Introduction：In 2025, the Hong Kong IPO market is experiencing a new surge, with high-quality enterprises in fields such as AI, biotechnology, and new energy listing intensively, reigniting the enthusiasm for new stock subscriptions. As a leading global internet brokerage, Tiger Brokers has become the preferred platform for more and more investors to participate in Hong Kong IPO subscriptions, thanks to its advantages such as "zero fees, margin support, multi-currency deposits, and user-friendly operation".

This article will bring you a detailed walkthrough of the 2025 latest version of Tiger Brokers' Hong Kong IPO subscription process, covering account opening, fund deposit, subscription, allocation inquiry, and fund refund. It includes step-by-step guidance, practical suggestions, and pitfall-avoidance tips to help you easily seize every popular new stock opportunity!

I. Why Should We Pay More Attention to Hong Kong IPO Subscriptions in 2025?

In recent years, with the deepening of institutional reforms in the Hong Kong stock market and valuations at historical lows, more and more high-quality enterprises have chosen to list in Hong Kong. In the first half of 2025, over 30 technology and consumer companies have been listed on the Hong Kong Stock Exchange, with some new stocks rising by more than 50% on their first day of listing, resulting in significant subscription returns.

Compared to A-share IPO subscriptions that require "market value allocation", Hong Kong IPO subscriptions have lower thresholds and more flexible rules. As long as there are funds in the account, you can participate, and all investors have equal chances of allocation. More importantly, Hong Kong stocks support "margin-based IPO subscriptions", allowing borrowing up to 10 times the capital, significantly increasing the allocation probability, making it an important way for retail investors to obtain stable returns.

As a licensed brokerage regulated by the Securities and Futures Commission (SFC) of Hong Kong (Central Entity Number: BMU940), Tiger Brokers not only offers zero-fee subscriptions and supports both cash and margin channels but also provides multi-currency settlement, fast fund arrival, and a smooth APP experience, making it an ideal choice for participating in Hong Kong IPO subscriptions.

II. Basic Understanding of Hong Kong IPO Subscriptions: Why Choose Tiger Brokers?

1. What is Hong Kong IPO Subscription?

Hong Kong IPO subscription refers to participating in the initial public offering (IPO) of Hong Kong-listed companies, where investors subscribe for stocks at the final offering price before listing and can profit by selling after listing. Compared to A-share IPO subscriptions, Hong Kong IPO subscriptions have two core advantages: first, they adopt an "inclusive" allocation mechanism, which tends to ensure each participant gets at least one lot, avoiding the scenario where "one person gets all, others get nothing"; second, they support margin-based subscriptions, allowing leverage to amplify capital utilization and use a small principal to secure more subscription quotas.

2. Basic Rules of Hong Kong IPO Subscriptions

Before formal operation, understand the core rules of Hong Kong IPO subscriptions to avoid pitfalls.

✅ Differences: Hong Kong IPO Subscription vs A-share IPO Subscription：

✅ Subscription Timeline (with T as listing day)：

• T-5 to T-1：Subscription period (usually 5 days)
• Subscription day：Funds frozen
• T-2：Allocation results announced
• T-1：Grey market trading (early trading available)
• T day：Formal listing and trading

3. Unique Advantages of Tiger Brokers' IPO Subscriptions

As a globally renowned internet brokerage, Tiger Brokers is favored in Hong Kong IPO subscriptions, with core advantages including：

• Flexible dual-mode options：Supports cash subscriptions (zero fees during promotions) and margin subscriptions (up to multiple leverage), meeting the needs of users with different capital amounts；
• Fully online process：From account opening, fund deposit to subscription and allocation查询, the entire process is completed via the Tiger Trade APP, with subscriptions taking just 3 minutes, no offline hassle required；
• Grey market coverage：After allocation, you can sell in the grey market before listing to flexibly lock in profits or stop losses, especially suitable for short-term arbitrage investors；
• Compliance and security guarantee：Tiger Brokers (Hong Kong) is a licensed corporation regulated by the Securities and Futures Commission (SFC) of Hong Kong (Central Entity Number: BMU940). Client assets are strictly segregated from the brokerage's own funds, with capital security guaranteed by regulation.

