There is no quota and authority for subscription, that is, investors have no right and qualification to subscribe for new shares, and there is no quota for subscription for new shares. In the A-share market, many investors will innovate, because once they win the lottery, they can pay the subscription fee to subscribe for new shares. Because of the continuous winning rate of new shares, winning means that investors can enjoy the benefits obtained after the subscription of new shares.

When purchasing new shares, it shows that there is no subscription quota. There are two possible situations:

First: the market value is not up to standard.

According to the regulations of Shanghai and Shenzhen Stock Exchanges, the average daily assets of investors in the 20 trading days before the subscription of new shares shall not be less than 1 000 yuan, that is, they shall subscribe for and hold shares of 1 000 yuan for at least 20 trading days. Moreover, the quotas of Shanghai and Shenzhen stock markets are calculated separately. Suppose that stocks bought in Shanghai can only subscribe for new shares in Shanghai, but not in Shenzhen.

Second: there is no trading authority.

At present, China's securities market implements the registration system and approval system, and the risk of registered stocks is high, so there is a capital requirement for purchasing registered stocks. GEM stock subscription requirements: within 20 trading days before individual investors apply for opening authority, the average daily assets shall be no less than 6,543,800 yuan; Requirements for subscription of science and technology innovation board stocks: the average daily assets in the first 20 trading days are not less than 500,000 yuan, and the trading authority is 24 months. So if you don't meet the requirements, there will be no purchase quota. ?

The quota of new shares refers to a certain amount required by investors when they subscribe for new shares. The system will allocate the quota according to the share of shares held by investors in their accounts, and investors can only purchase according to the quota. Usually, quota allocation has its rules. Assuming that T day is the subscription date, the system will calculate the allocation quota according to the daily average stock value of the investor's account in the 20 trading days before T-2 day. The daily average stock value should be at least 1 10,000 yuan, and the higher the value, the higher the allocation amount. Under normal circumstances, new shares must have a quota allocated by the system, and investors can purchase only when they have certain movable funds. Buying doesn't mean they have to win the lottery. Only when they win the lottery can they really buy new shares.