Personal Center
Help Center- Account Opening Guide>
-
Funds Related>
- Deposit Guidelines
- Funds withdrawal
- Bank card management
- National foreign exchange policy
- Hong Kong bank card deposit
- Deposit into Velo Bank Card in the United States
- Common problems with deposit
- China Merchants Yonglong Bank - Bank Securities Tr
- Query the bank account for receiving payments in t
- FPS (Fast RPM) Deposit
- Overseas bank card
- Fee Standards>
- Hong Kong stock market>
- US stock market>
- A-share market>
- New stock subscription>
- Related to warehouse transfer>
- Financing transactions>
Hong Kong Stock Exchange Listing Rules
1. Hong Kong Stock Exchange Listing Rules
(1) What is Hong Kong Stock Exchange New Release?
1) Company listing, also known as initial public offering (IPO), refers to a company setting a price range for issuing stocks to the public for the first time to raise funds. 'Newlisting' refers to investors participating in the initial public offering and having the opportunity to buy stocks on the day of listing at the final determined issue price.
2) The company plans to list on the Hong Kong Main Board and needs to submit an application to the Hong Kong Stock Exchange for unified approval and release. It is divided into two parts: international placement and public offering. International allocation refers to the portion sold directly to professional investors (usually institutional investors or large individual investors), including cornerstone investments and anchor investments. Among them, the allocated stocks obtained by cornerstone investors have a lock up period of six months. According to the listing regulations, international placements generally account for over 90% of the total issuance volume, with the remaining being public offerings, which involve retail investors participating in new listings. Another callback mechanism will be established to expand the proportion of the public offering portion based on the overbought multiple of the public offering. The public offering can account for up to 50% of the total issuance to ensure that retail investors have sufficient opportunities to participate.
(2) Issue price and final pricing
The issuance price range is usually the price range given by underwriters based on company valuation and market factors. Before the official listing, the company will determine the final issuance price, which is usually disclosed within the range of the IPO price. Depending on market conditions, the final pricing may exceed the upper limit of the issuance price range or fall below the lower limit of the issuance price range.
(3) Subscription quantity
The number of Hong Kong stock subscriptions is a tiered system stipulated by the Hong Kong Stock Exchange, and cannot be chosen by oneself, and each stock is different. The minimum subscription quantity is usually one lot, and for Hong Kong stocks, one lot may be 100 shares, 200 shares, or 1000 shares. The current subscription limit is 1000 lots.
(4) Subscription Open Day
The date when Alpha International Securities begins accepting subscription applications.
(5) Subscription deadline
The date on which Alpha International Securities terminates accepting subscription applications. After the subscription deadline, the customer's subscription intention will be confirmed.
(6) Subscription opening duration
The period from subscription opening to subscription deadline is usually 3 to 4 days.
(7) Winning the lottery
Winning the lottery refers to successfully purchasing all or part of the subscribed stocks at the issue price on the day of listing. In Hong Kong stock subscription, investors may be allocated the entire subscription quantity, a portion of the subscription quantity, or even not allocated any subscription quantity of stocks. Therefore, the success rate of investors may not necessarily be 100%.
(8) Announcement of Stock Sale Results Date
The distribution results of new stock subscriptions in Hong Kong stocks are announced uniformly by the Hong Kong Stock Exchange, usually on the trading day before the official listing date.
(9) Allocated to account
After the announcement of the lottery results, in general, the allocated stocks will be received before the opening of the company on the day of listing.
(10) Winning rules
The allocation mechanism for the public offering of Hong Kong stocks is based on a tiered system, with a preference for a universal benefit system, allowing each participant to win at least one bid. However, attracting too many investors to participate in the hot new stocks can lead to a decrease in the winning rate. Specific allocation information can be found on the Hong Kong Stock Exchange's information disclosure website. Generally speaking, there are two patterns:
1) The more subscriptions you make, the more you will receive. Therefore, to increase the acquisition of new shares, the simplest way is to increase funds, and you can also use the financing funds of securities firms.
2) Everyone should be evenly distributed as much as possible. In short, if everyone applies for 100 lots at the same time, the final share they receive will be the same. There will be no situation where some people hold a pile of lottery tickets and fail to win at all, while others have a probability of winning more than half.
