General Rules

1.What is Hong Kong Initial Public Offering (IPO) Subscription?

 A company’s listing is also known as an initial public offering (IPO),  in which shares of company are first offering to public for the purpose of financing by a ranged price. "New stocks Subscription" means that investors participate in the purchase of initial public offerings process. As a result, they may get the opportunity to buy new stocks on the listing date with the final issued price.

 If the company intends to go public on the Hong Kong Main Board (HKMB), the applicant is required to submit an application to Stock Exchange of Hong Kong (SEHK) for unified vetting and publishing which includes international placement and public offering. International placement sells stocks directly to professional investors (generally refers to institutional investors or large individual investors), which includes cornerstone investment and anchor investment.Placings to cornerstone investors should be subjected to a lock-up period of at least 6 months. According to listing regulations, international placements count for more than 90% of the total issuance in the ordinary course, and the rest part goes to public sales which permits retail investors to participate in the public offering subscriptions. In addition, to guarantee the retail investors have enough chances to participate, a clawback mechanism is set to expand the the public sale proportion based on the public sale over-allocation multiple. Public offering can increase to 50% at most of among the entire issuance.

*Tiger Brokers supports two subscription methods: Financing Subscription and Cash Subscription.

2.Issue Price and Final Offering Price

The issue price range is usually given by the underwriter based on company valuation and market factors. Before the official listing,underwriters will determine the final offering price, which most often falls into the IPO price range.  According to the market conditions, the final price may possibly exceed the maximum issuance price, or sometimes even less than the minimum issuance price.

3.Subscription Quantity

Subscription quantity for HK stocks is subjected to a tiered system prescribed by Hong Kong Exchanges and Clearing Limited (HKEX) instead of investor's own choices, which varies from stock to stock. The minimum subscription quantity is usually 1 lot,which may equal to 100 shares, 200 shares, or 1,000 shares.Number of shares per lot and the subscription limit please refer to the requirements of the Hong Kong Stock Exchange.

4.Subscription Open Day

The date when Tiger Brokers begin accepting subscription applications, details please refer to IPO subscription page.

5.Subscription Deadline

The date when Tiger Brokers stops accepting subscription applications,further details please check your IPO subscription page . After the subscription cutoff date, Tiger Brokers will confirm the subscription intention with clients.

6.Subscription Period

According to the FINI process, the subscription period typically spans from the opening day of subscription to the subscription deadline, usually lasting 3-3.5 days. Please refer to the displayed information on the page for the specific duration.

FINI (Fast Interface for New Issuance) is a new digital platform through which IPO market participants and regulators can manage the end-to-end settlement process for new listings in Hong Kong.FINI modernises the IPO settlement process and will shorten the time gap between IPO pricing and trading, giving investors quicker access to new listings, reducing market risk and improving efficiency for all parties involved.


Winning ballot means a subscriber's successful buying in all or part of subscribed shares at an issue price on the listing date. During HK stock subscription, investors may be assigned with either all or part of or none of the subscription shares.

8.Date of Allocation Annoucement

The results of the allocation for new stock subscriptions in the Hong Kong stock market are uniformly announced by the Hong Kong Stock Exchange, typically released on the two trading days before the official listing date (L-2). Specific details are subject to the actual situation.

9.Account Assignment/Refund Rules

After the annoucement of ballot results,the allocated shares are often assigned to the account on the same day.Generally, it will be allocated to the account before the grey market open.

The frozen fund of the unsuccessful subscription will be refunded to the subscription account on the allocation announcement date.In case of any special circumstances,HKEX shall prevail.

10.Rules of winning the lot

The allocation mechanism for the public offering of HK stocks is set based on the tiered system, under the allocation mechanism,each participant is able to win at least 1 lot. However, popular new stocks will attract too many investors to participate, which will lead to a lower ballot winning rate. Allocation results details can be checked through the information disclosure website of SEHK. Generally speaking, there are two rules as follow:

 (1) The more you purchased, the more likely you are to obtain. Therefore, to increase the win rate, the simplest way is to increase funds, and you can also use the financing funds from brokers.

(2) Equal allocation shall be carried out as far as possible. In short, if all the applicants subscribe for 100 lots equally at the same time, the final allocation will be the same. There will never be the case where some get nothing with a bunch of tickets and others experience a winning rate more than 50%.

11.Rate for winning 1 lot

It refers to the ratio of obtaininig the lot among all the effective orders of one lot through public offering.

Example:  In the public sale stage of HaiDiLao Hot Pot (06862), the effective subscription quantity for 1 lot (1000 shares) is 6,861, of which 4117 can be allocated hence the lot rate for one lot is 60.01%.


International Placing

What is International placing?

