Hong Kong
IPO
Gateway
Hong Kong is one of Asia's largest fundraising hubs, with over 2,600 listed companies and a strong pipeline of new listings each year.
The HKEx Main Board and GEM Board attract diverse issuers, from China's new-economy firms to international consumer and biotech names.
IPOs are typically priced in HK dollars and allocated through a ballot-based system; oversubscription is common for high-profile listings.
Retail investors can participate via public tranche applications, with allotment results announced before the first trading day.
Factors that drive subscription demand include company fundamentals, sector sentiment, liquidity, and overall market tone.
Hong Kong IPO Market Snapshot
Hong Kong continues to serve as a major gateway for Chinese and Asia-Pacific issuers seeking global capital. Each year, the Exchange hosts dozens of new listings spanning technology, consumer, healthcare, and industrial sectors.
When a company lists, shares are offered through two tranches: a public offering for retail investors and an international placement for institutions. The retail portion is usually small (around 10% of the total offering) and is subject to scaling if demand is high.
Investors applying through the public tranche typically do so in board lots and may receive partial or zero allotment depending on the final subscription ratio. All applications and refunds are made in HK dollars.
How do I subscribe?
You may subscribe to HK IPOs from your POEMS account via the POEMS 2 Web portal.
Login to POEMS Web → Acct Mgmt → Stocks → Online Forms → Account Application → IPO Subscription – Online Irrevocable Form
For manual processing of subscription forms, please contact your Trading Representative.
Eligibility Criteria
For subscription to Hong Kong IPOs, the eligibility criteria are as follows:
- Minimum of S$200,000 subscription (or its equivalent of HKD).
- Accredited Investors (AIs) are allowed subscription values of less than S$200,000.
- Account must be prefunded with the minimum subscription amount or higher, or have the equivalent in free cash balance.
- Prefunding deposit must be in cash, no collaterals in the form of stocks or other products may be used.
- Please refer to the application forms for cut off date and time.
Subscription Fees
- HK$100 subscription fee
- 1.0085% foreign fees on allotted value
- 9% GST on all applicable fees
IPO Calendar
Looking ahead? Explore the upcoming HK IPO calendar.
Check out our Hong Kong Pre-IPO trading here as well!
HK IPO Subscription Calculator
Estimate deposit and fees for Share Financing or Full Payment (no interest).
Values are preset by POEMS and cannot be changed on this page.
Share Financing deposit = 20% × (Application + foreign fees on application + GST on those fees) + Subscription fee. At settlement, foreign fees & GST are charged on the allotted value (shares × offer price). Figures are estimates; actual charges and allocations may differ. The results from this calculator will not be considered grounds for dispute.
Frequently Asked Questions
There is a possibility of zero or very minimal allotment as popular HK IPOs are usually heavily oversubscribed.
In the case of zero or partial allotment, the unused funds will be refunded to your trading account after deducting applicable fees.
The results will be available via the Online Subscriptions Form page on POEMS Web.
You will be required to complete an irrevocable form to subscribe to HK IPO.
You may access the irrevocable forms via POEMS Web under Acct Mgmt –> Stocks –> Online Forms –> HK IPO Subscription – Online Irrevocable Form
Pre-funding your account is also required.
For Non-AI clients, the minimum amount for subscription is SGD $200,000 or its equivalent in another currency.
This minimum amount will be locked for the subscription period.
You may apply for the HK IPO in SGD and HKD, but the payment on final allotted shares can only be in HKD.
No, HK IPO subscriptions are not supported via iBanking or ATM.
The last date and time will be shown on the application forms online.
Applicants are solely responsible for the accuracy and completeness of their application and deposit prior to submission. Once lodged, amendments are not supported.
Withdrawals of applications must be done before the cut-off time as shown on the application forms. Any withdrawal request after which will not be processed.
Yes, shares allotted during HK IPO subscription are tradeable during the HK Pre-IPO available on POEMS.
Yes, however, you must ensure that only a single application is lodged for any given IPO counter. Applications for separate IPO counters may be submitted simultaneously. Submitting multiple applications for the same IPO counter will result in the rejection of all applications for that counter.
Accredited Investors can now subscribe to HK IPO with Share Financing
With POEMS Share Financing for HK IPOs, Accredited Investors (AIs) have the option to apply for new listings with a financing arrangement that reduces the initial cash outlay required at subscription. This arrangement allows participation in IPOs without committing the full amount upfront.
The share financing application will only require 20% co-payment, with the 80% financing being interest-free.
AIs who prefer not to use the financing arrangement may also subscribe to HK IPOs through full payment.
