In 2025, the Hong Kong stock market ushered in a new wave of IPOs. From tech unicorns to new consumer powerhouses, and innovative biomedical enterprises, a batch of high-quality new stocks have launched their listing processes intensively, attracting the attention of numerous investors. Against this backdrop, "IPO subscription" – i.e., applying for newly listed stocks – has once again become the focus of investors' attention.

Compared to buying at high prices directly in the secondary market, IPO subscription not only offers the opportunity to obtain stocks at the offering price but also may yield considerable premium returns on the first day of listing. Especially for retail investors with limited capital, Hong Kong IPO subscription is an effective way to participate in the growth of high-quality enterprises and share the dividends of the capital market with low thresholds.

Among the many brokers supporting Hong Kong IPO subscriptions, uSMART Securities has quickly become a popular choice among mainland investors due to its zero-threshold account opening, low fees, support for both cash and margin subscription modes, and user-friendly smart App.

This article will bring you the latest and most comprehensive guide to the entire process of Hong Kong IPO subscription with uSMART Securities in 2025, covering account opening, fund deposit, subscription, and allocation查询, with step-by-step instructions. Even novice investors can easily get started and seize this wave of Hong Kong IPO opportunities!

I. Why Choose uSMART Securities for Hong Kong IPO Subscription?

uSMART Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission (Central Number: BJA907), holding multiple licenses including Type 1 (Securities Trading), Type 4 (Advising on Securities), etc. Its compliance is beyond doubt. More importantly, it supports zero-threshold and free account opening, allowing novices to get started easily. The entire process from account opening to IPO subscription is completed online, with simple operations and transparent fees.

✅ Supports online account opening for mainland users, no need to visit Hong Kong in person;

✅ Cash IPO subscription fee as low as HK$0, with extremely low costs;

✅ Margin IPO subscription supports up to 20x leverage to increase allocation probability;

✅ Smooth App operation, supports dark pool trading for flexible liquidity;

✅ Regulated by the Hong Kong Securities and Futures Commission (Central Number: BJA907), ensuring fund security;

II. First Step for IPO Subscription: How to Open a uSMART Securities Account? (Zero Threshold, Supports Mainland Users)

1. Account Opening Eligibility: Who Can Open an Account for IPO Subscription with uSMART Securities?

• Mainland users: No need to visit Hong Kong in person, all processes are completed online, with no capital threshold restrictions.
• Hong Kong users: Can choose online or offline verification of identity, with more flexible document submission.
• Core advantage: Free account opening throughout the process, no hidden fees, and high review efficiency.

2. List of Required Documents for Account Opening

• Mainland users: Need to provide a valid Mainland China ID card (or temporary ID card within 3 months) + personal Mainland bank card (for identity verification).
• Hong Kong users: Can provide a Hong Kong Permanent Identity Card + address proof within 3 months, or a combination of Hong Kong Identity Card + Hong Kong Document of Identity for Visa Purposes + address proof, etc. (subject to App prompts).

3. Account Opening Steps (Simplified Version)

• Download the App: Apple users search for "盈立智投 (uSMART)" on the App Store; Android users can download via uSMART Securities official website or search for "Hong Kong uSMART Securities" (uSMART HK) on Google Play.
• Registration process: Open the App and click the "Open Account" button in the bottom menu bar, fill in personal information, submit document materials as prompted, and complete identity confirmation and electronic signature.
• Identity verification: Can be verified through "personal Hong Kong bank account transfer of ≥ HK$10,000" or "bringing documents to offline stores" (store address: Unit 2607, 26/F, FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong, etc., appointment required in advance).
• Await review: The review is expected to be completed within 1 trading day after submission. Upon approval, Hong Kong stock + US stock accounts will be automatically opened, and you can participate in IPO subscription after depositing funds.

Attachment: uSMART Securities uSMART Account Opening Guide (Detailed Graphic Steps)

III. Second Step: Fund Deposit Preparation — How to Transfer Funds to uSMART Securities Account?

After completing account opening, the next step is to transfer funds into your uSMART Securities account to prepare for IPO subscription. uSMART supports multiple fund deposit methods, offering convenient operations and fast arrival.

