1. Fund subscription and online pricing issuance
2. Distribution and issuance of market value
3. Cumulative bidding and inquiry issuance
(1) Online Pricing Issuance Method for Fund Subscription
It refers to a way of issuance in which sponsors use the trading system of the stock exchange to issue underwriting stocks, and investors entrust to purchase stocks at a certain issue price through various securities business outlets connected with the stock exchange within a specified time, and investors should pay the subscription money in full when entrusting to purchase stocks. According to the Measures for the Implementation of Online Pricing of Public Offerings issued and implemented by Shenzhen Stock Exchange in May 2006, the subscription unit of online pricing funds is 500 shares, and the subscription limit is the number of online pricing issues, and it shall not exceed the technical limit of the exchange. If the effective subscription amount is less than or equal to the online circulation, investors shall subscribe for shares according to their effective subscription amount; If the number of valid subscriptions is greater than the online circulation, the number of valid subscriptions will be determined by drawing lots, and investors with the number of successful subscriptions will subscribe for shares.
(2) The market value allotment method refers to the allotment of shares to investors in the secondary market, which is a method of allotment of shares to investors according to the market value of listed and circulating RMB A shares held by investors. Exchanges and securities depository and clearing companies calculate the market value of the shares held by investors on the day when the IPO prospectus is published. On the subscription day, investors can subscribe for new shares according to the market value held on the market value calculation day, and 65,438+00,000 new shares can be subscribed for every 65,438+00,000 yuan of market value, and the investors will pay the subscription funds after winning the lottery.
(3) cumulative bid inquiry issuance method
From the practical application point of view, it can be divided into three types, namely, online cumulative bidding inquiry issuance, offline cumulative bidding inquiry issuance and online and offline cumulative bidding inquiry issuance. Online cumulative bidding and inquiry issuance refers to that investors who meet the issuer's requirements submit subscription entrustment through the exchange trading system within the subscription price range (subscription beyond the range is invalid). After the subscription, the sponsor institution determines the effective subscription and issuance price according to the issuance plan and the subscription result, and then the exchange and the securities registration and clearing company determine the number of shares subscribed by the purchaser; Offline cumulative bidding and inquiry means that investors who meet the issuer's requirements directly submit subscription entrustment to the sponsor institution within the subscription price range. After the subscription is completed, the sponsor institution shall determine the effective subscription and issue price according to the subscription result, and place shares to the investors who have subscribed effectively. The online and offline cumulative bidding inquiry issuance method is more complicated. On the issue date, the sponsor institution gives the subscription price range and the estimated number of online and offline issues. The final issue quantity and price need to be determined according to the online and offline subscription results.
legal ground
Interim Regulations on the Administration of Stock Issuance and Trading
Article 6 The specific measures for the issuance and trading of RMB special stocks shall be formulated separately.
Domestic enterprises that directly or indirectly issue shares abroad and trade their shares abroad must obtain the approval of the CSRC, and the specific measures shall be formulated separately.
Article 7 A stock issuer must be a joint stock limited company with the qualification to issue shares.
The company limited by shares mentioned in the preceding paragraph includes the established company limited by shares and the approved company limited by shares.
Article 12 An application for public offering of shares shall be handled in accordance with the following procedures:
(1) The applicant employs accounting firms, asset appraisal institutions, law firms and other professional institutions to inspect and evaluate their credit standing, assets and financial status, and after giving legal opinions on relevant matters, according to their affiliation, they respectively apply to the people's governments of provinces, autonomous regions, municipalities directly under the Central Government and cities with separate plans (hereinafter referred to as "local governments") or the competent departments of central enterprises for public offering of shares;
(2) Within the scale of issuance issued by the state, the local government shall examine and approve the issuance application of local enterprises, and the competent department of central enterprises shall examine and approve the issuance application of central enterprises after consulting with the local government where the applicant is located; The local government and the competent department of central enterprises shall make a decision on examination and approval within 30 working days from the date of receiving the application for issuance, and send a copy to the CSRC;
(3) The approved issuance application shall be submitted to the China Securities Regulatory Commission for examination and approval; The China Securities Regulatory Commission shall issue a review opinion within 20 working days from the date of receiving the application for review, and send a copy of the review opinion to the CSRC; With the approval of the China Securities Regulatory Commission, the applicant applies to the listing committee of the stock exchange, and can issue shares only after the listing committee agrees to accept the listing.