This factor measures the growth rate of annual stock issuance by calculating the natural logarithm difference between the company's current year and the previous year's adjusted total share capital. A positive value indicates that the company has issued more shares this year, and a negative value indicates a repurchase or reduction in shares. Empirical studies have shown that the annual growth rate of stock issuance is negatively correlated with the cross-sectional return of stocks, that is, companies that issue more shares tend to have lower future stock returns. This can be explained by the fact that when company management believes that the stock is overvalued, it tends to issue more shares to raise funds, or the company may need to issue shares to make up for financial difficulties. Therefore, this factor can be used as a negative signal in portfolio construction, that is, companies with a larger growth in stock issuance should be given a lower weight or avoided. This factor can be used in quantitative investment to construct a value investment strategy and screen out companies with smaller issuances.