The annualized rate of return of new shares is: the number of shares won for the first time * (the opening price of new shares on the first day of listing-the issue price)/the funds needed for each lottery *365/ the date when the funds are frozen for new shares subscription.

For example, the number of shares won in the first auction is 500, the opening price of new shares on the first day of listing is 20, the issue price is 10, the funds required for each auction are 1000000, and the date of freezing funds for new shares subscription is 3 days.

The annualized rate of return of this new share is 500 * (20-10)/1000000 * 365/3 = 60.83%.