The subscription of new shares is generally divided into online subscription and offline subscription. Online subscription is generally only for investors with small funds, and sometimes there are institutions involved. Offline subscription generally only allows institutional subscription, because offline subscription requires investors to have enough funds, and ordinary investors cannot participate in their own names. After the online subscription is successful, the stock can be sold on the first day of listing and trading. But offline subscription is generally higher than online subscription, because the winning rate is higher, and offline subscription generally limits the listing and selling of this stock to three months after listing. This is the relevant difference between online subscription and offline subscription. The IPO is divided into three parts: strategic placement, offline placement and online subscription. Since 2008, strategic placement has existed in name only. Online subscription refers to public subscription through the online trading system of the stock exchange, and any individual or institution holding a securities trading account can participate. Offline placement, also known as offline subscription, refers to the placement of shares by institutional investors outside the network of stock exchanges. Generally, this part of the allotment shares has a three-month sales restriction period. Funds, brokers, insurance companies, social security funds, finance companies, trust companies, general legal persons, enterprise annuities, QFII and other 13 institutional investors are eligible for offline placement. Individual investors can only participate in online subscription, the process is the same as buying stocks, and the procedures are basically the same as buying stocks.
The difference is:
First, the subscription units are different. The Shanghai Stock Exchange stipulates that each subscription unit is 1 1,000 shares, and the number of subscriptions shall not be less than 1 1,000 shares, and the number exceeding 1 1,000 shares must be an integer multiple of 1 1,000 shares; Shenzhen stipulates that each subscription unit is 500 shares, and the number of subscriptions is not less than 500 shares. Those exceeding 500 shares must be an integer multiple of 500 shares. And it cannot exceed the upper limit of the subscription number stipulated in the issuance announcement, otherwise it will be regarded as invalid subscription.
Second, a single securities account can only be purchased once, and once declared, it cannot be revoked; Multiple subscription orders for the same account, except for the first time, are considered invalid.