(1) Investor subscription (on the day of subscription of new shares): The investor pays the subscription money in full within the subscription time, and makes the subscription entrustment.
(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 (see the prospectus published on this website when issuing new shares for details).
Tip: the above date is the date of publication, and the winning rate and winning number can be inquired on this website one day in advance.
Capital IPO process
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, subscription of new shares
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.
2, the new shares with 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 new shares
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 the new share funds
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
Note: the subscription of new shares must be completed in the securities account of Shanghai Stock Exchange or Shenzhen Stock Exchange before the issuance date.
Note: Investors can use their account 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.
Note: Each account can only subscribe for the same new share once (excluding funds and convertible bonds). Repeat subscription, only the first subscription is valid.
Note: 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.
Note: The subscription of new shares is irrevocable, and the designated transactions cannot be revoked during the subscription of new shares.
Note: every 1000 (or 500) shares subscribed for new shares are assigned a subscription number, and the numbers allocated for the same subscription are consecutive.
Note: 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.
Note: Each winning number can only subscribe for 1000 shares (or 500 shares).
Note: The listing date of new shares will be published in the designated securities journal after being approved by the stock exchange.
Note: The subscription fee for issuing new shares through online pricing must be paid in full in advance.
Note: IPO Online is the fastest and most authoritative IPO professional website in China. Please pay attention to the prospectus, listing announcement, winning announcement, etc. Issued by listed companies on the IPO website.
Need to know about the subscription of new shares:
I. About opening an account. Including shareholders' accounts and capital accounts, according to the regulations of the exchange, investors must open an account before subscription, and the securities account card for subscription of new shares in Shanghai stock market must handle designated transactions in the business department of the securities department where the account is opened and sufficient funds are deposited.
Second, the provisions on the number of subscriptions. The Exchange has restrictions on the number of new shares subscribed by each account. First of all, the lower limit of application is 1000 shares, and the subscription must be 1000 shares or an integral multiple thereof; Secondly, there is an upper limit for subscription, which is stipulated in the issuance announcement. Entrustment cannot be lower than the lower limit or higher than the upper limit, otherwise it will be considered as invalid entrustment.
Third, about repeated subscription. The subscription of new shares can only be made once and cannot be withdrawn. Repeated subscription is invalid except for the first time. Moreover, if investors' misoperation leads to repeated subscription of new shares, brokers will repeatedly freeze the subscription of new shares, and some repeated subscriptions are invalid and cannot be revoked, resulting in the unavailability of investors' funds on the same day. Only after the close of the day, the exchange will regard it as an invalid entrustment and return the funds to the investor's account the next day for investors to use.
4. Confirmation of the subscription quantity of new shares. The contract number obtained by the investor after completing the subscription procedures for new shares is not the matching number, and neither is the transaction number on the delivery sheet the next day. Only when the delivery procedures are completed on the third trading day (T+3) after the issuance of new shares, the new shares are numbered. Investors who want to inquire about the new share allocation number can print the delivery note at the brokerage firm on T+3, and the brokerage firm will also print out the new share allocation numbers of all investors on that day and post them in the lobby of the sales department for investors to check. Some brokers have also opened telephone inquiry service, and investors can also inquire by telephone in the column of inquiring about the number of new shares allocated. In addition, Shanghai Stock Exchange and Shenzhen Stock Exchange also provide voice telephone services for investors. The telephone number of Shanghai Stock Exchange is 02 1- 16893006, and the telephone number of Shenzhen Stock Exchange is 0755-2288800. The allocation of new shares is to allocate a number per 1000 shares, and the numbers are allocated continuously in chronological order, and the numbers are uninterrupted. At the time of delivery, each stock account only prints one subscription number, and at the same time prints the number of valid subscription shares. For example, if the delivery number is 10003502 and the number of valid subscription shares is 5000, then all subscription numbers of this account are 5, which are 10003502, 10003503 and 65438+ in turn.
5. Freeze time of subscription funds for new shares. According to the relevant regulations on subscription of new shares, the subscription money of investors will be returned to their capital account on T+4, that is, investors can use the money on the fourth trading day after subscription of new shares.
Sixth, how to confirm whether you have won the lottery. After investors get their winning number on T+3, they can check the winning number published by the lead underwriter in the newspaper designated by the CSRC on T+4. If the last few digits of their numbers are the same as the winning numbers, they will win the lottery. If they are different, they won't win. Each winning number can subscribe for 65,438+0,000 new shares. In addition, the investors' subscription funds are unfrozen on T+4, and investors can also directly check whether the unfrozen funds in their accounts are reduced, or whether there are new shares in the stock balance on that day, so as to determine whether they have won the lottery.
