What is a subscription and what does a stock subscription mean?

Subscription & Subscription.

Subscription refers to the purchase by investors during the open offering period. The subscription price is ** unit face value (1 yuan). Subscription** should be filled in the subscription application form at the point of sale, and the subscription money should be delivered.

Subscribe with an amount of $1,000 each time. The ** purchased during the subscription period shall be approved by the Securities Regulatory Commission after meeting the conditions for establishment, and then it can be redeemed after a closed period of 3 months. The formula for calculating the subscription shares is as follows:

Net Subscription Amount = (Subscription Amount) (1 + Subscription Fee).

Subscription fee = subscription amount - net subscription amount.

Subscribed share = (net subscription amount + interest during the closed period) 1 yuan.

From the date of subscription to the date of establishment and opening of subscription and redemption, the subscription share will be increased accordingly according to the current interest rate.

**Calculation of subscription shares:

Net subscription amount = subscription amount (1 + subscription rate).

Subscription fee = subscription amount - net subscription amount.

Subscription share = net value of net subscription amount **.

The above calculation formula can be combined as the share subscribed = the subscription amount (1 + subscription fee) and the net value of the subscription date**.

Both the subscription and subscription are confirmed on the next trading day, and can generally be found online in the evening of the next trading day. During the purchase process, whether it is a subscription or a subscription, investors can submit applications as many times as they like during trading hours. Subscription applications that have been formally accepted by investors during the share offering period shall not be revoked.

For the subscription application submitted within the ** business processing time of the day, investors can submit the cancellation application before 15:00 on the same day to be revoked. 15：

After 00, the application cannot be withdrawn.

Subscription and subscription have ** can be "back-end charged". The front-end fee refers to a charging method in which the corresponding subscription fee is paid when the investor subscribes**; The back-end fee refers to the investor does not pay the subscription fee, and when handling the redemption with the redemption fee together with another way of charging, our management of several open-ended fees related to the back-end fee, the back-end subscription rate has decreased year by year, more than 5 years is 0. Therefore, investors with a relatively long investment period are suitable for choosing back-end fees.

In addition, once the fee model is confirmed, it cannot be changed.

Subscription refers to the act of investors 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.

Today, there is a real ** ticket in the system, which one can tell me if this is a successful subscription? .Not yesterday's subscription, next Monday, August 4, the winning result ...

1. Subscription is the subscription of new shares, the subscription is in the primary market, and the listing and issuance is in the secondary market.

Second, the subscription refers to the issuance of the original ** when the money to buy, because the new shares are issued very little, there are many people who want to buy the original shares, so you will buy the fixed shares of the original ** as a group, such as: 500 shares to a number, and finally from all the numbers to shake out the number of shares issued, it will produce the number of the winning lot. The ** bought by this winning number will give you the original shares, and the money will be returned to you if there is no winning number.

China** is divided into three markets:

1. The market in which institutions use large funds to draw lots to decide how to divide money is the primary market.

2. The market that has been tirelessly pursuing the solution is called the secondary market.

3. After the company was hollowed out, only the shell and a bunch of white bones were left in the market, which was the three-board market.

Extended Information: The process of capital IPO.

1. Investors who have not opened an account should first bring their ID cards to the business department to open ** accounts and capital accounts.

2. The issuer and the lead underwriter publish the online issuance announcement one trading day before the subscription date (T day) of the online issuance.

3. Before the subscription entrustment, the investor should deposit the full amount of the subscription money into the fund account designated by the ** business department connected to the SSE.

4. On the subscription date (hereinafter referred to as the T day), the investor shall entrust the subscription through the ** business department connected to the Shanghai Stock Exchange, and shall not cancel the order once declared. The subscription time is 9:30-11 30 a.m. and 1:00-3:00 p.m. on T. Each subscription unit in Shanghai is 1,000 shares, and more than 1,000 shares must be an integer multiple of 1,000 shares; **The subscription unit is 500 shares, and more than 500 shares must be an integer multiple of 500 shares, which shall not exceed the number of shares issued at this online pricing and shall not exceed 999999500 shares.

