1. There is no need to prepare market value.
Beijing Stock Exchange does not need to prepare the market value in advance. Even if you don't buy any stocks, you can still participate in the subscription of new shares, which is different from the market value allotment method adopted by the main board, Growth Enterprise Market and science and technology innovation board.
2. Funds need to be frozen
Specifically, you must prepare as much cash as you subscribe for new shares. Funds were frozen during the subscription period. After the subscription, after deducting the funds required for the subscription of new shares, the rest will be returned to investors.
3. Proportional placement, time first
This is a major feature of the subscription of new shares in the North Stock Exchange, which is a bit like the lottery rules for the subscription of new shares in Hong Kong stocks, but it is not exactly the same. For example, placement and time priority make it possible for everyone to get new shares, at least 100 shares. Of course, if the subscription is too enthusiastic, one share may not win.
[Extended information]
The new stock lottery rules of the North Stock Exchange are the transfer lottery rules of the selected layer of the New Third Board. Compared with the rules of Shanghai Stock Exchange and Shanghai Stock Exchange, which are completely fate-oriented, there are advantages and disadvantages.
The upper hand: In case of disagreement with the main board and GEM, the market value allotment will be adopted, and the selected layer of the New Third Board (new shares of the North Stock Exchange) will not hold positions. Even if you don't buy one share, it doesn't affect the subscription of new shares. Losing the lottery has nothing to do with fate. Investors with less capital gain more advantages in the stock market.
Mistakes and fallacies: funds must be frozen. The more subscriptions, the more funds will be frozen. For example, if the IPO price is 20 yuan per share and you subscribe for 100 shares, then if you only subscribe for one hand, you will freeze 2000 yuan. If you buy 100 lots (10000 shares), 200,000 yuan will be frozen.
The rules for signing a contract are complicated, and the main principles are proportional delivery and time priority. For example, a new share is issued100000 shares, and the total subscription is100000 shares. Shareholder Xiao Wang subscribed for 25,000 shares, or 250 lots. From the first round of proportional placement, the winning rate is calculated as100,000 shares/1000,000 shares = 1%. Xiao Wang subscribed for 25,000 shares, and theoretically he should get 25,000 *1%= 250 shares according to the subscription ratio. Each sign corresponds to 100 shares, so only 200 new shares can be given to Xiao Wang first, and the remaining 50 shares will not be issued for the time being. If all the winning bidders with less than 100 shares are deducted, they will be put together for the second rights issue.
The second placement will be allocated completely according to the subscription time. If Xiao Wang subscribes in advance, he can get 100 new shares. So, this time, we will subscribe for 300 shares. If the subscription time is late and the number of shares raised in the second round has been divided between investors and the previous subscription time, then this time, Xiao Wang actually won 200 shares in the lottery.