The three subscription methods of the new ETF have their own characteristics, which are mainly divided into online cash subscription, offline cash subscription and offline stock subscription.

First of all, online cash subscription is similar to buying closed-end funds or issuing new shares. Investors need to hold the A-share account or fund account of Shanghai Stock Exchange and participate in cash through the online system during the issuance period through the selling agent. This method is convenient and suitable for ordinary investors.

In contrast, offline cash subscription is closer to the subscription procedure of open-end funds. Investors subscribe in cash through Huaxia Fund and its designated securities companies during the trading hours during the fundraising period. The minimum subscription share for each subscription is 1, and it can be subscribed for multiple times, with no upper limit. This is mainly applicable to institutional investors or individual investors with large funds.

while stock subscription involves direct stock subscription, investors need to follow the principle of voluntary contribution and risk-taking through fund managers and designated agencies. This form is usually related to the employee stock ownership plan of the enterprise. After the employees meet the requirements, they will pay the share purchase funds, and the enterprise will issue the equity certificate and put it on record.

In the issuance of new shares, the setting of the issue price is very important, which affects the subscription behavior of investors. The issuer needs to fully understand the market dynamics and the characteristics of new shares to set a reasonable price. At the same time, market perfection can also avoid insufficient issuance, reduce financing risk and promote the healthy development of the market through the transfer of allotment.

The above three methods have their own applicable groups and rules, and investors need to make choices according to their own conditions and market conditions when participating.