For further details on the process and eligibility, please contact your designated Trading Representative or your Dealing team
Accredited Investors (AI) with Margin, Cash Plus or Cash Management account can apply for IPO Financing.
Joint account and Cash Account types are not eligible for share financing.
A fixed rate of 80% financing is available on the total subscription amount. However, share financing is only available to Accredited Investors (AI).
The 80% share financing during the application is interest free, however, if your allotted value exceeds that of the initial co-payment amount, there will be a 7% p.a. interest chargeable on the difference.
The allotted amount and applicable fees will be debited from your account. If your account has insufficient funds, debit interest will accrue and you are required to fulfil any margin shortfall within the stipulated timeframe.
Accredited Investors can submit the duly completed IPO Financing Application form and fund your account with the 20% co-payment before the submission deadline.
Disclaimer
This material does not constitute a recommendation, an offer, invitation to offer or solicitation to buy or sell any investment products mentioned. It does not have any regard to your specific investment objectives, financial situation or any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of your acting based on this information.
To the extent that this material constitutes an offer or invitation to a relevant person or a person specified under section 275(1A) of the SFA, the material herein is provided as information only and not as an advertisement under section 275 of the SFA.
Terms and Conditions – HK IPO application
- These terms shall form an integral part of and shall be read together with the Conditions Governing Phillip Securities Accounts. The Customer represents and warrants that he/she meets the eligibility criteria and other requirements set out in the relevant IPO Offering Documents and is not disqualified from making the HK IPO application under any law or regulation.
- All applications are denominated in HK$. Minimum subscription amount is S$200,000 (or HK$ equivalent) for full payment subscriptions.
- Minimum subscription amount is not applicable for eligible Accredited Investors.
- IPO allotment results are determined by the issuer. PSPL does not guarantee any allocation.
- In the event of zero or partial allotment, The Customer’s unused funds (net of application fees) will be credited back to The Customer’s trading account within three business days after refunds are received by PSPL.
- The Customer shall bear all currency exchange costs and risks, including any exchange losses arising from any adverse S$/HK$ movements; PSPL is not liable for such losses.
- The Customer acknowledges that he/she is aware of and accepts the risks involved in HK IPO applications, including:
– Allotment Risk: popular HK IPOs are frequently oversubscribed, and Customers may receive minimal or even zero allocation.
– Market Risk: IPO shares may trade below the offer price upon listing, resulting in capital loss.
– Leverage Risk: Financing amplifies both gains and losses; and Customers may sustain losses greater than the initial payment.
– FX Risk: conversion between currencies exposes The Customers to exchange rate fluctuations.
– Liquidity Risk: The Customers may not be able to sell the allotted shares at their desired price or time in market stress.
- PSPL may amend these Terms (including rates and fees) at any time by posting the revised Terms on its website; continued participation constitutes acceptance.
Application process
- The Customer must complete and sign the relevant IPO Irrevocable Application & Compliance Form via POEMS 2 Web.
- Manual Applications must reach PSPL no later than 17:00 SGT, two business days before the official SEHK close of the IPO subscription period. Applications submitted after the cutoff may be rejected or processed on a best-effort basis at PSPL’s discretion.
- PSPL will deduct from The Customer’s trading account the subscription amount (plus fees and interest as applicable) before the IPO listing date, or upon notification of allotment, whichever is earlier.
- Applications may only be submitted via the HK IPO subscription online forms, or manually through the Customer’s designated Trading Representative or Dealing team.
- HK IPO application fee: HK$ 100 per application (non-refundable). Other charges (e.g., FX spreads, bank charges) may apply.
- If cleared funds are insufficient, PSPL may liquidate the Customer’s securities or exercise any right of setoff; default interest and administrative fees may apply.
- An applicant shall submit only one application for the service or product. Multiple submissions, including those made by or through another third-party intermediary (such as a broker), will be rejected.
Financing terms
- The Customer must complete and sign the relevant IPO Financing Application Form.
- IPO financing is 80 % of the subscription amount. The Customer must deposit the remaining 20% co-payment plus fees before the application is accepted.
- Interest will only be charged on allotments that have exceeded the 20% initial payment and will be charged on the difference (monies borrowed).
- Debit interest is charged on debit balance at 7% p.a., beginning on the allotment date if the account does not have/convert sufficient HK$. If the IPO listing is deferred or settlement is delayed beyond four days, interest continues to accrue daily at 7 % p.a. until the loan is repaid, or forced selling is in place. (If allotment is more than 20% co-payment value)
