The winning rate of convertible bonds = the number of convertible bonds issued/the number of effective subscriptions * 100%. There is no necessary relationship between the time of placing an order on the day of convertible bond application and the winning bid. According to the matching result, the lottery won the prize. Whether investors can win the lottery depends on their personal luck. The lower the winning rate, the lower the probability of winning the convertible bonds. Due to the public issuance of convertible bonds and exchangeable bonds, general public investors can participate in online subscription without market value and capital. Therefore, the winning rate of convertible bonds is higher than that of new shares.