operation of issuing new shares by the North Stock Exchange (the subscription of new shares by the North Stock Exchange requires opening the trading authority of the North Stock Exchange first, and the subscription is conducted in the mode of placing, and investors need to pay the subscription funds in full, pay the subscription deposit or participate in the subscription in other ways):

1. Proportional allotment: the more subscriptions, the greater the allocation;

2. The longer it takes to make a new share, the better: when the new shares at the selected level are listed, each household will be allotted 1 shares according to the time priority, until there are no shares left;

3. Full payment is required: before the subscription of new shares is listed, the subscribed assets should be fully deposited in the capital account;

4. No total market value is required: you can participate if you meet the requirements and are rich. The threshold is one million yuan and two years' experience. In particular, according to the relevant standards, the asset threshold for individual investors in the North Exchange has been reduced to 5, yuan;

5. Offline innovation: Individual investors can do offline innovation, with a threshold of 1 million yuan and 5 years' experience.

1. Detailed explanation of the new rules of Beijing Stock Exchange: Unlike A shares, Beijing Stock Exchange can directly subscribe for new shares, and can participate as long as it meets the requirements for opening an account. What's more, the system of cash subscription is adopted in the innovation of the North Stock Exchange, that is, at the time of subscription, the corresponding funds need to be frozen first, and the funds will be unfrozen after the winning result comes out, usually waiting for 2-3 days. At the same time, from the point of view of the subscription ceiling, the subscription ceiling of new shares in the North Stock Exchange is relatively high, with a minimum of 1 shares for online subscription and a maximum of 5% of the initial online circulation. If a company has a large initial circulation, investors can subscribe for more shares.

2. The Detailed Rules for the Administration of Securities Issuance and Underwriting of Beijing Stock Exchange stipulates that when the total amount of effective subscription by online investors is greater than the amount of online issuance, the number of shares allocated to each investor shall be calculated according to the ratio of the amount of online issuance to the total amount of effective subscription. For the part with less than 1 shares, after summarizing, 1 shares will be allocated to each investor in turn according to the principle of giving priority to the number of subscriptions and giving priority to the same number of times until there are no remaining shares. The issuance underwriting system retains diversified issuance pricing methods such as inquiry and direct pricing; At the same time, the remaining shares will be optimized and adjusted from "giving priority to time" to "giving priority to the number of subscriptions and giving priority to the time with the same number", which will alleviate the pressure of investors' centralized subscription, strengthen the supervision of quotation behavior and maintain the order of the issuance market.