Securities Times reporter Liu Yiwen

  The break of new stocks brings new problems.

Puyuan Jingdian fell 34.66% on the first day of listing, causing investor complaints.

  According to the subscription rules, after online investors subscribe for Puyuan Jingdian and win the lottery, they should fulfill their payment obligations and ensure that their capital account has sufficient funds for subscription of new shares at the end of March 30 (T+2).

However, some investors reported to the Securities Times reporter that the account-opening brokerage froze their account funds on March 29 (T+1), "I wanted to abandon the purchase, but found that the funds had been frozen in advance, resulting in passive payment. , I lost money after a break."

  The investor said that his appeal was to ask the brokerage to compensate for the losses caused by the new shares breaking, but the account-opening brokerage said that it could compensate by discounting the transaction fee.

The relevant person in charge of the brokerage also said that this is to ensure that customers do not default, and if the new shares are abandoned for many times, they will be suspended for half a year for new qualifications.

If the customer really wants to abandon the purchase, he can apply to the sales department to abandon the purchase and unfreeze the funds process.

  The Securities Times reporter noticed that there are also securities companies that provide IPO funding freezing services on the APP, but this is more user-friendly. Even if the funds are frozen after the opening, investors can unfreeze them at any time.

  Funds are frozen in advance after winning the lottery

  On the evening of March 28, Puyuan Jingdian, a new stock on the Science and Technology Innovation Board, announced that after online investors have won the lottery for new shares, they should perform their payment obligations in accordance with the "Offline Preliminary Allotment Results and Online Lottery Results Announcement" to ensure that the capital account is in 2022. At the end of March 30, 2019 (T+2), there will be sufficient funds for subscription of new shares, and the transfer of investor funds must comply with the relevant regulations of the securities company where the investor is located.

In other words, the successful investor account must have sufficient funds by the end of March 30.

  An investor reported to the Securities Times reporter that he subscribed for 500 new shares of Puyuan Jingdian. "After consideration, I don't want to subscribe for the new shares, so I plan to abandon the purchase." But later, the investor found out that his account The funds were frozen in advance by the brokerage company, and it is no longer possible to transfer the funds to give up the subscription.

  The relevant information obtained by the Securities Times reporter shows that at 17:00 on March 29, 2022 (T+1), the settlement funds of the above-mentioned investor accounts will be frozen.

On March 30, 2022 (T+2 day), the investor reported the situation to the brokerage and requested to unfreeze the funds.

The brokerage said that the company's process is not so fast, and it cannot be unfrozen at present.

At 16:57 on March 30, 2022 (T+2), the investor's settlement funds freeze was cancelled.

Two minutes later, at 16:59 on March 30, 2022 (T+2), the investor's subscription funds were deducted.

  On April 8, Puyuan Jingdian was officially listed. On the first day of listing, it closed down 34.66%, and the investors who won the lottery and subscribed suffered losses.

"I originally wanted to abandon the purchase, but found that the funds had been frozen in advance, resulting in passive payment and loss of money after the break." The above-mentioned investors said that they are now looking for securities companies to claim.

  The Securities Times reporter noticed that according to the rules, the funds in the investor's capital account have the right to be used and transferred out before the end of the T+2 day.

However, the brokerage had frozen the funds the day before, that is, on T+1, which resulted in investors losing the right to dispose of the funds. Even if they wanted to transfer funds and abandon the purchase, it was not feasible.

  The above-mentioned investors said that they have negotiated with the brokerage firm, and the brokerage firm told him that there have been investors who have complained about similar issues before, and they can be compensated by discounting transaction fees.

However, the investor said that the brokerage was required to compensate for the losses caused by the breakout of the new shares.

  "The current operation of the system is to freeze at the time of liquidation the day before the payment day. The purpose is to ensure that the customer does not default, and the customer has time to make up the funds when the funds are insufficient during the day the next day, because the new shares will be suspended for 6 months if they abandon the purchase of many times. The new qualification is also done to protect the rights and interests of most investors." The relevant person in charge of the securities company told the Securities Times reporter.

  The above-mentioned person in charge also stated that if the customer really wants to abandon the purchase or use the funds on the payment date, the customer can apply to the sales department for the process of abandoning the purchase and unfreezing the funds, which can also be handled.

  Humanized thawing function is online

  Some brokerage peers told the Securities Times reporter that this kind of situation of freezing funds in advance is not suitable if the customer has not signed the relevant agreement before.

Some brokerages actually provide IPO funds freezing services, but investors are required to sign an agreement first.

In addition, after signing the agreement, even if it is frozen, if the customer insists on using it, it can be unfrozen by itself on the APP.

  "The reason why this function was developed is because some customers really need it, and some customers will mistakenly use the winning funds." The above-mentioned person said.

  A Securities Times reporter saw this function on the APP of a securities firm. Investors will have a notification letter before opening the relevant functions.

  The notification letter stated that in order to prevent forgetting to reserve sufficient available funds for payment after winning the lottery, the company has specially launched the "new stock lottery freeze" function.

After this function is activated, if you subscribe for new shares on T day, the company will freeze the paid-in funds of the winning investors on the evening of T+1 until the payment is made on T+2.

If the investor has other uses for the frozen funds on the payment date (T+2 day), they should cancel the "New Share Winning Freeze" on the day before 15:30 on the same day, and release the frozen funds through the relevant menu of the APP business management column.

This function is valid for a long time after it is turned on, and can also be turned off at any time.

  There are also brokerages who told the Securities Times reporter that the APP has launched this function, which is relatively user-friendly, the terms are also clearly stated, and investors have greater autonomy. If they want to unfreeze funds, they can unfreeze them at any time.

  "In the past, there was nothing wrong with the practice of freezing funds by brokerage companies. If they start new products, they will make money. As long as they can make money, customers have no problem. But now it is different. Breaking hair has become the norm. That's the reason." said the above-mentioned brokerage source.

  It is recommended to apply for new shares rationally

  Now the situation of new shares breaking is more serious. Winning the lottery may not necessarily make money, and may also lose money. Therefore, industry insiders suggest that investors should be more rational when purchasing new shares.

  If investors are not optimistic about a new stock, they should try not to subscribe during the subscription stage, so as to avoid many problems later, including the early freezing of funds by securities companies.

  For promising new stocks, don’t abandon the purchase at will after winning the lottery, because abandoning the purchase also needs to bear the consequences.

According to the regulations, when an online investor has won the lottery for 3 times within 12 consecutive months but has not paid in full, 6 months (calculated based on 180 natural days) from the day after the settlement participant's latest declaration of abandoning the subscription , including the next day), shall not participate in the online subscription of new shares, depositary receipts, convertible corporate bonds, and exchangeable corporate bonds.