💰 Supported Currencies

• Hong Kong Dollar (HKD): Recommended for Hong Kong IPO subscription
• US Dollar (USD): Can be used for US stock trading or converted to HKD
• ❌ RMB (CNY) direct deposit is not supported temporarily

💡 Suggestion: Prioritize depositing HKD for Hong Kong stock investments to avoid cost impacts from exchange rate fluctuations.

Comparison of Mainstream Fund Deposit Methods

📌 Detailed Operation Process

1. Obtain uSMART Securities Receiving Account Information

Log in to the uSMART App → Enter【Account】→【Deposit】→ Select a bank (e.g., HSBC, Bank of China Hong Kong, etc.) → The system will display information such as receiving account, account number, SWIFT code.

Example (taking HSBC HKD account as an example):

• Account Name: uSmart Securities Limited
• Receiving Account Number: 741476170001
• Bank Code: 4
• SWIFT Code: HSBCHKHHHKH

2. Initiate Transfer via Your Hong Kong Bank

Taking Bank of China (Hong Kong) App as an example:

• Log in to Bank of China (Hong Kong) App → Select "Transfer/FPS".
• Select "Account Number" → Fill in uSMART Securities' receiving account number.
• Enter the transfer amount (it is recommended to add a small decimal after the integer, such as 10,000.23, to facilitate quick reconciliation).
• Submit the transfer after confirming the information is correct.

3. Upload Fund Deposit Voucher

After the transfer is successful, return to the uSMART App → Upload the screenshot of successful transfer on the deposit page, which must include:

• Transaction reference number
• Sender/receiver account
• Amount
• Transfer date

✅ Tip: Complete voucher information can speed up the fund arrival review. Usually, same-bank transfers arrive within 1 hour, while inter-bank or cross-border remittances take 1-3 working days.

⚠️ Fund Deposit Notes

• Account names must match: The transfer account must be in the same name as the uSMART Securities account; otherwise, a refund will occur, and fees shall be borne by the user.
• Cash deposits not supported: uSMART does not accept direct cash deposits via bank counters or ATMs.
• No processing on holidays: Banks and brokers do not process deposits during Hong Kong public holidays; please arrange in advance.

IV. Third Step: Full Process of Hong Kong IPO Subscription Operation (Graphic Explanation)

After completing account opening and fund deposit, you can officially enter the "IPO subscription" phase. uSMART Securities (uSMART) provides a concise and intuitive App interface, supporting cash subscription and margin subscription, allowing flexible participation regardless of capital size.

📱 Subscription Entry and New Stock Information Check

• Enter the new stock subscription page:
  • Open the uSMART App → Click【Account】at the bottom → Select【More】→ Click【New Stock Subscription】→ Enter the list of "subscribing" new stocks.
• Check details of subscribable new stocks: Each new stock will clearly mark the following key information:

• • Offer price range: e.g., $8.50-$HK$8.50 - 9.80
  • Shares per lot: Usually 500 or 1000 shares
  • Entry fee calculation: Based on the highest price, including fees
  • Subscription period: Start and end dates
  • Allocation result announcement date: Expected result announcement time
  • Listing date: Official trading date of the stock

💡 Tip: It is recommended to pay attention to upcoming subscribable new stocks in advance and set reminders to avoid missing the subscription window.

✅ Choose Subscription Method: Cash vs Margin

uSMART Securities supports two IPO subscription methods, and you can choose freely based on your capital situation:

1. Cash Subscription (Recommended for Novices)

• Definition: Use withdrawable funds in the account for subscription.
• Advantages:
  • Handling fee as low as HK$0 per transaction (current promotion)
  • No interest cost, controllable risk
  • Unallocated funds are automatically returned
• Suitable for: Investors with sufficient funds pursuing low-cost IPO subscription

2. Margin Subscription (Increase Allocation Probability)

• Definition: When account funds are insufficient, borrow part of the amount from uSMART Securities to complete the subscription.
• Advantages:
  • Supports up to 20x leverage, with varying margin ratios for each new stock (up to 90%)
  • Flexibly adjust principal and margin ratio to increase subscription quantity
• Margin interest: Annual rate of 1.6% (subject to market capital conditions for fine-tuning)
• Interest calculation method: From the subscription deadline to the day before the new stock listing, calculated on a calendar day basis
• Example calculation:
  • Subscription amount: HK$100,000
  • Own funds: HK$10,000
  • Margin amount: HK$90,000
  • Interest calculation days: 10 days
  • Interest = 90,000 × 1.6% ÷ 365 × 10 ≈ HK$394.52

⚠️ Note: Margin interest must be paid regardless of whether you are allocated shares.

