How the number of shares to be issued is determined when the shares are issued

The conditions for the issuance of ** are as follows:

1) The company's production and operation are in line with the national industrial policy, and have a sound and well-run organization;

2) The company is limited to one type of ordinary shares, with the same shares and the same rights;

3) The part to be issued to the public shall not be less than 25% of the total share capital to be issued by the company, of which the amount of share capital subscribed by the employees of the company shall not exceed 10% of the total share capital to be issued to the public;

If the total share capital to be issued by the company exceeds RMB400 million, the CSRC may, at its discretion, reduce the proportion of the portion to be issued to the public in accordance with the regulations, but the minimum shall not be less than 15% of the total share capital to be issued by the company;

4) Have sustained profitability and good financial position;

5) There are no false records in the issuer's financial and accounting documents in the last three years, and there are no other major illegal acts;

6) Other conditions stipulated by the ***** supervision and management agency approved by ***.

1. Now the IPO of general companies in China is generally an incremental issuance, not a stock issuance, according to your meaning, for example, a company's registered capital has reached 5 billion (the original share capital of 5 billion), according to the need, ready to refinance 2 billion, and the newly financed can be sold at 10 yuan per share, then the share capital has become (50 + 20 10) = 6 billion, I don't know if this is clear. It's not very clear what you want to ask a question.

2. Generally speaking, net assets = assets - liabilities, which has nothing to do with registered capital.

The domestic regulation is that there shall be no less than 50 million shares before issuance. The outstanding shares after the issuance shall not be less than 25% of the total share capital after the issuance. Based on the original share capital of a company of 60 million, the general issuance is about 2,000.

If the issuance is too high. The majority shareholder loses the controlling share. There are some special cases.

**The division must be equal shares.

The division is generally based on the market price of the stock.

Registered capital is the decisive basis for the determination of the nature of the company at the time of establishment (5 million yuan), and the net assets are the total amount of funds that are liable to the company.

Not fixed. When listed companies issue **, the number is often relatively flexible, and at the same time, they will make up or reduce their positions at any time according to the development of the market.

No, and there are many companies that will increase their positions again, and then they will issue ** again after a period of time, just to achieve the effect of financing.

The number of ** issued by listed companies is generally fixed, and the number of ** issued is generally issued according to the strength of the company.

This is not fixed, the number of ** issued by each company is not determined, and sometimes it will be reissued.

The number of issuances and the method of determining are as follows:

1. Determination of **issuance**.

The issue is determined by the company's earnings per share and price-to-earnings ratio, with the issue(p) equal to earnings per share (eps) multiplied by the price-to-earnings ratio (pe). In fact, in addition to being related to the company's profitability, the issuance is also affected by many factors such as regulatory requirements, macroeconomy, secondary market environment, the number of issuances, industry characteristics and competition pattern, the company's development speed and potential, and investor psychology.

When calculating the issue price-earnings ratio, the issuer can adopt two sets of calculation methods: it is calculated based on the issuer's audited operating results for the most recent fiscal year; or based on the issuer's operating results for the 12 months preceding the date of the most recent audited financial report.

If the latter is calculated, a review opinion shall be issued by the reporting accountant. In practice, the regulatory authorities are more concerned about the price-to-earnings ratio of the issuance price, and will require the issuer to strictly control the price-earnings ratio of the issuance.

The issuance amount of the listed company is determined by one yuan per share when the issuance amount of the company is changed from the company to the joint-stock company, and the number of issuance is also affected by the following factors:

1. The number of original shareholders of the company is willing to be the first to go, for example, the original shareholders are optimistic about the company for a long time, so the number of issues may not be too much.

2. The amount approved by the China Securities Regulatory Commission is mainly based on the financing purpose and scale of the enterprise to determine the number of issuances.

3. The actual situation of the market, including the suggestions of sponsors, lead underwriters and underwriting groups in the primary market and the actual trend of the secondary market, such as when the market is hot and the price-earnings ratio is very high, then it will choose to issue more and earn more premiums, otherwise it will issue less or simply give up the issuance.

