1. Compared with the original regulations, the new regulations introduce the factors of stock price fluctuation and historical dividends. Large fluctuations are not conducive to valuation, and historical high dividends are beneficial to valuation.

2. The longer the restricted period, the greater the value of short selling options and the lower the value of restricted shares.

3. The closer to lifting the ban, the faster the valuation of restricted shares will rise. If the valuation of the old rules is a process of uniform increase, then the new rules are an accelerated process.

4. When the restricted shares lose money, according to the old regulations, the floating loss is calculated at the market price. In the new regulations, the floating loss is not only included in the floating loss according to the market price, but also the value of the short option is subtracted on this basis. Therefore, if there is a floating loss of restricted shares under the new regulations, the valuation will be lower than the old regulations.

5. When the restricted shares float, if calculated according to the old rules,