Detailed explanation of IPO subscription rules of GEM

Growth enterprise market is a kind of securities trading market, also known as the second board market, which mainly provides financing channels for entrepreneurial enterprises that cannot be listed on the main board. After the issuance of new shares on GEM, investors can purchase them through stock software, but before purchasing, they should understand the rules for purchasing new shares on GEM.

Rules for subscription of new shares on GEM

1. Online subscription conditions

(1) Permission requirements: It meets the requirements for the appropriateness of investors in the Growth Enterprise Market, and has opened the permission to trade shares in the Growth Enterprise Market.

(2) The total market value of holding unrestricted A shares and unrestricted depositary receipts in Shenzhen market exceeds 6,543,800 yuan (including 1 10,000 yuan).

There are two conditions for the opening of GEM authority. First, in the 20 trading days before the opening, the average daily account funds and securities funds should be at least 65,438+10,000; Second, you must have 24 months of experience in securities trading. "

2. Calculation of market value

Calculate the average daily market value of investors in the trading days before T-2 (T-2 is the online subscription day) 10. If an investor holds multiple securities accounts, the market value shall be calculated together, and the unqualified, dormant and cancelled securities accounts shall not be calculated.

3. Purchase quota

(1) You can subscribe for 1 subscription unit for every 5,000 yuan market value, and each subscription unit for new shares is 500 shares.

(2) The part with a market value of less than 5,000 yuan is not included in the subscription amount.

(3) The subscription number is 500 shares or an integral multiple thereof.

Step 4 buy an account

Investors should use securities accounts with market value to participate in online subscription. Each new share is issued, and each securities account can only subscribe once. Once the subscription of new shares is confirmed by the Shenzhen Stock Exchange system, it shall not be revoked.

5. Purchase process

T day: submit subscription entrustment →T+ 1 day: inquire about matching results →T+2 day: inquire about lottery results (ensure that there are enough funds for subscription of new shares at the end of the account day, and the insufficient part will be considered as abandonment of subscription).

There is no price limit for the first five trading days, and the price limit for stocks after five trading days is 20%. GEM has a temporary suspension mechanism. If the difference between the intraday increase and the opening increase of new shares reaches 30% for the first time, the trading will be suspended for 10 minute; if the increase or decrease reaches 60% after the resumption of trading, the trading will be suspended for 10 minute. But no matter how long it is suspended, 14:57 resumes.