What is the relationship between fund subscription and redemption? 10

Suppose someone subscribes, someone redeems, you may subscribe for someone else's share, if the number of people who subscribe is more than the redemption, then the share of ** increases. If the subscription is less than the redemption, then the ** share will be reduced. You can find relevant data from the company's annual report and quarterly report, and you can see that the share at the end of the period and the beginning of the period are different.

One of the characteristics of openness is that the share is open, and the share is not fixed. Suppose someone subscribes, someone redeems, you may subscribe for someone else's redemption of the shares, if the number of people who subscribe is more than the redemption, then the excess part is called the net subscription amount, and the share of the day will increase. If the subscription is less than the redemption, then the missing part is called the net redemption amount, and the ** share will be reduced on the same day.

Subscription refers to: the behavior that you want to buy something!

Redemption refers to: the act of exchanging your RMB with your ** shares!

The relationship between the two: buying and selling.

If there are many subscriptions and few redemptions, won't it be out of balance and there will be no more people who want to subscribe? ”

For this problem will not happen, you can redeem as much as you subscribe (subscription share * net transaction value of the day = RMB you redeem); In addition, you can also redeem a part, for example: you hold 10,000 shares of a certain **, and now you want to redeem 5,000 shares, the net value of today's transaction is yuan, and the calculation is: 5,000*; 10000-5000=5000 This is the share of a certain ** that you still have now.

Is buying a subscription? Is selling a redemption? --

Subscription refers to the act of purchasing units from the manager after the establishment of the company.

Redemption refers to the act of selling units by an investor to a manager.

Explanation: 1. After the establishment of the subscription --- **** (after a three-month fundraising period or some ** sell well, and reach the amount of funds raised in one or two months), the investor's purchase behavior.

2. If you don't want --- to redeem it, you can turn it into cash.

If you have to find the difference between ** and subscription and the difference between selling and redeeming, it can only be for those ** that can be traded in the secondary market (such as LOF**, ETF**).

In the process of non-secondary market transactions, whether it is subscription, subscription or redemption, the transaction is between the investor and the company, that is to say, the company subscribes or subscribes for the shares, and the redemption is the company to recover the shares.

In the secondary market, the sale and sale are the same as the sale and selling, and all transactions are carried out between investors, and the company does not participate. That is to say, you are taking the **** share from other investors, and if you don't want it, you will sell it to other investors. To be clear, if there is no investor who wants to sell the ** share in his hand, you can't buy it; If there is no investor who wants to buy ** shares, you can't sell ** in your hand, although the odds of this situation are very small.

The ** shares subscribed on the same day can be sold on the same day, but cannot be redeemed; I don't know if you understand the previous explanation, this regulation is for institutional investors, because the minimum subscription amount of ETF** is 1 million yuan.

You understand it this way, for ** like you and me, ETF** cannot be subscribed or redeemed at any time, and can only be bought or sold from other investors.

It is divided into open and closed.

What you said:"Subscription and Redemption"Generally, it refers to the buying and selling of the open base. Because the way of buying and selling the foundation is completely different from that of the base.

The way to buy and sell the seal is exactly the same as **. The specific regulations are:"Stocks bought on the same day cannot be sold on the same day. The money from selling stocks on the same day can be used to buy shares on the same day.

And Kaiji does not exist these things. In other words:"Subscription and Redemption"Nowadays, the term is generally used to refer specifically to the opening of a foundation. To put it simply:"Subscription"It is to buy the open base. "Redemption"It is to sell the base.

Buying and selling is not the same as subscribing. Buying and selling is just a change of hands, and the share remains the same, so it is generally called buying and selling in the secondary market of ** or **. Subscription and redemption will change the size of **.

In the primary market, ETFs can hold a basket of shares, or exchange them for shares, and of course, have an account. As long as you have millions of funds, you can find a ** company to handle it.

In the secondary market (**exchange), people can take money to buy and sell **shares, the same as buying**, at least 100 shares of one hand, which is only 100 yuan.

