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.
You can now subscribe to HK IPO with Share Financing!
With POEMS Share Financing for HK IPOs, Eligible Customers 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.
Customers 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
For both Share Financing (80%) and Full Payment methods, the eligibility criteria are as follows:
- Minimum of S$200,000 subscription (or its equivalent of HKD$ )
- a. For Share Financing, the 20% co-payment is S$40,000 minimum (or its equivalent of HKD$ )
- Account must be prefunded with the minimum subscription or co-payment amount
- Prefunding deposit must be in cash
- Submit the duly completed form to your Trading Representative or Dealing team latest by 10:00AM SGT the day before subscription period ends
Leveraged IPO subscriptions magnify gains and losses; prices may move sharply on listing.
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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.
Looking ahead? Explore the upcoming HK IPO calendar.
Check out our Hong Kong Pre-IPO trading here as well!
Scan the Qr Codes to view the upcoming IPO calender or join HK IPO Community on POEMS Mobile 3 App!
HK IPO Calendar
There is a possibility of zero or very minimal allotment as popular HK IPOs are usually heavily oversubscribed.
On the contrary, clients customers who receive full allotments, or partial allotments that exceeding the 20% co-payment are subject to forced selling if there is no capacity to meet margin requirements.
Please contact your designated Trading Representative or your Dealing team to place an order for a HK IPO. You will be required to complete an irrevocable form to subscribe. Pre-funding your account is also required.
Customers with Margin, Cash Plus or Cash Management account can apply for IPO Financing.
Maximum 80% financing is available on the total subscription amount.
Yes, you can choose to make full payment for the HK IPO subscription.
Submit the duly completed IPO Financing Application form and fund your account with the 20% co-payment before the submission deadline.
No, HK IPO subscriptions are not supported via iBanking or ATM.
The subscriptions for HK IPO close at 10:00AM SGT, two Singapore business days before the official closing of the HK IPO.
The allotted amount and applicable fees will be debited from your account. If your account has insufficient funds, debit interest will accrue and you’re required to fulfil any margin shortfall within the stipulated timeframe.
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 conveyed to you via your designated Trading Representative or our Dealing team on or before the listing date.
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 subject to 20% co-payment. Submitting multiple applications for the same IPO counter will result in the rejection of all applications for that counter.
Applicants are solely responsible for the accuracy and completeness of their application and deposit prior to submission. Once lodged, amendments are not supported.
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 and S$40,000 (or HK$ equivalent) for share financing per IPO application.
- 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.
- Applications must reach PSPL no later than 10:00 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-efforts 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 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)