(11) One hand signing rate
In the public offering section, the proportion of valid subscriptions for each lot can be obtained.
Example: During the public offering phase, Haidilao (06862) had 6861 valid subscriptions for one lot (1000 shares), of which 4117 were eligible for this lot, resulting in a signing rate of 60.01%.
(1) What is Hong Kong Stock Exchange New Release?
1) Company listing, also known as initial public offering (IPO), refers to a company setting a price range for issuing stocks to the public for the first time to raise funds. 'Newlisting' refers to investors participating in the initial public offering and having the opportunity to buy stocks on the day of listing at the final determined issue price.
2) The company plans to list on the Hong Kong Main Board and needs to submit an application to the Hong Kong Stock Exchange for unified approval and release. It is divided into two parts: international placement and public offering. International allocation refers to the portion sold directly to professional investors (usually institutional investors or large individual investors), including cornerstone investments and anchor investments. Among them, the allocated stocks obtained by cornerstone investors have a lock up period of six months. According to the listing regulations, international placements generally account for over 90% of the total issuance volume, with the remaining being public offerings, which involve retail investors participating in new listings. Another callback mechanism will be established to expand the proportion of the public offering portion based on the overbought multiple of the public offering. The public offering can account for up to 50% of the total issuance to ensure that retail investors have sufficient opportunities to participate.
(2) Issue price and final pricing
The issuance price range is usually the price range given by underwriters based on company valuation and market factors. Before the official listing, the company will determine the final issuance price, which is usually disclosed within the range of the IPO price. Depending on market conditions, the final pricing may exceed the upper limit of the issuance price range or fall below the lower limit of the issuance price range.
(3) Subscription quantity
The number of Hong Kong stock subscriptions is a tiered system stipulated by the Hong Kong Stock Exchange, and cannot be chosen by oneself, and each stock is different. The minimum subscription quantity is usually one lot, and for Hong Kong stocks, one lot may be 100 shares, 200 shares, or 1000 shares. The current subscription limit is 1000 lots.
(4) Subscription Open Day
The date when Alpha International Securities begins accepting subscription applications.
(5) Subscription deadline
The date on which Alpha International Securities terminates accepting subscription applications. After the subscription deadline, the customer's subscription intention will be confirmed.
(6) Subscription opening duration
The period from subscription opening to subscription deadline is usually 3 to 4 days.
(7) Winning the lottery
Winning the lottery refers to successfully purchasing all or part of the subscribed stocks at the issue price on the day of listing. In Hong Kong stock subscription, investors may be allocated the entire subscription quantity, a portion of the subscription quantity, or even not allocated any subscription quantity of stocks. Therefore, the success rate of investors may not necessarily be 100%.
(8) Announcement of Stock Sale Results Date
The distribution results of new stock subscriptions in Hong Kong stocks are announced uniformly by the Hong Kong Stock Exchange, usually on the trading day before the official listing date.
(9) Allocated to account
After the announcement of the lottery results, in general, the allocated stocks will be received before the opening of the company on the day of listing.
(10) Winning rules
The allocation mechanism for the public offering of Hong Kong stocks is based on a tiered system, with a preference for a universal benefit system, allowing each participant to win at least one bid. However, attracting too many investors to participate in the hot new stocks can lead to a decrease in the winning rate. Specific allocation information can be found on the Hong Kong Stock Exchange's information disclosure website. Generally speaking, there are two patterns:
1) The more subscriptions you make, the more you will receive. Therefore, to increase the acquisition of new shares, the simplest way is to increase funds, and you can also use the financing funds of securities firms.
2) Everyone should be evenly distributed as much as possible. In short, if everyone applies for 100 lots at the same time, the final share they receive will be the same. There will be no situation where some people hold a pile of lottery tickets and fail to win at all, while others have a probability of winning more than half.
(11) One hand signing rate
In the public offering section, the proportion of valid subscriptions for each lot can be obtained.
Example: During the public offering phase, Haidilao (06862) had 6861 valid subscriptions for one lot (1000 shares), of which 4117 were eligible for this lot, resulting in a signing rate of 60.01%.
-
FTFT International
-
My FTFT
-
Statement
-
Links
-
Hotline：Follow Us：
微信扫码，关注公众号
官方群：36621649