III. First Step for Subscription: Open a Tiger Brokers Account (Completed in 3 Minutes)

To participate in Hong Kong IPO subscriptions, you first need a compliant and secure securities account. Tiger Brokers supports global users in opening accounts with a simple and efficient process.

✅ Account Opening Requirements：

• At least 18 years old
• Hold valid identification documents (passport, ID card, etc.)
• Have an overseas bank account (for fund deposit)

✅ Account Opening Process (Simplified Version)：

1. Download the APP: Search for "Tiger Trade" in the app store and install it.
2. Register an account: Open the APP → click "Open Account Now" → select "Individual Account".
3. Fill in information: Enter name, email, phone number, and set a login password.
4. Identity verification: Upload ID card or passport, and the system will automatically identify the information.
5. Risk assessment: Complete a simple investment risk questionnaire.
6. Submit for review: Usually completed within 1-2 hours. After approval, you can deposit funds and start trading.

🔐 Security Tip：Tiger Brokers' Hong Kong entity, Tiger Brokers (HK) Global Limited, is regulated by the Securities and Futures Commission (SFC) of Hong Kong. Client assets are strictly segregated from the company's own funds, ensuring capital security.

📚️ Appendix：Tiger Brokers Account Opening Guide (with graphics)

IV. Second Step: Complete Fund Deposit and Prepare Subscription Funds

After opening an account, the next step is to transfer funds into your Tiger Brokers account. Tiger supports multiple currencies and deposit methods to meet different user needs.

✅ Supported Deposit Currencies：

• Hong Kong Dollar (HKD)
• US Dollar (USD)
• Singapore Dollar (SGD)
• Euro (EUR)
• Australian Dollar (AUD)

✅ Recommended Deposit Methods：

💡 Tip：

• When depositing funds, be sure to fill in the "Transaction Remarks" (i.e., your name + fund account number), which can be copied on the APP's "Deposit Funds" page.
• Use a bank account with the same name for deposit to avoid refund due to account mismatch.
• Tiger and its receiving bank (DBS) do not charge any deposit fees, but your remitting bank or intermediary bank may charge an operation fee of 20–35 USD.

📚️ Appendix：Tiger Brokers Fund Deposit Guide (with graphics)

V. Third Step: Practical Process of Tiger Brokers' Hong Kong IPO Subscription

Now enter the core link — how to complete the subscription in the Tiger Brokers APP.

1. Find the New Stock Subscription Entry

Open the Tiger Trade APP, click the bottom "Discover" → "Popular" → "New Stock Radar" to view the list of currently subscribable new stocks.

Each new stock page clearly marks core information: offering price range (e.g., 60-72 HKD), subscription start/end time, shares per lot (e.g., 100 shares/lot), margin leverage ratio (e.g., 10x), etc. New users can focus on the "Prospectus" and "Industry Analysis" to assist decision-making.

2. Choose Subscription Method: Cash Subscription vs Margin Subscription

Cash Subscription

Subscribe using existing HKD cash in the account. Frozen amount = upper limit of offering price × number of subscribed shares. Example: Subscribing for 10 lots (1000 shares) of a new stock with an upper offering price of 72 HKD requires freezing 1000×72=72,000 HKD. Unallocated funds will be unfrozen on the result announcement day for other investments.

Margin Subscription

Borrow funds from the brokerage to expand subscription quota, suitable for investors with insufficient funds who want to increase allocation probability：

• Leverage ratio：Varies by new stock, usually 1-10x, clearly marked on the page (e.g., "Max 10x margin")；
• Frozen amount calculation：(Upper limit of offering price × number of subscribed shares) ÷ leverage ratio. Example: Subscribing for 10 lots (1000 shares) with an upper offering price of 72 HKD and 4x leverage requires freezing 1000×72÷4=18,000 HKD；
• Interest calculation：Margin interest = margin amount × interest calculation days × daily interest rate. Here, margin amount = total subscription amount - own funds; interest calculation days are from "subscription deadline" to "the day before allocation announcement"; daily interest rate = annual interest rate ÷ 365 (specific rate shown on the new stock page, may be interest-free during promotions).

