How does the new share subscription process work?

The process of subscription of new shares ☆ Investor subscription (T day): The investor pays the subscription money in full within the subscription time and makes the subscription entrustment. ☆ Fund freezing, capital verification and transfer (T+ 1): China Clearing Company will freeze the subscription funds. According to the final effective subscription amount, the exchange assigns a number to every 65,438+0,000 shares (500 shares in Shenzhen), and the trading host automatically assigns a unified and continuous number to the effective subscription. ☆ Lottery (T+2 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. ☆ Unfreeze funds (T+3 days): announce the winning result and unfreeze the subscription money of the unsuccessful part. ☆ Return of funds (T+4 days): The unsuccessful subscription of investors will be returned to their capital account on T+4 days. Edit the process of issuing new shares with funds in this paragraph. 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. The subscription of new shares for XX shares will be issued in Shanghai Stock Exchange on June 1 day 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. (You can also place an order at noon that day11:30-1:00, or you can get a matching number. ) 2. New share allocation number (T+ 1) On the first day after the subscription date, the SSE will allocate new shares according to the total effective subscription amount: (1) If the subscription amount is valid, (2) If the subscription amount is greater than the online circulation, the effective subscription winning number will be determined by lottery, and each winning number will subscribe for a new share of the subscription unit. Subscriptions often exceed circulation. 3. The winning rate will be announced on the second day (T+2) after the subscription of new shares by lottery. According to the general allocation number, the lead underwriter will preside over the lottery to confirm the lottery results, and the lottery results will be announced in the designated media on the first trading day (T+3 days) after the lottery. Each winning number can subscribe for 1000 new shares. 4. On the third day (T+3) after the subscription date of new shares is unfrozen, the winning number will be announced, and the subscription money of the unsuccessful part will be unfrozen. 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.