International placing is a way of issuing and listing new shares on Hong Kong Stock Exchange. International placing is not issuing shares in the open market, but towards specific investors. International placing has the following features:

  • Investors in international placing are usually institutional investors and high-net-worth individual investors. Generally speaking, such investors need to meet the eligibility requirements relevant securities laws and regulations of the country/region where they reside (such as the professional investor standards in Hong Kong, etc.).

  • Starting time:Generally, the starting time of international placing is earlier than that of public offering.

  • Allocation Mechanism: Generally speaking, investors who are willing to hold shares for a long time are likely to be allotted more shares in international offering.

  • Allocation Amount: Generally speaking, where an IPO includes both a international placing and a public subscription tranche, the international placing tranche accounts for 90% of new shares, and public offering tranche accounts for the rest 10%. The final allocation may be adjusted according to specific subscription situations. If the amount of public offering is oversubscribed to a certain degree, the minimum allocation of shares to the public subscription tranche will be increased. For example, if the total demand for shares in the subscription tranche is 100 times or more of the initial allocation, the minimum allocation of shares to the public subscription tranche will be increased to 50%, then the allocation of shares to international placing tranche will be decreased accordingly. For more information about the clawback mechanism, please refer to 第六项应用指引 证券的首次公开招股 | 规则手册.

What are the eligibility requirements for clients to participate in international placing?

In general, investors need to be certified by a professional investment certificate or meet the other eligibility requirements in the investor's jurisdiction of residence before participating in an International Placing. Please note that the eligibility requirements for participating in International Placing vary in different jurisdictions; For specific requirements, please consult Tiger's customer service: 400-603-7555

In addition, if investors want to participate in International Placing, investors need to meet certain funds requirements; Different projects have different funds requirements for investors. For specific requirements, please refer to subscription page for details.

Does Tiger International provide International Placing subscription? Is it available for all Hong Kong new shares offering?

Tiger International provides International Placing subscription; To know whether it is available for a specific IPO, please refer to the subscription details page of the IPO: IPO page - Hong Kong Stocks - Subscribed items. If there is an "International Placing" TAB, it indicates that International Placing is available for this public offering.

When does the International Placing start? When does Tiger's International Placing subscription start?

International Placing usually starts earlier than the time of Public Offering.

Tiger's International Placing subscription starting time may be later/earlier than Tiger's Public Offering subscription starting time.

What is International Placing subscription closing time? When is the subscription closing time for Tiger's International Placing?

The closing time of subscription for International Placing is the same as the time of Public Offering in the market.

Can I participate in both Public Offering and International Placing of the same IPO?

According to HKEX rules, for the same IPO, one investor can only choose one of  [Public Offering] or [International Placing] to participate.

Is the allotment rate 100% when I participate in Tiger's International Placing?

The number and distribution of shares are determined independently by the issuer and/or the underwriters, and the allotment rate may be 0% or 100%, depending on the actual allocation.

The order has been submitted and confirmed, will I definitely be allotted?

The submission of intent of subscription does not mean the client will be allotted any shares for sure; please refer to the final allocation result.

If the allocation is made to you, it indicates that your intention order is accepted. The actual purchase amount and number of shares shall be subject to the final allocation result and the final issuing price.

When I participate in International Placing, will certain amounts of my funds be frozen?

There are two methods to participate in International Placing through Tiger International: Prime Subscription/Cash Subscription;

  1. Prime Subscription is only available to particular investors. For details, please contact your business manager. Prime Subscription does not require funds to be frozen; however, the funds to purchase the allocated amount of shares and related fees shall be deposited no later than the date of allocation.

  2. Cash Subscription needs funds to be frozen during subscription period. The frozen part includes: Subscription amount, channel fee, transaction levy, etc.; The portion of funds in excess of the necessary funds to purchase the allocated amount of shares will be unfrozen on the allocation date。

What are the fees to be charged for participating in International Placing?

  • Fee rules: Charged when you alloted the lot(s), otherwise you will not be charged.

  • Fee details: transaction levy, transaction fee, economic fee, placing handling fee.

  • Transaction levy, broker fee, broker commission and other fees shall be equal to the allotment amount *1.0085%

  • Placing Handling fee: The placing Handling fee is charged at a percentage of the allocated amount,; different project's application channel fee is different.

To know the specific percentage to be charged, please consult with the business manager.

This channel fee will be stipulated in the document signed by you.

When can the results of the international placing be known?

The results are typically announced no later than 11:00 PM (L-1) on the day before the listing date and will be notified to you via SMS, push notifications, and other means. Specific details are subject to the actual situation.

When can the allotted shares from the international placing be bought or sold?

