On the day of subscription (T+0), the investor will pay the subscription fee in full through the securities business department connected with the SSE within the subscription time according to the issue price and subscription quantity specified in the issuer's issuance announcement, and make the subscription entrustment.
Investors who have opened capital accounts but have insufficient funds must deposit enough subscription funds according to their subscription amount before the subscription date (including that date); Investors who have not yet opened a capital account must open a capital account in the securities business department connected with the SSE before the subscription date (including that date) and deposit the full subscription funds according to the subscription amount.
2 funds freeze
On the first day after the subscription date (T+ 1), China Securities Depository and Clearing Shanghai Branch will freeze the subscription funds. If the subscription funds cannot be credited in time due to bank remittance, the transfer voucher of the transferring bank shall be provided on T+ 1 day, and the subscription funds shall be credited in the morning of T+2, and the interest of the subscription funds for one day shall be frozen.
3 capital verification and numbering
On the second day after the subscription date (T+2), China Securities Depository and Clearing Shanghai Branch will cooperate with the qualified accounting firm designated by SSE to verify the subscription funds, and the accounting firm will issue a capital verification report, and the actual funds will be used as a valid subscription. The issuer shall pay the capital verification fee to the accounting firm responsible for capital verification of subscription funds.
After the effective subscription is confirmed, the Shanghai Stock Exchange will place new shares in the following ways according to the final effective subscription quantity:
(1) When the total effective subscription amount is equal to the online circulating shares, investors subscribe for the shares according to the effective subscription amount.
(2) When the total amount of effective subscription is less than the online issuance of shares, after investors subscribe for shares according to their effective subscription amount, the balance shall be handled according to the underwriting agreement.
(3) When the total amount of effective subscription is greater than the stock issuance, the Shanghai Stock Exchange will automatically assign a number to the effective subscription according to the rule of assigning a number to every 1000 shares, and announce the winning rate through the satellite network.
4 lottery tickets
The lead underwriter will announce the winning rate on the third day (T+3) after the subscription date, and organize the lottery according to the total allocated quantity and winning rate, and announce the winning results the next day. Each winning number can subscribe for 1000 new shares. The securities business department shall announce the lottery winning results in a prominent position the next day.
5 lottery processing
China Securities Depository and Clearing Shanghai Branch made a lottery settlement for the subscription of new shares on T+3, and sent the lottery data to the participating securities companies after the market closed on the same day.
6 funds unfreeze
On the fourth day (T+4) after the subscription date, the unsuccessful part of the subscription money will be unfrozen. The subscription fee for new shares shall be paid by China Securities Depository and Clearing Shanghai Branch to the lead underwriter.
China Securities Depository and Clearing Shanghai Branch will transfer the interest of all investors' subscription funds frozen during the subscription period to the special account of China Securities Depository and Clearing Shanghai Branch, and China Securities Depository and Clearing Shanghai Branch will handle the transfer according to relevant regulations.
7 End of distribution
On the fourth day after the subscription date (after T+4), the lead underwriter will transfer the subscription funds transferred by China Clearing Shanghai Branch to the bank account designated by the issuer after deducting the underwriting fees according to the underwriting agreement.
The subscription procedures of online subscription funds for new shares in Shenzhen Stock Exchange and Shanghai Stock Exchange are similar.