(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. Where the issuer and the lead underwriter arrange the number of callbacks between online issuance and offline issuance according to Article 10 of the Measures for the Administration of Securities Issuance and Underwriting, they shall notify the Exchange of the number of callbacks between online issuance and offline issuance on T day.
(3)T+ 1 day, the lead underwriter announces the winning rate, organizes the lottery to form the winning result, and the Shanghai Stock Exchange will send the winning result to the securities company after the closing of the day.
Subscription conditions for new shares:
Starting from 20 16, A-share IPOs will be subscribed according to the new regulations, mainly including canceling the current prepayment system for IPO subscription and adopting the market value subscription method for IPO subscription. Investors can subscribe as long as they have market value, and then pay after winning the lottery. It emphasizes that IPO subscription is self-determined, at their own risk and self-financing, and brokers are not allowed to accept investors' full authorization to subscribe for IPO. 20 16 subscription conditions for new shares:
1, the prepayment for subscription of new shares is changed to be paid after the lottery. In this regard, the industry generally believes that placing shares according to the market value of the shares held without prepayment is equivalent to the opportunity for shareholders holding circulating market value to subscribe for new shares, but the winning rate will be lower.
2. The adjusted penalty rule of not paying the money for winning the lottery for three times has added the disciplinary measure of "investors won the lottery for three times in a row 12 months and cannot participate in innovation within six months".
3. Low risk and high return are gone forever. The New Deal stipulates that small-cap stocks with less than 20 million shares will be publicly issued, and the inquiry link will be cancelled. Issuers and intermediaries will set prices, and new shares will be fully market-oriented. This means that even if the new shares are won, it is entirely possible to break them, and the era of risk-free new shares 12% will never return.
References:
New shares _ Baidu Encyclopedia