shanghai market and detailed rules for the online issuance of initial public offerings in Shenzhen market.