Welcome to the Help Center.

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

Subscription period might be varies from different stocks.Generally, it takes 3 to 4 days from the subscription open day to subscription cutoff date.Further details please check your IPO subscription page.


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 allocation results for new HK stock subscription are uniformly announced by the SEHK, generally on the trading day before the official listing date.

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%.



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: https://www.itiger.com/help/detail/99206464

 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

*Note: https://www.itiger.com/help/detail/99206464

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 and transaction levies(Both the transaction fees and transaction levies are charged on behalf of the Exchange and the government. Please check the website of the Exchange 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 - "Trade" - "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

IPO delayed

Client's orders are retained and funds are frozen until the Hong Kong Stock Exchange announces the confirmed listing date; if there is a re-listing, client's orders will be cancelled and the frozen funds will be released

IPO delisted

According to the Hong Kong Stock Exchange’s announcement of cancellation of listing, clients’ confirmed orders will be cancelled and frozen funds will be released

*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.


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