In international placing, the announcement of the draw results depends on the information released by the Hong Kong Stock Exchange. If the settlement and allocation are completed before the start of the dark trading session, you can engage in buying and selling transactions during the grey market trading session. However, if the settlement and allocation process is delayed and completed after the dark trading session, the transactions will be postponed until the listing date.




FAQs on Tiger Trade Hong Kong IPOs subscription

 Q1: Where can I find IPOs subscription?

A: Open Tiger Trade APP-Discovery-Hot-IPOs Radar, you can check the IPOs subscription status. If you do not find the IPO application portal, you may need to update the APP or contact with Tiger 's customer services.

 Q2: What is cash subscription? What is financing subscription?

 A: ①The method of using the cash(Hongkong dollar) in the account to subscribe is called cash subscription;

 ②The method of using leverage to increase subscription power is called financing subscriptions; different underlying assets have different leverage ratios. Please refer to IPO page for details.

 Q3: What account can Hong Kong IPOs subscription? Does Tiger support cash subscription and financing subscription?

 A: Both Global accounts and Omnibus accounts Hong Kong IPOs subscription Details are as follows:


Margin account

Cash account

Omnibus account

Cash and Financing


Global Account


Financing(Financing amount = Availiable cash amount)

 Q4: Subscription service fee

 For details, please check:

 Q5: Related to financing subscription interest calculation

A: Using financing subscription will incur financing interest.

Financing interest = financing amount * financing days * financing daily interest rate;(Financing daily interest rate depends on the market. Please refer to IPO subscription page for more details. )

Financing amount: the total amount of subscription

Financing days: From the application close date to the day before Allotment date-Calender date


Q6: IPO Financing frozen funds

A: After the subscription of initial shares is confirmed, the margin for the subscription of initial shares in the subscriber's account needs to be frozen. The purpose is to ensure that the subscriber's account has sufficient funds for the delivery of the initial shares after successful assignment. The frozen funds is not a deduction(or advance payment), but this part of the funds cannot be used for other purposes for the time being, and the part of the funds will be unfrozen when they are not awarded.

The  amount of frozen funds for Hong Kong IPO subscriptions depends on if the subscriptions is financed. For subscriptions not financed,the  amount of frozen funds is at 100% of the upper limit of the issue price range. For subscriptions financed,the amount of frozen funds is in accordance with the leverage ratio.

 Example: A client subscribes for 10 lots (1000 shares) of Meituan Dianping. The price range of Meituan Dianping’s IPO is 60-72 Hong Kong dollars per share. Tiger provides 4 times leverage for subscription, and the frozen margin amount is 1000*72/4=18000 Hong Kong dollars.

 After the result of allotment is announced, if clients win the lot, the funds will be used to purchase initial shares; if clients do not win or partly win, the uncompleted funds will be unfrozen.

Note: The time for freezing funds in Global accounts and Omnibus accounts is different. (1)For Omnibus accounts, the required funds will be frozen right after the subscription application is submitted. (2)For Global accounts, during offer period after clients submit the subscription applications and before the subscription deadline, the required funds havewill not been frozen and can still be used for other purposes; After the subscription deadline, if there are not enough funds in the account, throughto pass the fund revieweding process, the subscription application will be rejected or adjusted the subscription shares be adjusted;, After subscriptionthe winning the lot, if the account's risk value is underfalls below 0, itthe system will triggers liquidity risk,. Pplease make sure the account has sufficient funds during the subscription period. Please check For more information about related risk values and liquidity risk rules, please refer to through【Tiger Trade APP>Trade>Risk value】

 Q7: What is the dedution timing of related subscription fees?

A:Different fees have different deduction timing: the stock value corresponding to the amount of winning lot, the commission fees, the brokage fees after winning the lot, the transaction fees, transaction levies and FRC Transaction levy ( the transaction fees 、FRC Transaction levy、 transaction levies are charged on behalf of the Exchange and the government. Please check the website of the Exchange/FRC for more details. ) are all deducted on the announcement day of allotment.

The financing interest generated by the financing subscription is deducted in the monthly statement of margin account, and the final actual interest expense will apply in accordance with the monthly statement.

 Q8: Are there any restrictions on currency types?

A: The margin account can directly use the purchasing power to participate in IPOs subscription without any currency restriction; You can check your purchasing power in Tiger Trade APP - "Portfolio" - "Max purchasing Power"

 If the cash account does not have enough Hong Kong dollars, clients need to exchange currency before subscription.

 If clients want to exchange their currencies to Hong Kong dollars, clients can open Tiger Trade APP-Transaction-Exchange and click "Currency Exchange".

 Q9: What are the subscription status?

 A: After submitting the subscription application, the APP will display the following statuses:

(1) Submitting: Indicating that the client has submitted the subscription application and is awaiting Tiger Brokers' review;

(2) Pending: Indicating that the client has submitted the subscription application but can still modify or cancel the application.

