When a municipal company distributes stock dividends to shareholders, that is, when the company's surplus is converted into capital, or when distributing shares, it is necessary to exclude the stock price (XR), which is referred to as the exclusion right. When a listed company distributes income to shareholders in cash, the share price will be ex-dividend (XD), which is short for excluding dividends. ? Shareholders who buy shares of the company on the ex-dividend date are not entitled to this dividend or rights issue.
(For the new third board enterprises, the buyers of shares enjoy the rights and interests on the registration date of share transfer, but the sellers do not. Basis: After the formal implementation of Detailed Rules for Share Transfer of National Small and Medium-sized Enterprises Share Transfer System (Trial), the delivery method was changed from "T+ 1 full unsecured delivery" to "T+ 1 full guaranteed delivery". )
When a listed company announces the issuance of shares or allotment, the shares are called heavyweights before the bonus shares are distributed and allotment is issued. A joint-stock company must first report to the competent department for approval before going through the formalities of ex-rights. After the ex-dividend is granted, the company may determine the benchmark date for equity registration and ex-dividend. All shareholders who own shares on the registration date have the right to receive or subscribe for shares, and can participate in dividends or allotment.