1. To buy is to subscribe, and to sell is to redeem. Some ** don't open the subscription for some reason, you can't buy it.

2. ETF** is a kind of ETF that can be traded on the stock exchange, that is, it is bought and sold like buying and selling**. At the same time, it can be subscribed and redeemed like ordinary **.

If the purchase and redemption process is fast, at least a few days, the speed is slow. The ** subscribed on the same day cannot be redeemed on the same day, at least the next day. But it can be sold through the secondary market. That's what it means.

3. Finally, I would like to add that the new ** issuance is not called subscription, but subscription. Scold.

Subscription is the act of applying for the purchase of ** units. Now take ** as an example: in the issuance and fundraising period before the establishment of ** to apply for the purchase of ** units can be subscribed, and the purchase of ** is **unit**.

Subscription refers to the act of blocking investors from applying for the purchase of ** shares during the period of existence after the establishment of ** and during the period when the subscription is open. After the end of the lock-up period, if you apply for the purchase of open-ended, it is customary to call it a subscription to distinguish the subscription during the issuance period.

** of the subscription, is to buy. Listed closed**, the buying method is the same as the general**. Open** is the amount you want to subscribe for, divided by the net value of the day of purchase**, to get the number of units to buy.

Redemption is generally used in the economic field, mostly referring to **, the applicant will sell the **unit held in his hand according to the announced ** and recover the cash, which is customarily called **redemption. ** Redemption is selling. Listed closed**, the selling method is the same as the general**.

<>, subscription refers to the process or behavior of investors to purchase ** units during the open-ended offering period, subscription refers to the act of applying for the purchase of open-ended ** units after the end of the open-ended ** closed period, and redemption refers to the act of selling the ** held by the investor according to the net value of the announced day and recovering the cash. Let's briefly talk about subscription, subscription and redemption.

1. The subscription in ** refers to the process or behavior of investors to purchase ** units during the open-ended offering period. Investors here refer to individual investors and institutional investors within the territory of the People's Republic of China (excluding those prohibited by laws, regulations and relevant provisions), of which individual investors refer to residents of Paiqing in China who hold valid People's Republic of China resident identity cards, military certificates or passports, while institutional investors refer to enterprise legal persons or public institutions or social groups or other organizations legally registered in the territory of the People's Republic of China or approved by the relevant authorities. Subscription** interest is calculated according to the bank demand deposit interest rate during the offering period, and the interest income is converted into ** share at the end of the subscription period and withholding interest tax, and the interest is converted into a share, which is subject to the record of the ** registration agency.

2. **Subscription refers to the act of applying for the purchase of open-ended units after the end of the open** closed period. And in this way, it distinguishes the application and purchase behavior of the open ** pants during the fundraising and issuance period. **Subscription is generally 15:00 on T day

Submit the subscription application before 00:00 and confirm it within 1 working day.

3. Redemption refers to the act of selling and recovering cash according to the net value of the day announced. Generally, the redemption is confirmed by Hu Xianliang in T+1 working days, and the confirmation result can be queried in T 2 working days, while the redemption time is generally T+2 to T 7 working days according to different **types. If the net redemption application (the difference between the redemption application and the total number of subscription applications) exceeds 10% of the total number of shares on the previous day, a large redemption is considered to have occurred.

Huge redemption means that the manager must have a large number of transaction changes in order to pay the redemption funds, and this may have to sacrifice part of the income, so there will be a deferred redemption phenomenon when a huge redemption is made, and investors can choose to redeem normally, or give up the excess part of the deferred redemption, that is, automatically submit the redemption application for the deferred redemption share on the next trading day.

Subscription and subscription are generally the meaning of filial piety, and then subscription is a name in the process of recruitment, and then subscription is a name in the process of operation, and then redemption is in the process of opening up, you can apply for selling, this process is called redemption.

Subscription refers to the purchase within the new ** issuance date, and ** will be very low, subscription refers to the purchase after the ** closes, the relative value of the chain socks is relatively high, redemption refers to the purchase in the hands of others**, and the purchase price of these ** sheds is higher.

