(1)T- 1 day, the issuer and the lead underwriter publish the issuance announcement.
(2) On the 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.
(3)T+ 1 day, the lead underwriter announces the winning rate and organizes the lottery to form the winning result; Shanghai Stock Exchange or China Clearing Shenzhen Branch will send the winning result to the securities company after the close of the day.
(4) On T+2, the lead underwriter announces the winning results, and investors can also inquire about the winning results from the securities companies 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. Settlement participants may agree with investors on a specific time limit according to actual conditions.
(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) 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.
If you are inquiring about the listing time of new shares after successful online subscription, under normal circumstances, the listing of new shares will be arranged within seven working days after issuance (in case of major issues, it will be postponed as appropriate). The specific time to market shall be subject to the corresponding announcement.
The specific process of listing on the Shanghai Stock Exchange is as follows:
T+2 day (T day is the subscription date of new shares):
Issuers and sponsors shall submit the application documents for issuance and listing to the issuance and listing center of Shanghai Stock Exchange.
2. On or before L-2 (L is the date of initial public offering):
Issuers and sponsors shall submit the official draft of listing application documents to the listing center of Shanghai Stock Exchange.
The issuer receives the Notice of Payment for Listing Fees from the issuance and listing center of Shanghai Stock Exchange, and the financial department of Shanghai Stock Exchange issues an invoice after receiving the relevant fees paid by the issuer. The issuer submits a copy of the payment invoice to the issuance and listing center, which will handle the listing business.
The issuer shall pay the annual listing fee and the initial listing fee before the initial public offering date.
3. Before l-1day:
(1) The listing announcement is published in newspapers and the website of Shanghai Stock Exchange, and the articles of association are published on the website of Shanghai Stock Exchange;
(2) Preparation for the listing ceremony;
(3) Preparations for live broadcast/recording on the day of the listing ceremony (if any).
4. The first day:
(1) Sign the stock listing agreement (in duplicate, with the contents to be filled in by the sponsor);
(2) The company's shares are officially listed.
Shenzhen Stock Exchange's Guidelines for Stock Listing stipulates that:
Sponsor institutions and sponsor representatives shall pay attention to matters that may have a significant impact on investors' investment decisions during the period from the issuer's approval of securities issuance to listing, and report to Shenzhen Stock Exchange in time.
On or before T- 1 (T is the subscription date of new shares):
After issuing the letter of intent, the sponsor institution shall submit the first batch of listing application documents (written documents) to the listing promotion department of Shenzhen Stock Exchange according to the requirements of the listing application documents list, and at the same time submit electronic documents through the sponsorship business area. ?
2. On or before L-2 (L is the date of initial public offering):
(1) Before 8: 30, the sponsor institution shall fill in and submit the listing data in the column of "Listing Business-Listing Data Filling" in the sponsor business area.
(2) The sponsor institution shall submit the second batch of listing application documents (written documents) to the listing promotion department of Shenzhen Stock Exchange according to the requirements of the listing documents list, and at the same time submit electronic documents through the sponsor business area.
3.L-2 days:
(1) The sponsor institution obtains the listing notice from the listing promotion department of Shenzhen Stock Exchange;
(2) The recommendation institution shall contact the designated media to disclose the listing announcement; ?
(3) The issuer shall receive the Notice of Payment of Initial Listing Fee from the Listing Promotion Department of Shenzhen Stock Exchange and pay the initial listing fee.
4.L- 1 day:
(1) Disclosure of listing announcement, listing sponsors and legal opinions (GEM issuers also need to disclose the suggestive announcement of listing announcement);
(2) Sponsors and companies should be prepared for listing.
5. The first day:
Attend the listing ceremony on time. ?
References:
Detailed rules for online issuance of initial public offering in Shanghai market, detailed rules for online issuance of initial public offering in Shenzhen market, guidelines for initial public offering and listing in Shanghai Stock Exchange, and guidelines for initial public offering and listing in Shenzhen Stock Exchange.