Haitong Securities called new shares lottery to embody the three common principles

Panorama August 12 August 11, 2010, 21st Century Economic report published a "Strange New stock probability: 9 of the check rate is less than 8," the article, the relevant people think: "In the ' 5+4 ' lottery rules, 9 check rate to buy 200 consecutive number to ensure that the check, and in the 8　　Under the rate, as long as the purchase of 125 consecutive number can be guaranteed, so 9 of the check rate is less than 8, new shares in the rules of the lottery is contrary to the security market fairness principle. In this view, the network editor interviewed Haitong Securities Capital Markets Department staff, the staff said: The new shares lottery by the main underwriter commissioned Securities Information Co., Ltd. to formulate the plan, after the main underwriter, the issuer unanimously agreed to implement.　　The new Shares lottery program is very strict process, the process mainly includes the signing of the three-party notarial book, the issuer from 10 groups of randomly selected 3 groups, notaries, lottery, notary notaries and other links, in accordance with the open, fair and impartial principles, the "random and balanced combination" approach. The staff believe that the article on how many consecutive numbers to ensure that the analysis of a certain reason, the implication is that the actual check rate in different numbers within the range will vary, on the one hand, for part of the application number interval, its check rate is indeed lower than the overall rate, on the other hand,　　There are also some cases where the checking rate is higher than the overall checking rate in the partial requisition number interval. The staff member noted that 9 of the check rate, whether the use of split into ' 5‰+4‰ ' or split into ' 8‰+1‰ ' and then shake the number of the scheme, the above differences will exist, but this difference does not change the overall rate of check, the final overall rate is 9; and, because the numbers are random, Fall in the high probability of winning the interval or fall in the lower section of the probability of the number is equal to all the requisition numbers, from this point of view, now commonly used in the IPO method is fair. ”