What do you mean by issuing shares?

Stock allocation \ r \ stock market terminology. \ r \ Rights issue is the behavior of listed companies to further issue new shares to the original shareholders according to the needs of company development and corresponding procedures. According to the usual practice, the subscription right of new shares is distributed among the original shareholders according to the proportion of the original shares, that is, the original shareholders have the preemptive right. \ r \ When issuing new shares, the company will keep the price (lower than the market price) according to the number of shares held by shareholders. One of the main features of r\ N rights issue is that the price of new shares is determined according to the stock market price at the time of issuance announcement. The discount price is to encourage shareholders to bid for the subscription. When the market environment is unstable, it is very difficult to determine the right issue price. Under normal circumstances, the price of new shares is discounted by 10% to 25% according to the stock market price at the time of issuance announcement. Theoretically, ex-dividend price is the sum of the prices of stocks and new shares before the issuance announcement. Weighted average price. It should be the share price after the placement of new shares. \ r \ nA rights issue is not a dividend \ r \ nA dividend is the return of a listed company's investment in its shareholders. Its characteristics are: listed companies are payers, shareholders are reapers, and shareholders reap the operating profits of listed companies. Therefore, dividends are based on the operating profits of listed companies. No profit, no bonus. Dividends of listed companies usually have two forms. The first is to distribute cash dividends. That is, listed companies will be at a certain stage (usually one year). Part of the profits will be returned to shareholders in cash, thus returning their investment. In addition, bonus shares are distributed, that is, the company converts the cash dividends due to shareholders into capital to expand production and operation, and then returns them to shareholders in the coming year. However, the rights issue is not based on profit. As long as shareholders are willing, even the operating losses of listed companies can be distributed. The listed company is the requester, the shareholder is the payer, the shareholder makes additional investment, and the joint-stock company obtains funds to enrich its capital. Although the shares held by shareholders have increased after the rights issue, it is not the company's investment in shareholders. Return. It is a certificate after additional investment. \ r \ n \ r \ nRights issue refers to exercising the right of rights issue, obtaining paid bonus shares and buying shares at a certain proportion and price. In other words, if you want to get more shares, you must pay your own money. You should pay attention to the market atmosphere after the rights issue and ex-rights. In the bull market, after the rights issue, you have a greater chance to make a rights issue. Stocks bought at low prices may have greater returns. If the general trend weakens and the share price falls below the allotment price after ex-rights, then you will suffer heavy losses. If it's okay. There is no point in buying stocks at a low price. \ r \ The rights issue operation is just like buying stocks at ordinary times. Fill in the bill according to the allotment price and the quantity to be allotted. There is no ration card. If a stock pays dividends and distributes shares, it can only get dividends and cannot distribute them. As long as it is not bought within the payment period of the rights issue, the rights issue will be abandoned. What are dividends and rights issues? \ r \ Investors buy shares of a listed company, invest in the company, and enjoy the dividend rights of the company at the same time. Generally speaking, there are two forms of dividends of listed companies; When distributing cash dividends and stock dividends to shareholders, listed companies can choose one or both forms according to the situation. \ r \ Cash dividend refers to the dividend paid to shareholders in cash, which is called dividend distribution or dividend distribution; Stock dividend means that listed companies give shares to shareholders free of charge, and dividends appear in the form of shares, also known as bonus shares or share delivery; In addition, investors often encounter the situation that listed companies convert their share capital into share capital, which is different from dividends. Dividend is a way for shareholders to distribute the current year's income to shareholders after deducting the expenses such as provident fund, while capitalization is a form of share delivery for listed companies, which is extracted from the provident fund. The profits accumulated by listed companies over the years and the income from issuing new shares at a premium are realized by sending