2. On the T-day of subscription, investors can inquire about their market value or subscription quota through the securities company designated for trading, and investors can subscribe for new shares according to the subscription 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. Note: T+ 1 day, the original subscription capital verification was cancelled.
4. T+2 days after the announcement of the winning results, the lead underwriter will announce the issue price and the winning results, and investors can also inquire about the winning results 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. Before T+3 15: 00, settlement participants shall report the data of their investors' abandonment of subscription to China Clearing; 16: 00, China Clearing settled the subscription funds and transferred them to the fund settlement account of the lead underwriter.
6. T+4 days after the announcement of the online issuance results, the lead underwriter will allocate the subscription funds after deducting the underwriting fees to the issuer and announce the online issuance results.
The subscription of 1.XX shares will be issued on the Shanghai Stock Exchange on June 1 at the issue price of 5 yuan/share. On June 1 day (T-day), Zhang San can use this 500,000 yuan to buy up to 654.38+10,000 shares of XX through the trust system at 9: 30am ~1:30am or afternoon1~ 3pm. The funds participating in the subscription will be frozen. 2. On the second day after the subscription date (T 2), the SSE will place new shares according to the total useful subscription amount: (1) If the useful subscription amount is less than or equal to the online circulation amount, there is no need to draw lots, and all matching numbers are lottery numbers, and investors will subscribe for shares according to the useful subscription amount; (2) If the subscription quantity is greater than the online circulation, the useful subscription winning numbers will be confirmed by lottery, and each winning number will subscribe for a new subscription unit share. Subscriptions often exceed circulation. 3. The winning rate will be released on the third day (T 3) after the lottery purchase date, and the lead underwriter will be responsible for confirming the winning result according to the total allocation number, and the winning result will be released in the designated media on the first trading day (T 4) after the lottery. Each winning number can subscribe for 1000 new shares. 4. On the fourth day after the fund freezes the subscription date (T 4), the unsuccessful subscription will be frozen. If Zhang San wins 1 1,000 shares, then 495,000 yuan will be returned to the account. If he doesn't win the lottery, all 500 thousand will be returned. Investors should also note that the issuer can adjust the number of online issuance and offline issuance according to the subscription situation, and finally confirm the number of shares allocated to institutional investors and public investors.
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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.
Detailed procedures The online pricing issuance procedures published 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.