Each ** account can only be subscribed once, and repeated subscriptions and subscriptions with false funds will be regarded as invalid subscriptions.

5. Subscribe for a matching number. The subscription number is allocated according to the actual effective subscription, and each valid subscription unit is assigned a number, and all valid subscription units are continuously allocated in chronological order.

6. Funds are frozen. On the first day after the subscription date (T+1 day), the subscription funds will be frozen by ChinaClear Shanghai Branch.

7. Capital verification and number allocation. On T+2, ChinaClear Shanghai Branch cooperated with a qualified accounting firm designated by the SSE to verify the subscription funds, and the actual funds in place were used as the effective subscription, and when the total amount of effective subscription was greater than the ** issuance, the SSE would allocate one number for every 1,000 shares.

8. Lottery lottery. The lead underwriter will announce the winning rate on T+3, and organize a lottery according to the total number of allotments and the winning rate, and announce the winning results on T+4.

**Subscription is to raise funds online and offline before the official listing. And that's not yet the original shares. Subscription is valid during trading hours. Successful subscription depends on luck. Generally, the winning rate is between. The probability of success is low.

Notes for IPO Subscription:

1 **Issuance can be made using the "on-line pricing" method, the "full prepayment" method, and the "savings deposit linkage" method

Manner. The various protocols covered in this article belong to the category ".

Internet Pricing".

2 Each ** account can only be subscribed once, and repeated subscriptions and false subscriptions with false funds will be regarded as invalid subscriptions, and invalid subscriptions shall not subscribe for new shares.

3 Once declared, the order shall not be cancelled.

4 Subscription order for each account: Shanghai IPO must be subscribed in integer multiples of 1,000 shares, ** in integer multiples of 500 shares.

5. The maximum number of subscriptions for each **account is 1/1000 of the number of public issuances at that time.

Subscription procedure: 1) On the day of subscription (t 0), investors subscribe.

2) On the first day after the subscription date (T 1), the stock exchange will freeze the subscription funds in the special subscription account.

3) (t 2), the stock exchange cooperates with the underwriter and the accounting firm to verify the capital of the subscription funds, according to the funds in place.

Carry out continuous number matching, and publish the winning rate through the satellite network.

4) (t 3), the lead underwriter will draw the number and announce the winning results. If the matching number is the matching number of your subscription funds.

The same, that is, the lottery has been won. The subscription money for the unsuccessful part will be unfrozen. (After the funds are unfrozen, they cannot be returned in full, congratulations!) It proves that you have won the lottery. )

Subscription skills: 1. Memorize the subscription rules.

One account cannot be subscribed repeatedly; New shares on the Shanghai Stock Exchange must be subscribed in integer multiples of 1,000 shares,** which is an integer multiple of 500 shares; It cannot exceed the upper limit of the subscription regulations.

Second, it is important to choose the time to place an order.

According to historical experience, the probability of winning the lottery is small when the order is just opened or **, and it is best to choose the intermediate time period to subscribe, such as choosing the time period between 10:30 11:30 and 13:00 14:00 to place an order.

3. Attack a new stock with a full position.

As a result of participating in the subscription of new shares, the funds will be locked for a period of time, if there are several new shares issued at the same time in the future, then, it is necessary to select one and subscribe for the full position to improve the winning rate.

First of all, the priority is to subscribe for the largest circulating market capitalization**, and the possibility of winning the lottery will be greater.

Secondly, because everyone will be staring at good companies to subscribe, and some of the relatively poor fundamentals may be left out, at this time, small and medium-sized funds take the initiative to subscribe to such industries are less popular, and are expected to rise lower after listing, and the winning rate will be higher.

Third, choose a variety that is relatively late in subscription, such as today, tomorrow, and the day after tomorrow, each with a new share issuance, at this time, you should subscribe for the last new share, because everyone will generally use the money to subscribe for the first and second day of new shares, and on the third day, a lot of funds have been used up, at this time, subscribe for the third day of new shares, the winning rate is higher.