Subscription refers to the purchase of the new issuance period, and there will be a closed period after the subscription ends, and it cannot be redeemed during the silver delay.

Shen Vacancy is the normal opening of trading.

To redeem is to sell**.

Subscription refers to the fundraising, subscription refers to a saying in the operation period, and redemption of eggplant and potato purchase refers to the sale of **, the meaning of the three trembling reeds is not the same, and the status of the empty hand in the competition is also different.

**The difference between selling and redeeming is as follows:

1. The object of the transaction is different.

A redemption is a transaction between an investor and a company; Selling is an investor's transaction with an investor, not related to the company.

2. The place of trading is different.

Redemption is generally used for over-the-counter transactions, such as trading currencies, bonds, etc.; Selling is generally used for on-exchange trading, such as ETFs, closed-ended, etc.

3. The ** of the transaction is not used.

**Redemption** is settled according to the **net value after the same day**; Sell to see the transfer market, similar to trading.

Selling is the transfer of ** shares to another investor in the secondary market, and the shares are still in existence for ** management company.

Redemption is to make a transaction with **company according to **net value, and the share is written off for ** management company, and then the consideration is paid to the investor.

What is the difference between selling and redeeming an open-ended index** Knowing it, it is explained that selling is selling to an open-ended index**There is no difference between selling and redeeming. ETFs** are available in.

ETFs are mainly baskets of **for marking**.

1. Closed period. The closure period is for the entire product level and is calculated from the date of establishment of **. Subscription and redemption are not allowed during the closed period; However, if temporary opening is allowed during the closed period, you can apply for and redeem it on the temporary open day.

2. Lock-up period. The lock-up period is for the shares held by the delegator and is calculated from the date of acquisition of a single share. Redemption is not allowed during the lock-up period, i.e. the settlor can only redeem the shares held by the settlor that have expired.

The setting of the lock-up period requires investors to have a good understanding and control of their own investment needs and liquidity management.

3. Temporary opening. Generally, investors are allowed to enter and exit at the same time, depending on how the contract is agreed. At the same time, it is necessary to pay attention to whether the provision of performance remuneration includes temporary open days, which involves fairness between new and old investors.

Private Placement** Comprehensive Regulations.

1. ** Law

Key Provisions: Article 3 The term "**" as used in this Law refers to a certificate or investment contract that represents a specific property interest and can be divided equally and can be transferred or traded.

Interpretation: Private placement belongs to the supervision of China's **Investment Industry Association.

2. Trust Law

Key Provisions: The term "trust" as used in Article 2 of this Law refers to the act of entrusting the settlor's property rights to the trustee based on his trust in the trustee, and the trustee shall manage or dispose of it in his own name for the benefit of the beneficiaries or for specific purposes according to the settlor's wishes.

Interpretation: The legal essence of private placement is a trust relationship.

3. Investment Law

Key Provisions: Article 87 Non-public offerings** shall be raised from qualified investors, and the cumulative number of qualified investors shall not exceed 200. The term "qualified investor" as used in the preceding paragraph refers to units and individuals that have reached the prescribed asset scale or income level, and have the corresponding risk identification ability and risk-bearing capacity, and the subscription amount of their ** shares is not less than the prescribed limit.

It came into force on June 1, 2013. The amended Investment Law includes non-public offerings (private placements) for the first time in the scope of adjustment while increasing the protection of holders, which means that private investments have obtained legal status.

4. Interim Measures for the Supervision and Administration of Private Investment

Key Provisions: Article 2 The term "private investment" (hereinafter referred to as "private placement") in these Measures refers to the investment established by Zen in the territory of the People's Republic of China by raising funds from investors in a non-public manner. The investment in private property includes the purchase and sale of **, equity, bonds, **, options, **shares and other investment targets agreed in the investment contract.

Non-public fund-raising, a company or partnership established for the purpose of investment activities, and the assets are managed by the ** manager or general partner, its registration, fund raising and investment operations shall be subject to these measures.