Issuer (company to be listed)

Investment Bank (Sponsor)

Institutional investors (international placement)

Retail investors (public offering)

Among them, issuers and investment banks sell stocks, and institutional investors and retail investors buy stocks. ?

IPO of Hong Kong stocks: public offering and international placement.

Hong Kong IPO is divided into two parts: public offering and international placement. Public offering is for retail investors, and international placement is for large investors. ?

Generally speaking, international placement accounts for 90% of the total issuance of new shares, while public offering accounts for at least 10% of the total issuance.

When the popularity of a new stock is very high, there are too many retail investors, and the demand is in short supply, which will trigger the callback mechanism.

Transfer the international sales part to the public sellers appropriately, and allocate some quotas.

The proportion of public offering can be greatly increased to 50%.

Group a/group b for public sale?

In the public share subscribed by our retail investors, it is divided into group A and group B on average (each fixed at 50%). Group A subscribes for new shares of less than 5 million yuan, and Group B subscribes for new shares of more than 5 million yuan ... The investors in Group A only compete with those in Group A, generally speaking, the number of people in Group A is definitely much larger than that in Group B ... So the winning rate of Group B is very high, but the capital cost of Group B is also very high.

What does the hammer mean for new shares of Hong Kong stocks?

The public offering of new shares in Hong Kong stocks has the highest subscription amount, and the maximum number of new shares subscribed by each user through public offering is 50% of the total public offering. Hong Kong people call the subscription of Top Grid a "hammer".

For example, an enterprise issued a total of 654.38 billion shares, of which 90% were international allotment and 654.38+00% were public offering of 654.38+million shares. Investors can subscribe for half of the 654.38+00000000000 shares at most, that is, 5 million shares. And the "head hammer" will be summarized to the people who subscribe for the most shares in group B.