Initial Public Offerings (IPO) refer to the issuance of new shares, which are officially listed after the process of investor subscription and fundraising.
Retail investors are not allowed to participate in IPO subscriptions in the United States. The system for issuing new shares in the US stock market is different from that of A-shares. The issuance of new shares in the US stock market is determined by underwriters and listed companies, and generally only major clients of investment banks can subscribe. After the new stock is listed, ordinary investors can trade the new stock.