On the T day of new share subscription, investors purchase new shares through securities accounts, and on the T+3 day (usually after liquidation on the T+2 day), they can inquire whether they have won the lottery. Winning customers can trade winning shares on the day of IPO.
Shanghai stock market needs to be an integer multiple of 1 1,000 shares, and Shenzhen stock market needs to be an integer multiple of 500 shares. If the subscription limit is exceeded, it is invalid. If there are multiple delegates, only the first delegate is valid.
The subscription time in Shanghai stock market is 9: 30-11:30 on T day; 13:00- 15:00; The subscription time in Shenzhen is 9:15-11:30 on T: 13:00- 15:00。
T+ 1 day: funds are frozen, verified and numbered. China Clearing Company will freeze subscription funds. The exchange assigns a number to every 65,438+0,000 or 500 shares according to the final effective subscription amount, and the trading host automatically assigns a unified and continuous number to the effective subscription.
T+2 days: lucky draw. Announce the winning rate, and organize the lottery according to the total number of people and the winning rate, and announce the winning results the next day.
T+3 days: You can check whether the lottery won or not, and if not, the money will be returned to the account. Winning customers can trade winning shares on the day of IPO.
Playing new shares means using funds to participate in the subscription of new shares. If you win the lottery, you will buy the upcoming shares. To subscribe for new shares, a securities account of Shanghai Stock Exchange or Shenzhen Stock Exchange must be established before the issuance date.
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.
Step 2 match the number
On the second day after the subscription date (T+ 1), the Shanghai Stock Exchange will issue new shares according to the total 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+2) after the subscription 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+3) after the lottery. Each winning number can subscribe for 1000 new shares.
4. Unfreeze funds
On the fourth day (T+3) 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.
Matters needing attention
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: 30 am-11:30 pm and 6:00-3:00 pm 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.