(3) Confirmed: Indicating that the subscription application has been confirmed, but the allotment result has not been determined yet. At this stage, the subscription application cannot be modified or canceled.

(4) Partially confirmed: Indicating that the number of shares subscribed has been reduced to a sufficient amount as the margin is insufficient for the submitted subscription quantity.

(5) Rejected: Indicating that the subscription application was rejected as the margin cannot meet the minimum subscription quantity requirements.

(6) Successful: Indicating that the client has won the lot and been allocated all or part of the subscribed shares. The stock arrival time may be slightly delayed.

(7) Unsuccessful: Indicating that the client has not won the lot and therefore not received the subscription shares.

 Q10: Why is the subscription status partially confirmed?

A: Insufficient margin/HKD will cause the order to be downgraded or rejected; if the margin in the subscriber's account is not enough for the amount filled in for subscription, the subscription amount for new shares will automatically be reduced to the amount with sufficient margin. If the margin in the account is insufficient to satisfy the requirement of minimum subscription quantities, the IPO subscription order will be rejected.

 Q11: Modify subscription application

A: Before the closing time of subscription, the order shares and subscription amount are allowed to modify and cancel;  Clients cannot modify or cancel after the closing time of subscription. Cancel/Modify order: IPO Subscription - Subscription Details - Cancel/Modify Order

※Please note that the closing time for different methods of subscription may be different. If clients need to modify/cancel orders, they need to do so before the corresponding closing time . Please refer to the subscription information page for the exact closing time.

 Q12: How to confirm the subscription when I subscribe multiple IPOs with insufficient funds?

 A: (1) Omnibus account: confirm the subscriptions in the chronological order of subscription submission.

 (2) Global account: confirm the subscriptions in the chronological order of the subscription deadline.

 Q13: Can the same person subscribe for the same IPO stock with multiple accounts?

 A: For the same IPO stock, the same applicant can only subscribe once. Global account and Omnibus account under the same person cannot subscribe for the same IPO stock at the same time.  If clients subcribe at the same time, Tiger will follow default settlement cancel the latest subscription order. If the same client uses different accounts or subscribed at different brokers, the chance of winning the lot will be cancelled.

In some cases, when a broker submits a new share subscription, the client’s ID card or passport information is not mandatory, but it is the responsibility of the broker to ensure that each applicant/beneficiary can only subscribe once.

Q14: There are only US dollars in the account. When the client is using the method of financial subscription, will there be additional borrowing interest of currencies other than financing interest?

 A: During the subscription period, no additional loan interest will be generated; However, when the amount of winning lot is  released to the account, an equivalent amount of HKD owed will be generated. If the HKD owed are paid off or the winning shares are sold on the same day, the borrowing interest will not be generated. Click here to view more information about the borrowing interest.

Q15: If the listing of new shares is delayed or cancelled, how will the transaction order be processed?



Treatment plan

Postponement of IPO

In case of delayed listing, client's subscription orders are retained and subscription funds are frozen until the Hong Kong Stock Exchange announces the confirmed listing date; if there is a re-offering, client's subscription orders will be cancelled and the frozen subscriptionfunds will be released,but it should be noted that subscription fees (charged in the cash subscription or financing subscription) and financing interest fees for subscription orders will not be refunded

Cancellation of IPO

According to the Hong Kong Stock Exchange’s announcement of cancellation of listing, clients’ subscription orders will be cancelled and frozen subscription funds will be released, but it should be noted that subscription fees (charged in the cash subscription or financing subscription) and financing interest fees for subscription orders will not be refunded

*The above treatment plan is suitable for general  cases.For specific treatments, please refer to the announcement of the Hong Kong Stock Exchange. If you have any questions, please contact with Tiger's customer services at 400-603-7555.

Q16: Can Tiger Vault's purchasing power be used when applying to a new IPO?



1) When using Tiger Vault to apply for an IPO, the part of the IPO frozen amount using Tiger Vault will enter the automatic redemption process aat the end of the subscription day,

2) If the redemption amount is not received at the time of the IPO allocation day, financing interest may be incurred;

3) The IPO does not guarantee the allocation amount. If the amount redeemed by Tiger Vault is less than the allocated amount when settled on allocation day, the insufficient part will continue to be redeemed from Tiger Vault and could generate financing interest;

Please make reasonable arrangements for subscription or manually redeem Tiger Vault in advance.

For specific rules, see Tiger Vault function introduction

Q17: After using FINI, would the client subscribe to the same IPO via multiple brokers?

A: No

*If you subscribe to the same IPO with multiple brokers concurrently, FINI will regard the order as an invalid order, and cancel it. Please ensure that your your subscription plan is arranged appropriately.


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