3. Submit Subscription Order

• Select subscription quantity：Fill in according to the Hong Kong Stock Exchange's tiered system, minimum 1 lot. Shares per lot vary by new stock (e.g., Tencent is 100 shares/lot, BYD is 500 shares/lot), cannot be customized；
• Confirm information：Carefully check subscription quantity, frozen amount, fees, etc. After confirmation, submit, and the order enters "pending confirmation" status；
• Modify / cancel order：Before the subscription deadline, click "Modify" or "Cancel" in "Subscription Records" → "Subscription Details". No changes allowed after the deadline.

4. Check Subscription Status

Real-time status can be viewed in "New Stock Radar → Subscription Records". Explanations of common statuses：

• Submitting：Awaiting review by Tiger Brokers；
• Pending subscription submission：Can be modified or canceled；
• Confirmed：Order is valid, cannot be modified；
• Partially confirmed：Subscription quantity automatically reduced due to insufficient funds；
• Rejected：Order invalid due to insufficient funds for minimum subscription quantity；
• Allocated / Not allocated：Notified via SMS and APP push after result announcement, no manual查询 needed.

VI. Fourth Step: What to Do After Successful IPO Allocation?

1. Check Allocation Results

• Announcement time：Usually announced on the 2nd trading day before the new stock's listing date (L-2 day). For example, results for a new stock listed on October 19 will be announced on October 17；
• Arrival time：Allocated stocks will arrive in the account before grey market trading on the result announcement day, viewable in "Trading → Holdings"; unallocated frozen funds will be unfrozen simultaneously.

2. Grey Market Trading: "Early Battlefield" Before Listing

The grey market is an over-the-counter trading market for new stocks before listing, matched through the brokerage's internal system, serving as a key window to lock in profits：

• Trading hours：16:15-18:30 on the day before listing for regular trading days; 14:15-16:30 for half-day trading days；
• Operation advantages：Grey market prices reflect market expectations for the new stock. If the grey market rises significantly, you can sell early to secure profits; if it breaks below the offering price, you can stop losses in time to avoid greater losses after listing；
• Trading rules：Supports limit orders and market orders, implements T+0 trading (buy and sell on the same day), and settlement is on T+2 day after listing (e.g., grey market trading on October 16, listing on October 19, settlement on October 21).

3. Trading on Listing Day: Flexible Operation Following the Market

After listing, new stocks are traded through the Hong Kong Stock Exchange system, with the following schedule：

• Pre-opening auction：9:00-9:30；
• Continuous trading：Morning session 9:30-12:00, afternoon session 13:00-16:00；
• Closing auction：16:00-16:08/16:10 (random closing).

Selling strategy：Decide based on grey market performance and opening quotes.

• • If the grey market has risen significantly, you can sell at a high on the first day of listing；
  • If the grey market breaks below the offering price but the company is fundamentally sound, you can observe short-term trends before operating.

📌 Note：Hong Kong stocks have no price fluctuation limits, and intraday volatility can be large. It is recommended to set profit-taking and stop-loss points.

VII. How Much Does It Cost to Subscribe to Hong Kong IPOs on Tiger Brokers?

Many users are concerned about "whether subscription fees are charged". Here is Tiger Brokers' clear fee policy：

1. Fees During Subscription Phase

2. Fees After Allocation

• Trading levy + transaction fee + brokerage commission + FRC levy: Total 1.0085% of the allocated amount (charged only if allocated)；
• Stamp duty: 0.1% of the allocated amount (rounded up, minimum 1 HKD)。

3. Grey Market Trading Fees

Same as regular Hong Kong stock trading, including：

• Commission：0.03% of transaction value, minimum 3 HKD per order；
• Platform fee：15 HKD per order；
• Transaction fee：0.00565% × transaction value (minimum 0.01 HKD)；
• Stamp duty：0.1% × transaction value (rounded up)；
• Others：Trading levy (0.0027% × transaction value), FRC levy (0.00015% × transaction value), etc.