🧾 Steps to Submit Subscription Application

• Select a new stock → Click "Subscribe"
• Choose subscription method: Cash or Margin
• Enter subscription shares or amount
  • Can choose quick options like "1 lot", "2x margin", etc.
  • Can also manually enter the subscription quantity
• System automatically calculates fees
  • Frozen funds: Subscription amount + handling fee + allocation fee (1.00785%)
• Confirm information is correct → Submit application

⏰ Subscription Deadline (Important!)

• uSMART system deadline: 16:00 on the trading day before the deadline announced by the HKEX
• Example: If HKEX deadline is Wednesday, uSMART deadline is Tuesday 16:00
• Once missed, no supplementary application is allowed, be sure to operate in advance!

✅ Suggestion: Submit as early as possible after the subscription opens to avoid system congestion near the deadline.

V. How Much Does Hong Kong IPO Subscription Cost with uSMART Securities?

Many investors are concerned about "how much does IPO subscription actually cost". Below is the complete fee structure for Hong Kong IPO subscription with uSMART Securities, making it clear where every penny goes.

Detailed Fee Explanation

1. Subscription Fee

• Cash subscription: Currently HK$0, a key advantage for uSMART to attract users.
• Margin subscription: HK$80 per transaction, for processing margin applications.

2. Allocation Fee (1.00785%)

• Includes: Trading Levy 0.0027% + Transaction Fee 0.00565% + Stamp Duty 0.1% + FEC Levy 0.00015% + Brokerage Commission approx. 0.90925%;
• Actually collected by the exchange, SFC, government, and broker jointly;
• Unallocated portion will be fully refunded, without affecting available funds.

3. Margin Interest

• Calculated daily, starting from the subscription deadline to the day before listing.
• Example: Margin of HK$100,000 for 15 days, interest ≈ 100,000 × 1.6% ÷ 365 × 15 ≈ HK$657.53

4. Fund Freezing and Refund Mechanism

✅ Key reminder: Unallocated funds will be returned by 15:00 on the allocation result announcement day, which can be used for stock trading or withdrawal on the next trading day.

VI. How to Check Allocation Results in uSMART App? When Can You Sell?

After completing the subscription, the most anticipated moment is "allocation". uSMART Securities provides multiple ways to notify results, ensuring you stay updated in real-time.

📅 Allocation Result Announcement Time

• Each new stock page clearly marks the "Allocation Result Announcement Date"
• uSMART system will announce results by 15:00 on that day
• Funds and stocks are settled after the result announcement

📲 Three Ways to Check Allocation Results

1. App Notification

• The system will push a notification: "Allocation results for the XXX stock you subscribed to have been announced"
• Click to view details

2. Check Holdings

• Log in to the App → Enter the【Holdings】page
• If allocated, the new stock will appear in the holdings list
• Displays stock name, quantity, cost price (offering price)

3. Check Daily Statement

• Enter【Account】→【Daily Statement】
• The statement on the allocation day will show:
  • Newly added stocks
  • Actually deducted subscription funds
  • Returned unallocated amount

💡 Tip: If not allocated, the account will show "Subscription failed" and unallocated funds have been returned.

📈 When is the Best Time to Sell After Allocation?

Allocation does not guarantee profit. Post-listing performance is affected by market sentiment, industry popularity, issuance valuation, and other factors.

• Dark pool trading: Can sell through dark pool 1 day before listing, with a commission of 0.05%, minimum HK$12 per order, and platform fee of HK$0, suitable for short-term arbitrage.
• First-day trading: Normal trading on the listing day, with fees based on regular Hong Kong stock commissions (basic plan commission 0.03% + platform fee HK$12 per transaction), allowing flexible selling based on market conditions.

VII. Frequently Asked Questions (FAQ)

To help you participate in Hong Kong IPO subscription with uSMART Securities more confidently and efficiently, we have compiled 10 most common questions investors encounter during the process, providing detailed answers to消除疑虑.

❓ Q1: Does uSMART Securities support margin IPO subscription? What's the maximum amount I can borrow?

✅ A: Yes. uSMART Securities offers margin subscription services, supporting up to 20x leverage. The margin ratio for each new stock may vary (up to 90%). You can check the margin details of the new stock on the subscription page and flexibly adjust the ratio of your own funds to margin.

