2. The Shanghai Stock Exchange allocates 1 lot for every 654.38+0000 yuan market value, 1 lot corresponds to 654.38+0000 shares, and the Science and Technology Innovation Board stocks allocate 2 lots for every 654.38+0000 yuan market value, and 1 lot corresponds to 500 shares. Repeated subscription of the same account is invalid, and the first subscription form shall prevail.
Once the subscription of new shares is confirmed by the trading system, it is irrevocable. If the personal funds in the account are insufficient the day after the subscription of new shares is won/before KLOC-0/6, it will be deemed as giving up the subscription. If a single fund reaches the value of subscribed shares, the fund will automatically complete the pending order and entrust the subscription of new shares.
3. Any securities account and multiple accounts under the investor's name have been subscribed for new shares by lottery for three consecutive times within 12 months, but they have not paid in full, which is deemed as giving up the subscription of new shares. The account under the investor's name cannot participate in the online subscription of new shares within 6 months.
First, play new shares.
After the company's listing application is approved, the initial public offering will raise funds from the market and sell some shares. Individuals or investment institutions will subscribe for these new shares online or offline, which is called IPO or IPO subscription. To subscribe for new shares, a securities account of Shanghai Stock Exchange or Shenzhen Stock Exchange must be established before the issuance date. From 20 15, offline institutions and individuals can purchase on the stock exchange, and online purchases can be made by themselves.
Second, the process is detailed.
The online pricing issuance processes announced by the two exchanges are basically the same. On the day of subscription, investors subscribe for new shares according to the market value held in their accounts. After 20 16, there is no need to pay in advance, but to place shares according to the market value of the investor's stock account. The subscription procedure is as follows:
1, online issuance announcement
On T- 1 day, the issuer and the lead underwriter published an online issuance announcement.
Step 2 Implement subscriptions
On 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. Lucky draw
On T+ 1 day, the lead underwriter announced the winning rate, organized the lottery to form the winning result, and the Shanghai Stock Exchange sent the winning result to the securities company after the closing of the day.
Note: T+ 1 day, the original subscription capital verification was cancelled.
4. announce the winning result.
On T+2, the lead underwriter announces the issue price and the winning result, and investors can also inquire about the winning result from their designated securities companies.
Investors who win the lottery shall fulfill the obligation of fund delivery according to the result of the lottery, and ensure that their fund accounts have enough funds for the subscription of new shares at the end of T+2.
5. Settlement of subscription funds
Before T+3 15: 00, settlement participants shall report to China Clearing that their investors have given up their subscription data; 16: 00, China Clearing settled the subscription funds and transferred them to the fund settlement account of the lead underwriter.
6. Publish the results of online distribution
On T+4, the lead underwriter will allocate the subscription funds after deducting the underwriting fees to the issuer and announce the online issuance results.