VIII. Common Questions About Hong Kong IPO Subscriptions (FAQ)

❓ Q1: Does Tiger Brokers charge fees for Hong Kong IPO subscriptions?

A: Completely free！No subscription commission or platform fee is charged.

❓ Q2: Can margin subscriptions result in losses? How is interest calculated?

A：Interest is only charged if allocated, calculated daily. For example, if you margin 10,000 HKD and hold for 5 days after allocation, the interest is approximately: 10,000 × 6.8% ÷ 365 × 5 ≈ 9.3 HKD.

❓ Q3: Can I subscribe to Hong Kong IPOs with Singapore Dollars?

A: Yes！After depositing SGD, click the "Currency Exchange" function in the APP to convert to HKD with one click for subscription.

❓ Q4: When can I sell after allocation?

A：Trading is available on the listing day (T day). Tiger Brokers also supports grey market trading (T-1 day) for early profit locking or stop-loss.

❓ Q5: Why hasn't my funds been refunded?

A：Unallocated funds usually arrive on T+4. If not refunded after more than 5 business days, contact customer service for查询.

❓ Q6: Does Tiger Brokers support grey market trading?

A: Yes！The grey market is over-the-counter trading before listing with high price volatility, suitable for short-term traders.

❓ Q7: Can one person subscribe to the same new stock through multiple accounts?

A：No.According to Hong Kong Stock Exchange rules, the same investor (including accounts with the same name) can only subscribe to the same new stock once. Multiple account subscriptions will be deemed invalid, with allocation资格 canceled and no fee refund.

❓ Q8: Will insufficient funds affect subscription?

A：Yes.If account margin is insufficient, the system will automatically reduce the subscription quantity to a fund-coverable amount; if below the minimum subscription quantity (e.g., 1 lot), the order will be directly rejected. Ensure sufficient account funds before subscription to avoid order invalidation.

❓ Q9: What if a new stock's listing is delayed or canceled?

A：

• Delayed listing：Subscription orders are retained, and funds remain frozen; if re-issued, original orders are canceled, but collected fees and margin interest are non-refundable；
• Canceled listing：Orders are canceled, frozen funds are unfrozen, but fees and interest are non-refundable.

❓ Q10: How to increase allocation probability?

A：

• Increase subscription funds：Hong Kong stocks follow the rule of "more subscriptions, higher allocation probability", and funds can be amplified through margin；
• Diversify subscriptions：Popular new stocks have low allocation rates; balance with mid-cap and small-cap new stocks；
• Utilize the inclusive mechanism：Allocation rate for 1-lot subscriptions is often higher than concentrated multi-lot subscriptions. New users should prioritize ensuring "one lot per person".

IX. 5 Practical Tips to Increase Hong Kong IPO Allocation Probability

• Combine cash and margin subscriptions：Use margin to increase total subscription amount if funds allow.
• Focus on new stocks in popular sectors：Such as AI, new energy, consumer healthcare, with higher post-listing rise probability.
• Avoid new stocks with excessively high over-subscription multiples：If over-subscribed by over 100x, retail allocation rate is extremely low.
• Utilize "Group A and Group B" rules：Group B (subscription amount ＞500,000 HKD) has higher allocation rates, and can be co-subscribed by multiple people.
• Pay attention to international placement feedback：Active subscriptions by institutional investors usually indicate high market recognition.

Conclusion: Seize the 2025 Hong Kong IPO Subscription Dividends, Start with Tiger Brokers

In 2025, the Hong Kong stock market is ushering in a new round of investment opportunities. Whether it's tech giants or emerging growth enterprises, IPO subscription is a low-threshold, high-potential investment method.

With advantages such as compliance qualifications, zero fees, margin support, multi-currency settlement, and user-friendly operation, Tiger Brokers has become the ideal platform for global investors to participate in Hong Kong IPO subscriptions. Whether you're a new investor or a seasoned player, you can easily participate in every IPO feast through Tiger Brokers.

⚠️ Risk Warning: The market involves risks; IPO subscription does not guarantee profits. Some new stocks may break below the offering price. Please rationally evaluate the fundamentals of the project, allocate funds reasonably, and avoid blindly chasing high prices.