1. underwriting issuance method. A securities company that issues shares on behalf of a listed company underwrites all or part of the newly issued shares at one time and prepays all the capital equivalent to the issue price of the shares.
Because financial institutions generally have abundant funds, they can advance in advance to meet the needs of listed companies for a large amount of funds, and listed companies are generally willing to transfer their newly issued shares to brokers for underwriting. If the number of shares issued by listed companies is too large, it is difficult for a securities company to underwrite, and several securities companies can jointly underwrite.
2. Distribution based on commission. It is issued by listed companies themselves and only entrusted to securities companies for promotion. Securities companies only charge a certain agency fee to listed companies.
Although listed companies can raise a lot of funds in a short time to meet the urgent need of funds, the underwriting and issuance method of stock listing. However, generally underwritten securities are only purchased by securities underwriters at the first-class issue price or lower, which inevitably makes listed companies lose some of their due income. For listed companies, although they can get more funds than underwriting, the whole redemption time may be so long that listed companies cannot get the needed funds in time.
In addition, in order to impress the public with great potential and prosperity as soon as the stock is listed, listed companies often consider the following factors when choosing the timing of listing:
(1) Be optimistic about the stock market when preparing and in the foreseeable future.
(2) We should fully pave the way for the business in the coming year, so that the public can generally predict that the listing of enterprises next year will be better than this year; Don't go public when the company has reached its peak and there is no big development and change in the future, or give the public the impression of a growing company.
(3) The company's internal management system, dividend system and employee internal distribution system have been determined, and the future development policy has been defined before listing, which will give the exchange and the public a sense of stability. Otherwise, the changes after listing will not only affect the stock market, but also cause serious suspension of listing.
When investigating a company about to go public, investors can take a look and analyze its issuance method and maturity of listing time, and sometimes they can show us some deeper information than reading its listing announcement.
A stock issuer must be a joint stock limited company with the qualification to issue shares, and a joint stock limited company must meet certain conditions for issuing shares. China's "Interim Conditions for the Administration of Stock Issuance and Trading" has made specific provisions on the conditions for the newly established joint stock limited company to publicly issue shares, the original enterprise to reorganize and set up a joint stock limited company to publicly issue shares, increase capital to issue shares and the directional issuing company to publicly issue shares.
Conditions for the public offering of shares by a newly established joint stock limited company
(1) The production and operation of the company conform to the national industrial policy;
(2) There is only one common stock issued by the company, and the same shares have the same rights;
(3) The share capital subscribed by the promoters shall not be less than 35% of the total share capital to be issued by the company.
(4) Unless otherwise stipulated by the state, the shares subscribed by the promoters shall not be less than RMB 30 million.
(5) The portion to be publicly issued shall not be less than 25% of the total share capital to be issued by the company, and the share capital subscribed by the employees of the company shall not exceed10% of the total share capital to be publicly issued; If the total share capital to be issued by the company exceeds 400 million yuan, the China Securities Regulatory Commission may reduce the public offering as appropriate.
Part of the proportion, however, the minimum shall not be less than15% of the total amount of the company's proposed share capital;
(6) The issuer has not committed any major illegal acts in the last three years;
(7) Other conditions stipulated by the CSRC.
Stock issue price
When stocks are listed and issued, listed companies do not treat listed stocks according to their own interests and the principle of ensuring the success of listing.
Value issue, and set a more reasonable price to issue, this price is called the issue price of the stock.
The market price of stocks.
The market price of a stock refers to the transaction price reached by both parties in the transaction process, and the stock price usually refers to the market price. stock
Market price directly reflects the stock market and is the basis for investors to buy stocks. Due to many factors, the market price of stock is at a low level.
Constantly changing. The stock price is the concentrated expression of the stock market value, so this price is also called the stock market.