New stock issuance refers to the initial public offering of stocks (English translation into Initial Public Offerings, referred to as IPO), which refers to the process of companies issuing stocks to investors for the first time through the stock exchange in order to raise funds for corporate development.

Conditions for new share subscription: 1. The number of new shares subscribed by an investor is determined by the market value of the stocks held by the investor.

2. The market value held by investors refers to the daily average market value of non-restricted A shares held by investors in the 20 trading days before T-2 (T day is the subscription date), excluding preference shares, B shares, and funds.

, bonds or other securities, exchange-traded open-end index funds are not included in the subscription market value range.

3. Only investors with a market value of more than 10,000 yuan (including 10,000 yuan) can participate in the subscription of new shares. A market value of 10,000 yuan in the Shanghai Stock Exchange corresponds to a subscription number. One subscription number can subscribe for 1,000 shares, and the portion less than 10,000 yuan will not be counted.

Enter the subscription quota; a market value of 5,000 yuan on the Shenzhen Stock Exchange corresponds to a subscription number, and one subscription number can subscribe for 500 shares. The portion less than 5,000 yuan will not be included in the subscription quota.

4. According to the regulations of the Shenzhen Stock Exchange and the Shanghai Stock Exchange, the upper limit of the number of shares subscribed online is one thousandth of the number of shares issued online by the relevant company. If the market value is sufficient, investors can subscribe for one thousandth of the number of shares issued by the listed company.

It is generally called top purchase.