The process of issuing new shares:
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.