Q: What are the main differences between market value subscription and previous market value placement and fund subscription?
A: Subscription by market value means that investors must hold the market value of A shares with unlimited sale conditions in Shenzhen market of more than 65,438+00,000 yuan and pay the full amount before they can participate in online subscription of new shares. At the same time, the number of investors' subscriptions cannot exceed the subscription limit set by the lead underwriter and the subscription amount corresponding to the holding market value.
Q: What are the conditions for investors to subscribe for new shares online?
A: According to the Implementation Measures for Online Issuance and Subscription, investors with a market value of over 654.38 million yuan (including 654.38 million yuan) can participate in the subscription of new shares. One subscription unit can be subscribed for every 5,000 yuan market value, and the part less than 5,000 yuan is not included in the subscription amount.
Q: What is the market value held by investors? What kind of securities does the market value placement include? Does it include transactional open index funds?
A: The market value held by investors refers to the average daily market value held by T-2 (T-2 is the subscription date, the same below) in the first 20 trading days (including T-2), including the market value of unrestricted A shares in this market, excluding preferred shares, B shares, funds, bonds or other securities. Trading open index funds are not included in the scope of subscription market value.
Q: What are the restrictions on the number of online subscriptions?
A: The online subscription quantity of investors shall not exceed the average daily market value of the 20 trading days before T-2 (including T-2), nor exceed the subscription limit set by the lead underwriter, and must be paid in full.
Q: If investors have multiple securities accounts, how should they subscribe for new shares? How to calculate the stock market value? & gt A: For each IPO, investors with multiple securities accounts can only use one account with market value to subscribe once. If you buy it multiple times, only the first purchase is valid. For investors with multiple accounts, the market value held by them will be calculated together.
Q: Can the stock market value of the day be reused? Can the subscription funds be reused?
A: The market value of the day can be reused. For example, if multiple new shares are issued on the same day, investors can repeatedly participate in the subscription of multiple new shares with determined market value. However, the subscription funds cannot be reused. After investors effectively subscribe for a stock, the corresponding funds will be frozen, and this part of the funds can no longer be used to subscribe for other new shares. If you want to subscribe for other new shares, you need to use funds that match the number of other new shares.
Q: Can investors participate in online fund subscription for initial public offering in Shenzhen only by holding unlimited A shares in Shanghai stock market with a market value of more than 6.5438+0 million yuan?
A: The market value of Shanghai and Shenzhen stock markets cannot be calculated together. The market value of Shenzhen stock market can only be used to purchase new shares in Shenzhen stock market.
An example of the process of subscription by market value is as follows:
At the same time, Company A and Company B are scheduled to make online subscription in Shenzhen Stock Exchange on T, with online circulation of 50 million shares and 20 million shares respectively. The subscription limit stipulated by the lead underwriter is 50,000 shares and 20,000 shares respectively, and the issue price is 65,438+00 yuan.
On T-2, according to the new method, only investors who own at least 654.38+0 million yuan of shares can obtain the corresponding amount of new share subscription rights. After the market closes two trading days before the subscription date, the average daily market value of the unrestricted A shares held by investor Zhang in Shenzhen Stock Exchange in the first 20 trading days (including the current day) is 209,000 yuan, and he can be allocated 465,438+0 subscription units and purchase 465,438+0× 500 = 20,500 new shares. The subscription amount is lower than the subscription limit of 50,000 shares of Company A and more than the subscription limit of 20,000 shares of Company B. Therefore, Zhang Can only subscribes 20,500 shares of Company A and 20,000 shares of Company B at most, and the excess is invalid subscription.
T day, online subscription. Zhang deposited 405,000 yuan into the capital account in full, and subscribed 20,500 shares of Company A and 20,000 new shares of Company B to Shenzhen Stock Exchange during the trading hours.
T+2 days, announce the winning rate and winning number.
On T+3, all unsuccessful funds will be unfrozen.
Note: The above T+N days are trading days, which will be postponed on Saturday and Sunday.
Play new skills
Three skills to help you discover new stocks
For investors, the subscription of new shares is not necessarily available after subscription, so how to improve the success rate of new shares is very important. Even if you win the lottery, when to sell the tickets is very important. Therefore, mastering some new skills is very helpful to improve the income of new stock investment.
As soon as the equipment is ready, focus on the attack.
Many investors blindly play new shares. Playing new shares is just like buying lottery tickets, but opportunities are always reserved for those who are prepared. Analysts pointed out that investors can learn more about recent IPOs from the column [IPO Online of Zhongcai.com]. Such as date of issue, subscription code, number of online and offline issues, issue price, subscription ceiling, P/E ratio and the industry to which the stock belongs. Only after fully understanding and comparing the new shares issued in the same period can we formulate new strategies.
Tip 2: Don't rush into the fun, the winning rate is higher.
When issuing more than two new shares online at the same time, unpopular stocks should be given priority, and the chances of winning the lottery in places with fewer people may be higher. In addition, investors can concentrate on attacking a new stock. If three new shares are issued at the same time, Man Cang should be selected for subscription to improve the winning rate. Choose a reasonable order time. It's best to buy in the middle time, for example, choose to place an order between10: 00-1:00-1:30 pm. In the meantime, there is still time to queue up.
Tip 3 Seize the opportunity to sell for a good price.
The sharp rise and fall on the first day of listing is the main reason why new shares are criticized by the market. In the new regulations, both Shanghai and Shenzhen Stock Exchanges require the effective bidding range of call auction on the first day of listing to be 20% above and below the issue price, otherwise it will be regarded as invalid declaration. According to the regulations of Shanghai Stock Exchange, the effective declared price in the continuous bidding stage shall not be higher than 144% of the issue price and shall not be lower than 64% of the issue price.
In order to stabilize the price of new shares on the first day, the Shanghai Stock Exchange also stipulates that the intraday transaction price will rise or fall by more than 10% (inclusive) compared with the opening price for the first time, and the trading will be suspended for 30 minutes, rising or falling by more than 20% (inclusive), until the day 14:55. Therefore, for some stocks with good quality, the possibility of institutions grabbing enough chips on the same day is reduced, and the trend of several trading days after listing may become an opportunity to observe whether there is large-scale intervention by institutions. Therefore, for small and medium-sized investors who have won the lottery, they should change the habit of throwing it out on the first day of listing after winning the lottery. For new shares with good quality and good trend, you can observe them for a few more days and look for opportunities.