Consignment includes institutions such as banks and securities companies.

Underwriting and consignment are not the same thing.

Underwriting includes consignment and underwriting.

According to the law, underwriting is divided into consignment and underwriting, which is the difference between different forms of underwriting responsibility.

The biggest difference between consignment and underwriting is that:

The former is just a general principal-agent relationship. If the securities sale task cannot be completed within the statutory or agreed time limit, the balance will be returned to the issuing company, and the securities company will not bear the issuance risk, so the handling fee is also low.

The latter refers to full underwriting. If the securities company cannot sell all the issued securities within the relevant time frame, it will buy all the balance by itself. Securities companies have great risks and high fees, so they often need to meet the fund demand of underwriting balance through financing.