4. The amount of share capital subscribed by the promoter shall not be less than 35 of the total share capital to be issued, and the subscription amount shall not be less than RMB 30 million; The part to be issued to the public is not less than 25 of the total share capital to be issued, for example, 100 million share capital, and its ** issuance volume is more than 25 million shares; The amount of share capital subscribed by the company's employees shall not exceed 10 of the amount of share capital issued to the public.

The issue price of new shares is inquired from various institutions and obtained by the institutions.

For each new stock offline inquiry, hundreds of institutional investors participate in the ** subscription. For example, Juhua Technology was oversubscribed by 105 times, and Liangxin Electric was oversubscribed by 156 times. Xinbao shares and Wuwu Biotechnology announced that the online oversubscription was 95 times and 176 times.

Generally, the research department provides research support and inquiry suggestions, and each **product is independent on this basis**, and must be approved by the initial **inquiry and purchase decision-making team.

A large ** company often has dozens of ** and special account combinations to participate in the new market, and each combination reports one to three grades**. All ** is done through the same port.

Different companies often differ by 50% or more for new shares, and in specific internal operations, researchers provide suggestions, and managers themselves make independent decisions on the issuance and participation ratio. The compliance department controls the risk.

**The company's process of inquiring about new shares is generally as follows: industry researchers research and investigation, participate in roadshows to ask questions, and comprehensively obtain a ** range, which is submitted to the research director for approval. After the approval is passed, the researcher will send the interval to each manager for reference by email.

In the process, researchers tend to revise their ** range slightly.

Each manager determines the final amount and the amount to be subscribed. In order to improve the probability of winning the lottery, **manager**, often give 1-3 gears at the same time**. **Generally within or slightly above the range given by the researcher.

**What metrics do the company's researchers refer to for pricing? ——Mainly based on the judgment of the profitability of listed companies, combined with the price-earnings ratio, price-to-book ratio, price-to-sales ratio, and PEG valuation methods, abandon the overpriced new stock issuance. Researchers of various ** companies generally have quantitative selection indicators for the profitability of new shares, PE PB, etc.

For each indicator, the valuation of emerging industries is slightly higher depending on the industry in which the new stock is located. For companies with hot spots, the threshold for profitability can be lowered slightly. The reference indicators are similar, but the specific quantitative standards are different, which is the hole card of each **company to play a new **, not to others.

The fundamental research of researchers is the most important in the pricing of new shares, and secondly, the market popularity of new share subscription and the design of the issuance system have led to a greater impact on the success of new shares whether to enable stock issuance.

**Number of shares issued and total share capital.

No, there are differences, the differences are: ** issuance only records the number of each joint stock company issued to the market, generally records a single issuance, does not record other ** quantity changes, the total share capital is the total number of shares issued by the company.

Tradable share capital is the total number of shares that can be bought and sold in the trading market, while the corresponding restricted share capital is the number of shares that cannot be traded for the time being. The size of the share capital will increase with the share delivery and allotment, and the total share capital will increase accordingly when the enterprise carries out share reform, such as share transfer, share allotment, etc. In the case of distribution bonus shares.

In this case, then for the company, it is only an increase in the share capital, and there is no change in the asset quality, so the stock price tends to be **. If it is a capital increase or share expansion.

or private placement to increase share capital, which is often good news. The total share capital is the total number of shares held by the total number of ** shares issued by the joint-stock company, and the outstanding share capital may only be a part of it, and the total share capital is the outstanding share capital for the fully tradable shares. For example, in some foreign joint-stock companies, the internal employee shares or management shares may be restricted from circulation for a certain period of time.

**The net value is also known as the book value.

Also known as net assets per share.

It is the net asset value included in each share** calculated by accounting statistics.

It is calculated by using the company's net assets (including registered capital).

various provident funds, accumulated surpluses, etc., excluding debts) divided by the total share capital, and the net value per share is obtained. The higher the book value of a joint-stock company, the more assets the shareholders actually own. Because the book value is the result of financial statistics and calculations, the data is more accurate and highly credible, so it is one of the important bases for investors to evaluate and analyze the strength of listed companies.

The number of the company's original shareholders is willing to **, for example, the original shareholders are optimistic about the company for a long time, then the number of issues may not be too much; The amount approved by the China Securities Regulatory Commission is mainly based on the financing purpose and scale of the enterprise to determine the number of issuances.