❓ Q2: Is the cash IPO subscription fee really HK$0? Will there be subsequent charges?

✅ A: Yes, currently uSMART Securities implements a preferential activity of HK$0 handling fee for cash subscription (subject to the display on the new stock subscription page). This is an important benefit for the platform to attract users, offering more cost advantages compared to other brokers. Even if adjusted in the future, announcements will be made in advance.

❓ Q3: When will unallocated funds be returned? Can they be used immediately?

✅ A: Unallocated funds will be returned to your account by 15:00 on the allocation result announcement day. After return, the funds can be used for stock trading, currency exchange, or subscribing to other new stocks. If you need to withdraw, you can initiate a withdrawal application on the next trading day.

❓ Q4: If I'm not allocated shares in margin IPO subscription, do I still need to pay interest?

✅ A: Yes. Margin interest must be paid regardless of allocation. Interest is calculated from the subscription deadline to the day before the new stock listing, based on calendar days. It is recommended to prioritize cash subscription when funds are sufficient to reduce costs.

❓ Q5: Can I directly deposit funds into uSMART Securities using a mainland bank card?

❌ A: No. uSMART Securities does not support direct RMB deposits temporarily. You need to first remit RMB to your own Hong Kong bank account (e.g., via cross-border telegraphic transfer), then transfer to uSMART Securities account via FPS, CHATS, or telegraphic transfer.

❓ Q6: What time is the IPO subscription deadline? Is it earlier than the exchange's?

✅ A: Yes. uSMART Securities' subscription deadline is earlier than the deadline announced by HKEX, usually 16:00 on the trading day before. For example: If HKEX deadline is Wednesday, uSMART system closes subscription at 16:00 on Tuesday. Be sure to operate in advance to avoid missing it.

❓ Q7: Can I cancel or modify the subscription after submission?

✅ A: Yes. You can apply to cancel or modify the subscription quantity (supporting increase) in the App before midnight on the margin subscription deadline. Note that:

• Cancellation may incur accrued interest fees;
• No additional cost for cash subscription cancellation;
• No changes can be made once the deadline passes.

❓ Q8: When will allocated stocks be credited to the account? Can they be sold immediately?

✅ A: Allocated stocks will be credited to your holdings on the allocation result announcement day, with funds settled simultaneously. You can sell them on the listing day or through dark pool trading. Dark pool trading time is on the afternoon before listing, with good liquidity, suitable for locking in profits in advance.

❓ Q9: Is uSMART Securities safe? Is my funds protected?

✅ A: Very safe. uSmart Securities Limited is a licensed corporation recognized by the Hong Kong Securities and Futures Commission (Central Number: BJA907), holding multiple licenses such as securities trading and asset management. Client assets are independently托管 by banks, protected by the Investor Compensation Fund, and transaction data is encrypted with bank-level technology, ensuring security and reliability.

❓ Q10: Will IPO subscription occupy other account funds? Does it affect stock trading?

✅ A: It will be temporarily frozen. After submitting the subscription, the system will immediately freeze the subscription amount, handling fee, and allocation fee, which cannot be used for other transactions before the deadline. If not allocated, the funds will be returned on the allocation day and become available again.

VIII. Summary of uSMART Securities' IPO Subscription Advantages: Why It's the Top Choice for 2025?

Overall, uSMART Securities has become an ideal platform for mainland investors to participate in Hong Kong IPO subscription due to its multiple advantages such as low cost, high flexibility, convenient operation, and safe compliance. Here is a summary of its core competitiveness:

📌 Special reminder: For investors with small capital, prioritize cash subscription to control risks; for active investors pursuing high returns, reasonably use margin subscription to enhance capital efficiency.

Conclusion: Seize the 2025 Hong Kong IPO Dividends, Take Action Now!

In 2025, the Hong Kong stock market ushered in a new wave of IPOs. From AI technology to consumer exports, from biomedicine to new energy, many potential new stocks are queuing for listing. For ordinary investors, IPO subscription is an important opportunity to participate in the growth of high-quality enterprises and share capital dividends at low cost.

With its advantages such as zero-threshold account opening, HK$0 fee for cash IPO subscription, margin support, and convenient operation, uSMART Securities has become the preferred platform for more and more mainland investors.