According to the online IPO of Shanghai and Shenzhen Stock Exchanges, the business process of the detailed draft for comments is as follows:
1. China Clearing will send the number matching result data to all settlement participants participating in the subscription after T+0, and all settlement participants will release the number matching result to investors at T+ 1.
2.T+ 1 day, the lead underwriter announces the winning rate in the designated media. If the effective subscription amount is greater than the online circulation, under the supervision of the notary department, the lead underwriter will preside over the lottery to confirm the winning result, and announce the winning result in the designated media on T+2.
3. On T+1day, China Clearing will send the winning data to all clearing participants who participate in the subscription after the market closes on that day. Settlement participants shall require investors to prepare subscription funds accordingly.
4. On T+2, China Clearing will conduct the lottery clearing for the subscription of new shares according to the lottery results, and send the lottery clearing results to all settlement participants who participate in the subscription at the end of the day. The clearing participants shall prepare the subscription funds accordingly.
5. On T+2 16: 00, the winning investor shall ensure that there are enough funds in his fund account for subscription of new shares, and the insufficient part shall be deemed as abandonment of subscription. Settlement participants shall declare to China the part that they gave up subscription through D-COM system at 8:30- 15:00 on T+3. The number of abandoned subscriptions cannot be an integer multiple of 500 shares. The lead underwriter is responsible for underwriting the abandoned shares.