Generally, at T+ 1, that is, the day after the subscription, the lead underwriter announces the winning rate, organizes the lottery to form the winning result, and the Shanghai Stock Exchange sends the winning result to the securities company after the closing of the day.
T+2 announced the number of new shares won. The lead underwriter announces the issue price and the winning result, and investors can also inquire about the winning result from the securities company designated by them. 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. Therefore, the lottery of new shares was announced two days after the subscription date. According to the announcement of the lottery, investors can enter the stock trading software to inquire whether they have won the lottery.
How is the winning rate of new shares produced?
According to the requirement of the Company Law that "the number of shareholders holding not less than 65,438+0,000 shares is at least 65,438+0,000" (referred to as "1,000 shares" for short), the minimum number of shares subscribed for each unit of IPO in China is currently set at 65,438+0,000 shares, or 65,438+0. After the subscription of new shares is completed, the lead underwriter will confirm the effective subscription quantity, and then calculate the winning rate of new shares according to the number of issued shares and the effective subscription quantity. Specifically, there are two situations:
(1) When the number of effective subscriptions of investors is less than or equal to the number of shares issued, investors can usually make subscriptions according to the number of effective subscriptions in various places, and the balance will be underwritten by underwriters;
(2) When the number of effective subscriptions of investors is greater than the number of issuance, the host or lead underwriter of the exchange will determine a declaration number for every 65,438+0,000 effective subscriptions, arrange them in turn, and then draw lots to determine the winning number. Each winning subscription number can subscribe for 65,438+0,000 shares.
The formula for calculating the winning rate is: (number of shares issued × issue price)/total subscription funds.
First of all, do a general positioning study on the new shares to be issued. Before IPO, studying the prospectus should be a "homework" that must be done before subscription. For example, you must know the industry, profit source, future growth, investment of raised funds, management and financial status, product competitiveness, technological advantages, corporate governance and its unfavorable factors in detail. By comparing with listed companies in the same industry, especially those with similar share capital structure, combined with the current market situation, the approximate secondary market positioning is estimated. After such analysis, we not only dare to buy heavy positions, but also sell new shares at good prices. If this work can be done well, it will be very helpful for investors to obtain the average rate of return that may far exceed the subscription funds. Of course, this is the hardest thing to do (in fact, it is to be able to determine the reasonable value of the company). We will focus on this topic when we have the opportunity in the future.
Second, when two or more new shares are issued online at the same time, unpopular stocks are given priority, which is certainly not fundamentally poor. This move is likely to produce unexpected results. Because of the unpopularity, it is often ignored by institutional investors and ordinary investors, so the winning rate is often high, and the increase after listing may be no less than the hot stocks issued online on the same day. For example, there are two new shares issued online at the same time, and many people may subscribe first because of the high success rate of the stocks with large circulation, but we suggest that you can think backwards and pay attention to small-cap stocks.
Third, choose varieties that are purchased relatively late. Because people usually put money into subscription a few days before a week, and the subscription funds will not come back until Friday, so the subscription funds in the next few days may be reduced, and the corresponding subscription success rate may be improved.
Fourth, the whole warehouse attacked a new stock. For example, three new shares will be issued at the same time this Wednesday, so we will choose Man Cang to purchase and improve the winning rate.
Fifth, choose a reasonable order time. According to historical experience, placing an order at the opening or closing time has a low probability of winning the bid, so it is best to choose the middle time period for purchase, such as10: 00 ~1:00 ~13: 30 ~14: 30.
Sixth, of course, in order to improve the chances of winning the new share subscription, investors can also pool funds to form a "new share subscription alliance" to jointly subscribe for new shares. In the past, many brokers have started this business. It is estimated that as long as the management acquiesces in the future, it will definitely start again.
Seventh, persistence is very important. Don't give up just because you didn't win several times in a row. In the past, other people's high rate of return, except the big environment, relied on unremitting efforts to "incite new professional households." If you apply it once, the effect will be greatly reduced if you don't apply it once.