shares. The sources of the two are different. \ r \ Rights issue is also a common situation for investors. It is different from sending shares to increase equity. It is not profit distribution, but the process of investors reinvesting in the company. Rights issue refers to the listed company paying a certain number of shares to shareholders in proportion in order to further absorb funds. It is not a dividend in itself, but a way of financing. It is a stock issue of listed companies, and shareholders of the company can freely choose whether to buy the allocated shares. \ r \ nGeneration of ex-dividend and ex-dividend transaction \ r \ nThe rights distributed to shareholders by listed companies include dividends, that is, the right to receive cash dividends or vote dividends and the right to distribute shares. However, since shares have been transferred and sold among market investors, when listed companies distribute dividends to shareholders for rights issue in a certain period of time, there is a question whether such rights should be distributed to stock buyers. In addition, it is necessary to exclude these factors from the stock market price after the fact that the company's share capital and the actual value (net assets per share) of the enterprise represented by each share have changed. The extinction caused by the increase of share capital due to share transfer or allotment is called ex-dividend, that is, the rights enjoyed by shareholders are removed from the stock price; The extinction caused by dividend distribution is called ex-dividend, that is, the right of shareholders to enjoy cash dividends is removed from the stock price. \ r \ The equity (interest) registration date and ex-dividend (interest) benchmark date are the dates specified by the listed company when distributing dividends or allotment, and the stocks before the close of this date are "heavyweights" or "interest-bearing stocks". Investors who hold shares after the close of the day have the right to share dividends, which is usually called R Day. \ r \ nThis day is called the registration day, because the exchange will carefully check the relevant information after the close of the day. After checking the investment with dividend rights, the whole registration process will be automatically completed by the host computer of the exchange, without the need for investors to go through the registration procedures, which is also an advantage of paperless trading of securities. \ r \ The ex-dividend (interest) benchmark date is the next trading day relative to the equity (interest) registration date, that is, R+ 1, and the trading day after this date is called "ex-dividend (interest) shares", so investors who buy shares will no longer enjoy the right to this dividend allotment, while investors who hold shares after the closing of the equity (interest) registration date will enjoy the ex-dividend (. N ex-dividend ex-dividend quotation \ r \ nEx-dividend (interest) shares and ex-dividend shares are judged according to whether they can enjoy dividends, which also determines the difference in their market values. Generally speaking, the stock price on the ex-dividend (interest) benchmark date is lower than the stock price on the benchmark date. In order to ensure the fairness and continuity of the stock price, it is necessary to carry out technical treatment on the ex-dividend benchmark date. According to the specific situation after ex-dividend (interest), the price after ex-dividend (interest) is calculated as the ex-dividend guide price or benchmark price, also known as ex-dividend quotation, which is usually used as the previous closing price on the ex-dividend (interest) day. \ r \ nThere are several specific calculation formulas for ex-dividend quotation: \ r \ nEx-dividend quotation. Ex-dividend quotation = closing price on dividend registration date. Cash dividend per share (dividend) \ r \ nEx-dividend quotation. \ r \ nEx-dividend offer = record closing date /( 1+ dividend yield) \r\nb Ex-dividend offer = (record closing date+allotment price * allotment rate) /( 1+ allotment rate) \ r \ nEx-dividend offer at the same time = (record closing date+allotment. N Ex-dividend and ex-dividend quotation = (stock registration closing price+cash dividend per share * allotment rate) /( 1+ allotment rate+allotment rate) \ r \ nIt should be noted that the stock price in the stock market is greatly influenced by the market supply and demand itself, so the ex-dividend and ex-dividend quotation is only used as a reference price when the market opens on ex-dividend (interest) day. The current practice of Shanghai and Shenzhen Stock Exchanges is to use ex-dividend (interest) quotation instead of the previous closing price on the ex-dividend (interest) benchmark date as a reference for call auction and price limit on that day. The opening price of the day is still generated by call auction, and the subsequent prices are generated by continuous bidding. \ r \ nRights filling and rights allotment \ r \ nWithin a period of time after ex-dividend (interest), if most investors are optimistic about the stock, its price will rise, which is higher than the ex-dividend (interest) quotation, that is, the stock price is higher than the price before ex-dividend (interest). This market is called right-hand filling. If the stock price rises to the price level before ex-dividend (interest), it is called right filling. On the contrary, if most investors are not optimistic about the stock, resulting in the stock price falling, and its price is lower than the ex-dividend quotation, that is, the stock price is lower than the pre-dividend (interest), it is a discount. \ r \ nHow to get stock delivery and dividends \ r \ nHow to get bonus shares and dividends of Shanghai Stock Exchange. According to the rules of Shanghai Stock Exchange, the bonus shares and dividends enjoyed by investors will be automatically transferred to this account. The registration date of equity (interest) is R day, and the benchmark date of ex-dividend (interest) is R+ 1 day. Investors' bonus shares are automatically collected and traded on R+ 1 day, and dividends are automatically collected on R+2 day. Investors can check and confirm in time. If they have any questions, they should ask the staff of the securities business department. \ r \ Collect bonus shares and dividends in Shenzhen Stock Exchange. According to the trading rules of Shenzhen Stock Exchange, the bonus shares and dividends enjoyed by investors are automatically transferred to the account. The registration date of equity (interest) is R day, and the benchmark date of ex-dividend (interest) is R+ 1 day. Investors' bonus shares are automatically received and traded on R+3, and dividends are automatically received on R+5, so investors can check and confirm them in time. In other words, whether it is Shanghai Stock Exchange or Shenzhen Stock Exchange, investors' bonus shares and dividends are automatically received, and investors do not need to go through any formalities, but the time of receipt is different. Investors should pay attention to inquiry and confirmation. \ r \ nSubscription and payment method of rights issue \ r \ nSubscription and payment of rights issue in Shanghai Stock Exchange. The start date of allotment payment is R+ 1, and the payment period is generally 10 trading days. Investors can pay on any day during the payment period, and the payment method; Change the stock code from 600*** to 700*** to buy or sell (please confirm with the staff of the securities company for details). The price is the allotment price, and the quantity is: number of shares * allotment rate. The specific quantity can be inquired in the securities company. If in doubt, you can allocate 1 share first, and then check the balance after delivery the next day. If there are any assignments, the code should be changed accordingly. \ r \ Shenzhen Stock Exchange subscribes for rights issue. The starting date of the allotment payment is R+3 days, and the payment period is generally 10 trading days. Investors can pay on any day during the payment period, and the payment method; Change the stock code from 0*** to 8***, if it is a rights issue, change it to 3*** and buy it. The price is the allotment price, and the quantity is the number of shares * allotment interest rate. If less than one share is not worthy, the specific figures can be inquired at the brokerage office. No matter whether the shares in Shanghai or Shenzhen Stock Exchange pay the allotment, the delivery note should be printed in time the next day to confirm the allotment transaction. If the transaction is not completed or the balance is not zero, it should be replenished in time. In addition, there is no handling fee for the placement payment. After the allotment payment period, if the allotment payment procedures have not been completed, it will be deemed as automatic waiver and cannot be reissued. The listing date of the allotment shares shall be listed and traded after the announcement of change of share capital is published in the listed company and notified by the exchange. Generally, the time is about half a month after the deadline for allotment payment. \ r \ rights transfer is a unique product of China stock market. In China's Shanghai and Shenzhen Stock Exchanges, public shares (including state shares and legal person shares) of listed companies cannot be listed and circulated. When a listed company issues shares, the shareholders of state-owned shares and legal person shares give up the rights issue for some reason and transfer the rights issue to the shareholders of public shares with compensation. Shares subscribed by the public for the rights issue are transferred to the rights issue. Share allotment is a flexible share, which has the same rights as other shares, and enjoys all rights such as dividend distribution, share allotment and attending shareholders' meetings. At the same time, rights issue and the nature of new shares generated by rights issue are still rights issue.