Seven, 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 the "buy" of a stock 1000 shares. The "sell" subscription here has different meanings from the usual stock trading, and it is a return investment subscription uniformly stipulated by the exchange. For example, if an investor subscribes for 5,000 new shares and wins 1 1,000 shares, it will show "sell 5,000 shares" and "buy 1 1,000 shares" on the T+4 delivery form.
8. Change of securities code. The subscription code of Shanghai Stock Exchange is 730XXX. After the subscription is confirmed, the investor will find the subscription amount of 740XXX in his account on T+ 1 day, and the number of new shares allocated is 74 1XXX. If the lottery is won, there will be 730XXX in the investor's account after T+4, and the stock code will be changed to 600XXX on the day of listing and trading. The subscription code of new shares in Shenzhen Stock Exchange is 0XXX, and the subscription amount, distribution quantity, winning new shares and listing code remain unchanged.
9. 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.
X. there is no handling fee for subscription of new shares. According to the regulations of the two exchanges, the subscription of new shares does not charge fees such as handling fees, stamp duty and transfer fees, but commissions can be charged as appropriate. Shanghai and Shenzhen collect 1 yuan locally, and 5 yuan in different places. Most brokers don't charge this fee for competition.
Responder: Xiao Hanyu-Magic Apprentice Level 1 8-2 07:38
Latest IPO subscription process
Sunday, July 8, 2007 at 23:30.
Distribution mode
The common ways for joint-stock companies to issue new shares are online subscription and offline issuance. Among them, online subscription is conducted through the trading platform of the stock exchange, and investors can operate according to the conventional A-share trading method. Offline issuance is generally aimed at legal person investors.
Online subscription means that investors use their securities trading margin to submit new share subscription requests to the stock exchange. After summarizing the subscription requests of all investors, the stock exchange assigns a subscription serial number to each 1000 subscription order, and determines the winning subscription serial number by drawing lots. If the investor's subscription number is the same as the winning number, the investor will successfully subscribe for 1000 new shares, otherwise the subscription funds will be automatically returned to the investor's margin account.
Purchase process
On or before T-2:
The stock issuing company publishes the prospectus and issuance announcement in the information disclosure media designated by the China Securities Regulatory Commission.
T day (subscription date):
According to the conventional method of buying A shares, investors submit subscription instructions, in which the subscription code of new shares in Shanghai stock market is usually six digits, marked as 73****, and the code of new shares in Shenzhen stock market is the same as that after listing. Among them, the buying and selling direction is buying; Whether the purchase price conforms to the provisions of the stock issuance announcement; Subscription quantity: the lower limit of application is 65,438+0,000 shares, and the subscription must be 65,438+0,000 shares or an integer multiple thereof, and the maximum subscription quantity shall not exceed one thousandth of the total number of issued public shares.
Note: the subscription of new shares cannot be cancelled, and each account can only be subscribed once. If there are multiple subscriptions, only the first subscription is valid and the rest are invalid, but the invalid subscription funds will still be frozen on the same day and can be used the next day; The contract number obtained by the investor after completing the procedures for subscription of new shares is not a matching number; According to the regulations of the Exchange, no handling fee, stamp duty, transfer fees and other fees are charged for the subscription of new shares, but commission can be charged as appropriate. Shanghai and Shenzhen local income 1 yuan, foreign income 5 yuan, some brokers also reduced the handling fee.
T+ 1 day (funds frozen):
The securities business department is responsible for transferring investors' subscription funds into the designated account of the stock exchange. If the investor prints the delivery note on the same day, the transaction number on the delivery note on the next day is not the distribution number.
Special note: the subscription code for the subscription of new shares in Shanghai stock market on T day is 730XXX. After the subscription is confirmed, the investor will find the subscription amount of 740XXX in his account on T+ 1 day, and the code for inquiring the number of new shares allocated on T+3 day is 74 1XXX. If you win the lottery, there will be 730XXX in the investor's account after T+4 days. On the day of stock listing and trading,
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.
T+2 days (capital verification and numbering):
The issuing company and the lead underwriter verify the capital, generate the issuance number according to the entrustment order of each 1000 shares, and determine the winning rate. At the end of the business day, the exchange will send the matching number back to the securities business department.
T+3 days (lottery and lottery processing):
Investors can inquire about the allocation numbers in the following ways: inquire about the allocation numbers of all investors' new shares posted by the securities business department in the lobby of the business department; Print the delivery note, and the transaction number on the delivery note is the new share allocation number; Through the self-service system (including telephone entrustment, self-service entrustment, online transaction, etc. ) to query the new share allocation number; Call the voice service of the stock exchange to subscribe for new shares. The telephone number in Shanghai is 02 1- 16883006, and that in Shenzhen is 0755-82288800.
