1. how to determine the share price of preferred shares? The issue price of new shares is obtained by asking for quotations from various institutions. For each offline inquiry of new shares, hundreds of institutional investors participate in the quotation subscription. For example, Juhua Technology is oversubscribed by 15 times, and Liangxin Electric is oversubscribed by 156 times. New treasure shares and Wuwu Bio-announcement online oversubscription is 95 times and 176 times. Generally, the research department provides research support and inquiry suggestions. On this basis, the independent quotation of each fund product must be approved by the initial stock inquiry and subscription decision-making group. A large fund company often has dozens of fund and special account portfolios to participate in the innovation, and each portfolio is quoted at one to three prices. All quotations are completed through the same port. Different fund portfolios of different fund companies often have a difference of 5% or more in the quotation of new shares. In specific internal operations, researchers provide suggestions, and the fund manager himself makes independent decisions on the issuance quotation and participation ratio. Compliance department controls risks. The process of fund companies' inquiry for new shares is generally: research and investigation by industry researchers, participation in roadshows to ask questions and solve doubts, and a comprehensive quotation range is obtained and reported to the research director for approval. After approval, the researcher will send the quotation interval to each fund manager for reference by email. In this process, researchers often revise their quotation range slightly. Each fund manager decides the final quotation and subscription amount by himself. In order to improve the possibility of winning the bid, fund managers often give 1-3 quotes at the same time. The quotation is generally within the range given by the researcher, or slightly higher than the range. What indicators do fund company researchers refer to for pricing? -mainly based on the judgment of the profitability of listed companies, combined with P/E ratio, P/B ratio, P/E ratio and PEG valuation methods, giving up overpriced new share issuance. Researchers of various fund companies generally have quantitative selection indicators for the profitability of new shares and PE/PB. And each indicator is different according to the industry where the new shares are located, and the valuation of emerging industries is slightly higher. For hot companies in the market, the threshold of their profitability can be slightly lowered. The reference indicators are similar, but the specific quantitative standards are different. This is the card for each fund company to make a new offer, and it is not told to others. The fundamental research of researchers is the most important for IPO pricing. Secondly, the market enthusiasm of IPO subscription and the design of issuance system have led to the fact that whether to enable stock issuance also has a great impact on the price of IPO.