There are two kinds of stock issuance: public offering and non-public offering.

First, public offering, also known as public offering, refers to the way in which stock issuers sell shares to the public;

2. Non-public offering, also known as private placement or internal offering, refers to the way in which stock issuers sell shares to internal employees or specific investors.

Both public offering and non-public offering can be issued directly or indirectly.

1, direct issuance, also known as self-issuance, means that the stock issuer handles the stock issuance procedures by itself. In this way, with the assistance of investment banks or securities institutions, issuers usually sell shares directly to individual investors or institutional investors through private poems. Once it expires, the original shares cannot be raised, and the payee will subscribe for the insufficient part by himself.

2. Indirect issuance, also known as entrusted agency issuance, means that the stock issuer does not directly handle the stock issuance procedures, but entrusts the securities operating agency to raise investors.

Indirect distribution can be divided into consignment distribution and exclusive distribution according to different fiduciary responsibilities.

(1) Consignment refers to the way that the issuer entrusts qualified securities institutions to sell shares on its behalf. In this way, the agency only agrees to sell as many shares as possible at the price entrusted by the issuer, and only charges related fees such as handling fees. The issuer bears the risk of issuance, and the shares that cannot be sold at maturity are returned to the issuer.

(2) Underwriting means that the issuer signs a contract with a consignment agency to issue shares, and it is stipulated that the shares cannot be issued in full during the underwriting period. Unsold shares are accepted by the trustee and then sold at the market price in the securities exchange market. Underwriting issue. The risk of stock issuance has actually been transferred to the issuer.