First of all, we can consider selling securities by short selling to eliminate risks, but this method is not feasible. The implementation method of subscription stipulates that the market value of the credit securities account of margin financing and securities lending customers is included in the market value held by investors. The Shanghai Stock Exchange interprets it as "the credit securities account cannot be used to subscribe for new shares", and the Shenzhen Stock Exchange interprets it as "the market value of stocks sold by short selling is not included in the market value calculation". In short, investors can't spread the overnight risk and the impact risk of buying and selling stocks through securities lending.

Secondly, investors can use the term index to hedge the overnight risk of holding stocks and the impact risk of buying and selling.

Investors can buy Shanghai and Shenzhen 300 constituent stocks before T-2, copy the Shanghai and Shenzhen 300 index and sell the equivalent Shanghai and Shenzhen 300 stock index futures. In this way, investors can avoid the overnight risk of the stocks they buy. At the same time, because the price changes of constituent stocks can be quickly reflected in the Shanghai and Shenzhen 300 Index, the impact risk of trading can also be dispersed.

It is worth noting that the market value of Shanghai and Shenzhen stock markets cannot be calculated together. The market value of Shanghai stock market can only be used for subscription of new shares in Shanghai stock market, and the market value of Shenzhen stock market can only be used for subscription of new shares in Shenzhen stock market. However, the market value can be reused, and investors who issue multiple new shares on the same day can participate in the subscription of multiple new shares with a certain market value.