(l) When the number of effective subscriptions of investors is less than or equal to the number of shares issued, investors can usually subscribe according to the number of effective subscriptions in various places, and the balance will be underwritten by underwriters;
(2) When the effective subscription number of investors is greater than the number of issued shares, the sponsor or lead underwriter of this Exchange will determine a declared number according to the effective subscription of every 65,438+0,000 shares (this is every 500 shares in Shanghai and Shenzhen), and arrange them in order, and then draw lots to determine the winning number. Each winning subscription number can subscribe for 65,438+0,000 shares (Shenzhen 500) The formula for calculating the winning percentage is:
Winning rate = number of issued shares/number of valid subscribed shares * 100%
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Because in the subscription of new shares, some people often win lots and some people never win lots, so many people doubt whether the subscription of new shares may be tampered with.
There is an investor who spent170,000 yuan in several accounts in one subscription, but failed to get a share. It seems hard to explain it by bad luck. So he questioned the book. Another investor spent 500,000 yuan a year on new shares, which also failed. So I am no longer interested in participating in this "game".
The confusion of investors does not seem to be completely unreasonable. But professionals in the industry agree that there is no possibility of cheating. A veteran said that at present, the subscription of new shares is computer-operated, and manual intervention basically does not exist. The staff said that when subscribing for new shares, after each shareholder's subscription number is reported to the exchange computer host, the computer will send a continuous serial number according to the entry time. At this time, because I don't know the winning number, there is no chance for people to contact, and the number allocation is completely random. Shareholders can inquire about their distribution through their own sales department the next day. At this time, the underwriter determines a winning proportion according to the subscription situation, and randomly selects the winning number on the third day under the supervision of the notary department.
According to a person who participated in the lottery ceremony of new shares, during the lottery, balls marked with numbers 0-9 were packed in a box, and different people randomly drew numbers from them. For example, if the winning rate of a stock is 0.568%, then five 3-digit numbers will be drawn as winning numbers (5 numbers out of every 1000 numbers are guaranteed to win the lottery), and the last 3-digit codes of the subscription number are all the same as the drawn 3-digit numbers, then the winning is considered. Then draw six 4-digit numbers (6 per 1 10,000) and eight 5-digit numbers (8 per 1 10,000). In this way, the winning rate is 0.568%, which is five ten thousandths+six ten thousandths. For example, if the third number drawn by the first person is 246, then all subscribers with the last number of 246 can win the new shares of 1000. If the fourth number drawn is 1246, then the person whose last number is 1246 will win 2000 shares. This is why some people can win 2000 shares with little money, while others fail with a lot of money.
Since the Shanghai Stock Exchange conducts designated transactions, after the extracted numbers are input into the exchange computer, the computer will automatically search the securities business department and shareholders where the corresponding numbers are located, and write the number of shares into the corresponding accounts. Generally speaking, the operation of the computer is relatively reliable. If there is a problem, investors can complain. But according to the reporter, no one has heard of such a mistake since this method was put into use. Because the matching numbers are obtained and published in advance, and they are generated after winning the lottery number, the computer search is one-to-one correspondence.
In some cases, there is a great chance of hitting the ceiling.
Must the winning rate of serial numbers be greater than that of non-serial numbers? This is a controversial issue that often causes "beating new species".
Insiders pointed out that in fact, in terms of probability, the chances of winning the lottery are the same. Like China Merchants Bank, the winning rate of 1% is determined in advance, so of course there will be 1 winning numbers for every 100 serial numbers. Discontinuous 100 numbers will be missed because the last two digits will overlap, and some two digits will not be bought, but they will also win two numbers, so on average, the winning rate is also 1%. In fact, it depends on whether the buyer is satisfied with the number of 100 and only hits a "gun" or wants to win one more.
Broadly speaking, if the subscription rate of new shares is a few thousandths, there must be several lottery numbers for every 1000 lottery numbers without breaking the subscription ceiling. If it is not continuous, either one person misses or more than one person wins. Therefore, it can only be said that under certain circumstances, after reaching the upper limit, the possibility of serial number will be high and the possibility of non-serial number will be low.
Subscribe for new shares from time to time to improve the winning skills.
From the process point of view, there is no possibility of cheating in the process of new share subscription. Then, how can small and medium-sized retail investors effectively participate in the subscription of the primary market? There are often some investors who think that the winning rate of buying serial numbers will be higher. Is it true?/You don't say.
Theoretically speaking, the subscription of new shares is a completely random event and should be irregular. However, when the winning rate is fixed, the possibility of successful subscription is directly proportional to the amount of subscription funds. Small and medium-sized retail investors can improve the chances of winning by pooling funds. This is the main starting point for many business departments to launch agency cooperation to subscribe for new shares. In addition, people who like to play new shares should not miss the opportunity to subscribe for new shares.
Take the IPO of China Merchants Bank (600036) as an example. The underwriters of China Merchants Bank have made arrangements in advance to ensure that the online subscription winning rate reaches 1%. Based on the issue price of 7.30 yuan per share, the subscription funds will reach 730,000 yuan. If you entrust the subscription, you can get 100 serial numbers, and you will definitely win one. However, since the amount of funds of small investors is mostly around 50,000 yuan, the chances of winning the lottery for individual subscription are extremely small. Suppose there are 10 small investors in the sales department, each of whom contributes 80,000 yuan, totaling 800,000 yuan. If you win a number and sell it on the day of listing, you can get a stable income of more than 3,000 yuan. The average income of each account is 300 yuan, with a yield of 0.375%. If 50 new shares are issued every year and the above income level can be maintained, the profit will be 15000 yuan, and the yield will reach 18.75%, realizing low risk and high income. It is understood that many people have signed agreements with the Ministry of Securities to entrust new shares.
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It is impossible to cheat by watching the process. Your number was determined when you bought it, not by the exchange host. Brokers have no chance to cheat, everything is manipulated by the exchange, and cheating is also cheating by the exchange. If T+2 can't find its own matching number, there is something wrong. You can check it at your exchange.