The number of shares issued by a listed company is generally determined by the board of directors of the company, and according to the authorization of the general meeting of shareholders, the company must also subscribe to the issuance object in accordance with the provisions of the Securities Regulatory Commission, and at the same time, the company also needs to negotiate with the lead underwriter to determine the number of shares issued.

If the total shares of a listed company are less than 400 million yuan at the time of its initial public offering, the proportion of public shares in the total share capital after listing shall be greater than or equal to 25%; If the total shares are greater than 400 million, the proportion of public shares in the total shares after listing shall be greater than 10%. The specific number of companies issued by the company will be affected by the factors, first of all, the number of shareholders willing to be the most popular, the more the shareholders are willing to issue, the more the company will issue; Secondly, the amount that the CSRC can approve is much more than that, according to the financing purpose of the enterprise and the size of the enterprise, the amount approved by the CSRC will be different, and finally it depends on the actual situation of the market.

Before the listing and issuance, the listed company signs the issuance contract with the issuer to determine the method of issuance and clarify the responsibilities of all parties. The underwriting issuance is a one-time purchase of all or part of the new issuance of the listed company by the first merchant of the first issuance, and advance all the capital equivalent to the first issuance. Since financial institutions generally have relatively strong funds and can advance in advance to meet the needs of listed companies in urgent need of a large amount of funds, listed companies are generally willing to transfer their newly issued ** one-time to ** business underwriting.

**It is a kind of valuable**, which is a certificate issued by a joint-stock company to the investor publicly or privately when raising capital, which is used to prove the identity and rights of the investor's share capital, and to enjoy the rights and obligations according to the number of shares held by the holder. ** represents the ownership of its holders (shareholders) to the joint-stock company, and each share of the same type ** represents the same ownership of the company, that is, "the same shares and the same rights".

A kaicha, the company's ** issuance decision.

1 The issuance amount of a listed company** is determined by the total valuation of tangible assets and intangible assets when the company is converted into a joint-stock company, and is determined by one yuan per share.

2 The specific amount of ** issuance is determined by a combination of several factors.

First, the number of the company's original shareholders is willing to **, for example, the original shareholders are optimistic about the company for a long time, then the number of issues may not be too much, because the issuance of too much Sun Tanduo may affect the controlling stake;

Second, the amount approved by the China Securities Regulatory Commission is mainly based on the financing purpose and scale of the enterprise to determine the number of issuances;

The third is to look at the actual situation of the market, including the suggestions of sponsors, lead underwriters and underwriting groups in the primary market and the actual trend of the secondary market, such as when the market is hot and the price-earnings ratio is very high, then it will choose to issue more and earn more issuance premiums, otherwise it will issue less or simply give up the issuance.

2. The method of determining the number of ** issued by a company.

According to the registered capital, determine the lower limit of issuance According to the amount of financing, the company's valuation, etc. and the underwriter, determine the specific number of Tong Bank.

The registered capital is the share capital, and the registered capital of 100 million represents the total share capital of 100 million The number of shares issued is not less than 25 100 million shares of the total number of shares after issuance, and the issuance volume is basically more than 35 million shares

The part issued is a new part, not the original shares of the company, and of course the original controlling stake will be diluted.

1 **What is the process of issuance and listing?

2 What is a warrant.

3 Financing cost analysis and financing decisions.

4 **How stamp duty is charged.

3. How to determine the number of issuances.

1 The issuance amount of a listed company** is determined by the total valuation of tangible assets and intangible assets when the company is converted into a joint-stock company, and is determined by one yuan per share.

2 The specific amount of ** issuance is determined by a combination of several factors.

First, the number of original shareholders of the company is willing to **, for example, the original shareholders are optimistic about the company for a long time, then the number of issuances may not be too much, because too many issuances may affect the controlling interest;

Second, the amount approved by the China Securities Regulatory Commission is mainly based on the financing purpose and scale of the enterprise to determine the number of issuances;

The third is to look at the actual situation of the market, including the suggestions of sponsors, lead underwriters and underwriting groups in the primary market and the actual trend of the secondary market, such as when the market is hot and the price-earnings ratio is very high, then it will choose to issue more and earn more issuance premiums, otherwise it will issue less or simply give up the issuance.