The times have changed, the stock is no longer stable, and investors have begun to pay attention to the right to abandon the purchase at the last minute.
the breaking of new shares in a-share market is not new, and the phenomenon of investors abandoning their purchase after winning the lottery also occurs from time to time. On April 14, a text message circulated on the Internet showed that a securities firm sent a text message to customers saying that “if your new shares have won the lottery and the account funds are sufficient, the securities company will freeze the funds in accordance with the national regulations and shall not abandon the shares”. The spread and fermentation of the above screenshots once again aroused the discussion on whether to abandon the purchase after the successful subscription of new shares
In this regard, Caitong Securities Co.Ltd(601108) exclusively responded to the Chinese reporter of the securities firm. The message is a risk prompt message sent by a business department to customers (only for the customers of the business department). The impact is limited. The main starting point is to give customers a risk prompt before the purchase of new shares, so as to avoid causing their own asset losses. The wording and expression of some contents in the SMS are not rigorous and complete enough. In the follow-up, we will explain to customers and further strengthen internal management while doing a good job in investor education.
The key to the controversy over this matter is whether investors can retain the right to abandon the purchase at the last minute, rather than freezing capital for customers in advance in the name of “protection”. The reporter learned from a number of securities companies about different practices in the industry, hoping to bring you some inspiration.
prompt SMS provokes controversy
On April 14, some customers received a text message signed Caitong Securities Co.Ltd(601108) push, Dear customers, it is the obligation of every shareholder to pay for the successful new shares. If your new shares have won the lot and the account funds are sufficient, the securities company will freeze the funds in accordance with the national regulations and shall not give up the shares. I hereby remind the shareholders to make their own risk judgment before the subscription of new shares, whether it is in line with their own investment values, and apply carefully to avoid the loss of their own assets
Caitong Securities Co.Ltd(601108) said that after investigation, the short message was a risk warning message sent by a business department of the company to its customers (only for the customers of the business department), with limited influence. The main starting point of the business department is to give customers a good risk warning before the subscription of new shares, make a good risk judgment, and apply carefully to avoid the loss of their own assets.
according to Caitong Securities Co.Ltd(601108) introduction, the business department edited relevant text messages and sent them to customers in order to remind investors to pay in time and convey the capital settlement obligations of investors after winning the lottery. The policies and regulations related to the content of relevant SMS include:
1. “Detailed rules for the implementation of online issuance of initial public offering shares of Shanghai and Shenzhen Stock Exchange”
After the successful subscription of new shares, the investor shall perform the obligation of capital settlement according to the results of the successful subscription. If the subscription fund is insufficient, the investor shall bear the consequences and legal liabilities by itself.
2. Measures for the administration of securities issuance and underwriting
Offline and online investors who apply for new shares, convertible corporate bonds and exchangeable corporate bonds shall pay the subscription funds in full and on time. If an online investor fails to pay in full after winning the lottery three times in a row within 12 months, he shall not participate in the subscription of new shares, convertible corporate bonds and exchangeable corporate bonds within 6 months.
at the same time, Caitong Securities Co.Ltd(601108) also admitted that the wording and expression of some contents in the SMS were not rigorous and complete. He also said that he would explain to customers, educate investors, protect the legitimate rights of investors, and further strengthen internal management
can investors abandon their purchase at the last minute
It should be noted that the key reason why this incident has aroused heated discussion on the Internet is that it touches on the vital interests of more investors – can securities companies freeze funds for investors in advance to ensure the success of subscription deduction? Can investors decide whether to abandon the purchase at the last minute?
according to media reports, the announcement time of the winning results of new shares is the third day of subscription (T + 2), while Caitong Securities Co.Ltd(601108) will freeze the customer’s funds ahead of the second day of subscription (T + 1, the date of announcement of the allotment number of new shares). If there are still funds in the customer’s account (whether full or not) by this time point, they will be frozen and can not apply for unfreezing
On April 11, China, a securities firm, also published a report on the “disaster” caused by the breaking of new shares! What happens when investors ask for money? Is it reasonable for securities firms to freeze funds in advance when they want to abandon their purchase after winning the lottery, Discuss whether securities companies can freeze customers’ funds in advance.
Chinese journalists from securities companies learned that in the past, IPO innovation can be said to be a steady profit without loss, but many investors often failed to deduct money in time after winning the lottery due to carelessness, resulting in missing the meat label. To this end, securities companies have kindly launched the service of “freezing capital in advance” to help customers lock in new income first
However, the problem is that with the further marketization of the issuance of new shares, there are more and more breaking of new shares. On the contrary, many investors fail to abandon their purchase due to the early freezing of capital, and then suffer losses. The times have changed, and the once intimate advance freezing service has changed from “sweetie” to “Mrs. Niu”.
in the final analysis, it is to protect customers’ right to know
The same is “freezing capital in advance”, and different securities companies also have different practices.
For example, a securities firm will pop up a notification letter on the freezing of funds in the successful lottery of new shares in the app, which mentions that after the function is opened, if the new shares are purchased on t day, the securities firm will freeze the payment funds of successful investors on the evening of T + 1 until t + 2. If the investor has other uses for the frozen funds on the winning payment date (T + 2 day), he can cancel the freezing and release the funds before 15:30 on the same day. The function is valid for a long time after it is opened, and it can also be closed at any time.
Some securities companies also said that they would freeze funds before the opening of the day (T + 2 day) on which the payment of new shares was successful, rather than t + 1 day. Investors need to transfer in the full amount of funds at 16:00 on the same day, which will be deducted automatically after liquidation in the evening.
Some securities companies also said that if investors want to lock in new income in advance, they can also lock in the winning funds in advance through mobile phone software or computer software before 16:00 on the day of new share winning (T + 2 day), so as to ensure that the system will automatically deduct money later. However, after the successful lottery funds are locked, they cannot be unlocked and can only be used for payment of new shares.
However, no matter how it is operated, an unavoidable problem is that the advance capital freeze service is no longer a popular function, but securities companies seem not to realize that the needs of investors are changing in a world of different things. Under the new market environment, how to do a good job in informing, investing and teaching, and how to ensure customers’ right to know are still a long-term test for securities companies
“No abandonment of shares after winning the lottery of new shares” how about the fact that some securities companies put forward mandatory requirements to customers, and the customer service replied to the supervision window for guidance?
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