(1) On T-1, the issuer and the lead underwriter publish an online issuance announcement.

(2) On T day, investors can check the market value of their holdings or the available subscription quota through the designated trading securities company. Investors will subscribe for new shares based on the available subscription quota; the number will be allocated on the same day and the allocation number will be sent Result data. If the issuer and the lead underwriter arrange a clawback of the number of new shares issued online and offline in accordance with Article 10 of the "Measures for the Administration of Securities Issuance and Underwriting", they shall notify the transaction of the clawback amount between the online issuance and the offline issuance on T day Place.

(3) On T+1, the lead underwriter announces the winning rate and organizes a lottery to form the winning result. The Shanghai Stock Exchange will send the winning result to the securities company after the market closes on that day. The capital verification process for subscription funds on the original T+1 day has been cancelled.

(4) On T+2, the lead underwriter announces the issuance price and winning results. Investors can also inquire about the winning results from the securities companies they designate for trading. Winning investors should fulfill their fund settlement obligations based on the winning results and ensure that their capital accounts have sufficient new share subscription funds at the end of day T+2.

(5) Before 15:00 on T+3, clearing participants shall report their investors’ subscription abandonment data to China Settlement; at 16:00, China Settlement will handle the settlement of subscription funds and transfer the subscription funds to Transfer it to the capital settlement account of the lead underwriter.

(6) On T+4, the lead underwriter will transfer the subscription funds to the issuer after deducting underwriting fees, and announce the online issuance results.

The winning rate is like the winning rate of the lottery. Since there are more people and money to subscribe for new shares, but the amount of issuance is limited, and it is impossible to obtain one share per person, so a lottery is conducted. The process is to subscribe for every 1,000 shares, so every 1,000 shares is a subscription unit and will get a subscription number, and then a lottery will be held. Investors compare the numbers, and if there are some, they will be successful, and if there are not, they will not win. . Using the issuance amount (shares)/effective subscription amount (shares), you will get the winning rate of the new stock issuance. The lower the winning rate, the less likely it is to win.

Funds are different from new stocks. The issuance of new funds can be shared by everyone. The calculation method of winning rate is the same as above. Assuming that the winning rate is 10%, then if you invest 10,000, 1,000 will be able to successfully purchase the fund, and so on.

(l) Memorize the subscription rules. One account cannot subscribe repeatedly; new shares must be subscribed in multiples of 1,000 shares in the Shanghai stock market and 500 shares in the Shenzhen stock market; the upper limit of subscription regulations cannot be exceeded.

(2) It is important to choose the time to place an order. According to historical experience, the probability of winning the lottery when placing an order when the market just opens or closes is small. It is best to choose the middle time period, such as 10:30~11:30 and Place an order between 13:00 and 14:00.

(3) Take a full position on a new stock. Due to participation in the new stock subscription, funds will be locked for a period of time. If several new stocks are issued at the same time in the next week, then you must choose the right one and take a full position. Make a subscription to increase your winning rate.

First of all, if you give priority to subscribing to a stock with the largest circulating market value, you will have a greater chance of winning the lottery;

Secondly, because everyone will focus on good companies to subscribe, and some fundamentals are relatively Poorer stocks may be left out. At this time, small and medium-sized funds take the initiative to purchase products that are less popular in this industry and are expected to have lower growth after listing, and the winning rate will be higher;

P. Third, choose a product with a relatively late subscription time. For example, there will be one new stock issued today, tomorrow, and the day after tomorrow. At this time, you should subscribe for the last new stock, because everyone will generally spend their money on the first and second day of subscription. New shares, and on the third day, a lot of funds have been used up. At this time, when you subscribe for new shares on the third day, the winning rate is higher.