Stocks are traded according to price priority and time priority, and only when they have been bought.
Extended data:
"Placement" refers to the code data of new share placement sent by registered companies to brokers. Investors enter this placement code to buy new shares. If the subscription of new shares fails to win the lottery, the registered company sends the data of "* * giving up" to the brokerage firm, indicating that it has not won the lottery.
The issuing company or intermediary selects or approves some people to subscribe for securities or sell securities to them.
Many securities products have the process of placing shares. In other words, you have the preemptive right to give you a certain proportion of the right to issue new securities according to the number of your existing securities products. More is the placement of shares and the placement of funds.
Stock placement
Placing is a form of issuing new shares. When issuing new shares, listed companies take out a certain proportion of the total circulation and place them offline to some institutional investors.
According to the regulations, the rights issue part cannot be listed and traded together with the online issue part, which will be about one year late. During the issuance period, individual investors cannot buy rights issue.
Capital investment
When the net value of new fund issuance or fund split returns to 1 yuan, the money subscribed by the new citizen exceeds the expected scale of the fund company, and the excess money can only be returned to the citizen, and then there is a proportion. For example, the fund company plans to issue 6,543.8+billion yuan, and then the basic people subscribe for 200 million yuan, so there will be 6,543.8+billion yuan to be returned to the basic people, with a share allotment ratio of 65,438.
Subscription refers to the behavior of investors applying to buy fund shares during the existence of the fund and the open subscription period. After the fund is closed, if you apply to buy an open-end fund, it is customarily called fund subscription to distinguish it from subscription during the issuance period. The subscription of the fund is to buy. Listed closed-end funds are bought in the same way as ordinary stocks. Open-end fund is the number you want to buy, divided by the net value of the fund on the day of purchase, to get the number of units to buy.
Subscription and subscription of open-end funds are two different stages of purchasing funds. If an investor purchases a fund share during a fund raising period, it is called subscription, and the par value of the fund unit is RMB 65,438+0 yuan.
After the fund raising period is over and established, investors purchase fund shares according to the procedures stipulated by the fund sales organization, which is called subscription. At this time, because the net value of the fund has already reflected the value of its portfolio, the net value of each fund share is not necessarily 1 yuan, which may be higher or lower than 1 yuan. Moreover, due to the different subscription rates and subscription rates, the number of fund shares obtained by subscription and subscription of the same fund is also different in most cases.
Subscription and subscription rates may be different. Fund companies usually set different levels of subscription and subscription rates, that is, different levels of rates are applied according to the amount of funds subscribed by investors. Under the same subscription amount, the subscription rate and subscription rate may be different. Please refer to the fund rate statement for details.