On the same day, the lead underwriter organized the lottery to determine and announce the winning results. At the end of the trading day, the stock exchange will return the winning results to the securities business department.
Important note: the number of new shares shall be allocated per 1000 shares, and shall be allocated continuously in chronological order without interruption. At the time of delivery, each stock account only prints the initial number of subscription number, and at the same time prints the number of valid subscription shares. For example, if the delivery number is 10005605 and the number of valid subscription shares is 5000, then all subscription numbers of this account are 10005605, 10005606 and 65438+.
T+4 days (unfreeze funds):
On this day, the securities business department will unfreeze the termination funds of unsuccessful subscription. On that day, investors can check the winning situation in two ways: First, investors can check the winning number published by the lead underwriter in the newspaper designated by the CSRC according to the matching number obtained on T+3. If the last few digits of their matching number are the same as the winning number, it is a prize. If they are different, it means that they have not won the prize. Each winning number can subscribe for 1000 new shares. The second is to directly check whether the funds in your account have been reduced or whether the stock balance has been subscribed by new shares after thawing, so as to determine whether you have won the lottery.
Note: (1) The funds released on the day of subscription of new shares T+4 are shown as "sold" on the delivery form, and the number of transactions is equal to the number of shares originally subscribed by investors. (2) The lottery number on the day of T+4 for the subscription of new shares is shown as "buy" on the delivery form, and the number of shares sold is the number of shares won by investors. (3) Changes in designated transactions during the subscription period 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.
new rules
Since September 18, 2006, Shanghai and Shenzhen Stock Exchanges have supplemented the subscription of online issuance funds to improve the issuance efficiency, that is, according to the application of issuers and lead underwriters, the subscription time of online issuance funds can be shortened by one trading day. The new subscription process is mainly suitable for issuing A+H new shares, but individual companies that only issue A shares can also adopt it with consent. The new subscription process is as follows:
(1) Investor subscription (T day). Subscribe on the day of subscription (T day) according to the issuance announcement and subscription method.
(2) fund freezing, capital verification and transfer (T+ 1). On the first day after the subscription date (T+ 1), the clearing company will freeze the subscription funds. Before 4pm, all subscribed funds must be in place, and the clearing company will cooperate with the qualified accounting firm designated by the Exchange to verify the subscribed funds, and the accounting firm will issue a capital verification report, and the funds actually put in place by the Exchange will be numbered as valid subscriptions (that is, after 4pm, the capital will be verified, the valid subscriptions will be confirmed and numbered according to relevant regulations).
(3) lottery and lottery processing (T+2 days). On the second day after the subscription date (T+2), the determined issue price and winning rate will be announced, and the lottery and winning will be handled according to relevant regulations.
(4) Funds are unfrozen (T+3 days). Announce the winning results on the third day (T+3) after the subscription date, and unfreeze the funds and pay the subscription funds for new shares according to relevant regulations.
The new rules stipulate: "During the online subscription period, investors should fill in the entrustment form for the upper limit of the price range by entrusting to buy stocks". So different from the past, the price entrusted by investors should be the upper limit of the price range. If the determined issue price is lower than the upper limit of the price range, the difference will be returned to investors.
This is my space/Mrs. Lin's article on IPO subscription, which may be useful to you.
Interviewee: Mrs. Lin-Hua Tandi 10 Guan 8-2 08:28
New share subscription procedures:
Each subscription unit of the Shanghai Stock Exchange is 65,438+0,000 shares, and the number of subscriptions is not less than 65,438+0,000 shares. The number of shares exceeding 65,438+0,000 shares must be an integer multiple of 65,438+0,000 shares.
The subscription unit in Shenzhen Stock Exchange is 500 shares, and the subscription number of each securities account is not less than 500 shares. The number of shares exceeding 500 must be an integer multiple of 500 shares.
Each valid subscription unit corresponds to a distribution number. The subscription time is from 9: 30am to11:30am and from1:00pm to 3: 00pm on the issue date.
How do funds shake new shares?
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. Subscription: XX shares will be issued on June 1 day in Shanghai Stock Exchange 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.
2. Matching number: two days after the subscription date (T+2), SSE will allocate 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, all matching 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.
3. Winning the lottery: the winning rate will be announced three days (T+3 days) after the subscription date. The lead underwriter will preside over the lottery according to the general allocation number to confirm the lottery winning result, and announce the lottery winning result in the designated media one trading day (T+4 days) after the lottery ending. Each winning number can subscribe for 1000 new shares.
4. Unfreeze funds: unfreeze the unsuccessful subscription funds four days (T+4 days) after the subscription date. 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.