Is it normal for Guotai Junan's subscription winning rate to be lower than the announced winning rate?

It is normal that Guotai Junan's subscription winning rate is lower than the announced winning rate.

In the process of stock issuance, the winning rate of new share subscription is usually announced by the lead underwriter before the issuance. This winning rate is an average, which may be affected by many factors such as market environment and investors' willingness to subscribe. In practice, the final winning rate may be lower or higher than the published winning rate.

There may be the following reasons why the subscription winning rate is lower than the published winning rate:

1. Changes in market environment: During the subscription period, the market environment may fluctuate, resulting in changes in investors' subscription willingness, thus affecting the final winning rate.

2. Changes in the number of investors' subscriptions: The number of investors' subscriptions may be affected by market news, other investment opportunities and other factors, resulting in the inconsistency between the final subscription number and the expected number, thus affecting the winning rate.

3. There is randomness in the lottery process: the lottery is usually used to decide the winner in the subscription of new shares, and this process has certain randomness, which may lead to the deviation between the final winning rate and the expected value.

Therefore, it is normal that Guotai Junan's subscription winning rate is lower than the announced winning rate. Investors should be rational and make decisions according to their investment strategies and risk tolerance.