Despite this, if you want to win the lottery, the winning rate is often less than 1 in 1,000.

'Apply online'It is a public subscription through the online trading system of the ** exchange. 'Offline subscription'It is not through the online trading system of the ** exchange, and the offline subscription is generally carried out by large funds and large institutions.

Speaking of playing new stocks, the first thing that comes to everyone's mind is the Dongpeng special drink bar a while ago, as soon as it is listed, there are more than a dozen price limits, and a total of 220,000 yuan can be earned by a lot, which is simply a "sweet pastry" in the new territories. Playing new stocks seems to be very profitable on the surface, do you know how to play? So do you know how to improve the probability of winning the lottery?

Next, I will tell you about the new stocks.

But before you start, let's get this benefit first - the ** list selected by the institution is freshly released, everyone come and get it, don't miss it: get it quickly! Today's list of institutions is newly released!

3. What will happen to the IPO?

If nothing else, the new shares will be listed within 8 14 calendar days from the subscription date.

As far as these two major sectors including the ChiNext and the Science and Technology Innovation Board are concerned, there is no limit on the rise and fall of the first 5 days of listing, and on the 6th trading day, from this day, the daily rise and fall is limited to 20%. The price limit on the first day of listing of new shares on the Main Board shall not be higher than 144% of the issue price and shall not be less than 64% of the issue price**. For a simple example, if the issue price is 10 yuan shares, then the highest price can only rise to yuan shares on the same day, and the minimum can not be less than yuan shares.

As for when to sell new shares, it depends on the actual situation and comprehensive analysis of the market. If the new stock is broken on the day of listing and is continuous, it can be thrown out on the day of listing to reduce losses.

Because there is no restriction on the rise and fall of new shares on the Science and Technology Innovation Board and the Growth Enterprise Market, to prevent the occurrence of stock prices, if the small partner wins the lot, he can sell it directly on the first day of listing. Moreover, if the ** of the board continues to be connected, when the board is opened, the senior sister's suggestion is to sell it in time and settle the bag for safety.

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Hello, the difference between online subscription and offline subscription:

1. **Trading hours are different.

There is a three-month lock-up period for offline subscriptions, and you can only sell after three months, while online subscriptions can be sold on the day of listing.

2. The subscription object is different.

The object of online subscription is generally **, and the object of offline subscription is generally institutions or large accounts, and at the same time, the proportion of offline subscription is greater than that of online subscription.

3. The requirements for subscription funds are different.

For online subscription, investors only need to have a daily circulating market value of more than 10,000 yuan (inclusive) in the first 20 transactions of non-restricted sales**, while offline subscription requires investors to have an average daily circulating market value of more than 10 million yuan (inclusive) in the first 20 transactions.

In addition, there are also certain differences in the subscription process, before the offline subscription, it is also necessary to go through the inquiry operation, and the specific process is as follows:

1. Two trading days before the start date of the preliminary inquiry, the lead underwriter will announce the letter of intent and the preliminary inquiry announcement.

2. Before 10:00 on the trading day before the start of the preliminary inquiry, the lead underwriter shall enter the preliminary inquiry parameters through the offline subscription electronic platform of the Shanghai Stock Exchange, and confirm the participation qualifications of the offline investors and placement objects.

3. During the preliminary inquiry, offline investors are the objects of their management. There can only be one offline investor in the same network**, and non-individual investors should be institutional**.

4. On T-3, the preliminary inquiry is closed.

5. On T-2, the issuer and the lead underwriter determine the issuance** (or issuance** range).

6. On T-1, the issuer and the lead underwriter publish an offline issuance announcement; The lead underwriter excludes the preliminary inquiry** that is not allowed to participate in the subscription, determines the list of valid** investors, and confirms it through the offline subscription electronic platform of the Shanghai Stock Exchange before 15:00.