What is an IPO? How can you subscribe to new shares with zero fees?

What is an IPO?

IPO, which stands for “Initial Public Offering,” refers to the process by which a company issues shares to public investors for the first time, transforming from a private company into a publicly listed company. In general, an IPO is one of the financing methods companies use to raise capital, expand their operations, or enhance brand awareness.

What are the benefits of subscribing to new shares?

Potential high returns

Recently, the Hong Kong IPO market has regained its momentum, attracting widespread attention from investors. To increase their chances of a successful listing, many companies are opting for more attractive pricing strategies; if the market responds positively, the subsequent performance of these stocks will be worth watching, and investors may have the opportunity to reap substantial profits in the short term.

Participate in emerging companies that offer long‑term value‑appreciation potential.

If investors can hold shares of potentially high‑growth companies from an early stage and continue to do so, as long as the company keeps growing after going public, they can not only easily receive dividends—assuming the company pays dividends—but also achieve long‑term asset appreciation!

Is it guaranteed to make money when you subscribe to new shares?

IPO investments always come with risks, such as high market volatility and uncertain company performance; therefore, it’s essential to do your homework thoroughly before making a decision. However, looking at the bigger picture, the performance of newly listed stocks on the Hong Kong stock market in 2026 has been largely optimistic, with first-day gains reaching as high as 109%—and some investors have pocketed over HK$10,000 per lot!

2026 Hong Kong Stock IPO First-Day Returns Ranking

Selection Criteria: The top 8 stocks in terms of first-day per-share returns among Hong Kong IPOs between January 1, 2026, and January 28, 2026.

Independent stock analyst Xiong Liping believes that market sentiment is currently favorable, and investors’ willingness to subscribe is relatively high. Recently, market hotspots have been concentrated on stocks related to artificial intelligence, robotics, and semiconductors—almost all newly listed companies fall into these categories, further boosting market sentiment. Take Wall仞 Technology (6082), which recently went public: its share price has rebounded from around 30 yuan to near 40 yuan, meaning that short‑term trading still offers a reasonable chance of profit. These stocks generally require substantial capital investment but remain in the red; it will be crucial to monitor the rollout of new products, changes in R&D spending, and developments in revenue growth versus narrowing losses.

Under the new subscription system, the allocation ratio for individual investors is limited. Many investors prefer to place large-scale subscriptions in order to increase their chances of winning shares—but not every investor can do this, as it depends on their own risk tolerance. Furthermore, they must also consider whether they can secure sufficient financing to cover their subscription amount. For most investors, participating in share subscriptions is more akin to a lottery; it may be wiser to wait until the shares are listed before selecting suitable stocks for investment.

100% Profit on the First Day of Hong Kong IPO Listings!? Guaranteed New Share Subscriptions in 2026 + A Comprehensive Guide to Winning New Shares! Watch the Video Now >>>

What are some tips for subscribing to new shares?

Tan Zhile, Chief Analyst at Futu Securities, stated that with the current IPO market booming, speculating on new shares no longer relies on luck; instead, investors must carefully select industries, assess shareholder backgrounds, and choose valuation ranges to determine whether or not to subscribe. He also noted that investors can leverage margin trading to increase the number of shares they apply for, but they should be mindful that if a new share issues below its IPO price, their financed positions could double their losses—so they should avoid blindly using leverage to subscribe to new shares.

Tan Zhile also reminds investors to “subscribe to new issues but don’t speculate on new stocks,” advising them to treat new shares as part of a disciplined short‑term strategy rather than holding poorly valued new stocks for the long term. Subscribing to new shares should be viewed as one component of overall capital allocation; past surges do not guarantee that the same performance will recur, so investors should carefully manage their overall portfolio exposure.

Latest New Stock Listing Schedule

Some accounting firms predict that over 100 companies will list in Hong Kong in 2026, with total fundraising expected to surge to HK$350 billion! With new shares hitting the market one after another, are you looking to ride the wave of IPOs and seize lucrative opportunities? But with work so busy, you simply don’t have time to pore over hundreds of pages of prospectuses. Even mainstream media may not cover every single new stock individually—and with each company having its own subscription deadline, it’s easy to miss the perfect entry point if you’re not paying close attention.

Futubull's[New Stock Center]Provides a clear schedule of new stock listings and all key dates! From the IPO, subscription deadline, pre‑market trading to the listing date—everything is laid out at a glance. We’ve also carefully highlighted the key points in the prospectus, including: financial performance, business model, and crucial information! Open the Futubull App > [Market] > [HK Stocks] > [New Stock Center] to instantly check out recent new stocks!

New Share Subscription Process: Which Dates Should You Pay Attention to for New Shares?

When a company is listed on the Hong Kong Stock Exchange, investors should pay attention to the following key dates:

1. Subscription Period: Typically, the subscription period lasts 3 to 4 days, from the start of the subscription date to the subscription deadline. If you wish to subscribe for new shares, please participate within the subscription period; the prospective listed company will specify the offering date in its prospectus.

2. Pricing Date: After the subscription period for new shares closes, the prospective listed company and the underwriter jointly determine the final offering price. The pricing date is typically the same as the subscription deadline or the first trading day following the deadline.

3. Announcement of Allocation Date: On the trading day prior to the IPO date, the listed company will issue a new share allocation announcement.

4. New Share Listing Date: The new share listing date is the first day that a new stock is traded on the market.

5. Green Shoe Period: For new shares issued with an over-allotment option, the investment bank may exercise the over‑allotment right within one month following the subscription deadline. If the stock price falls below its IPO price during this period, the investment bank can purchase additional shares to support the stock price; if the stock price rises sharply, the listed company will issue more new shares to the investment bank.

6. Lock-up Period for Cornerstone Investors: If a company brings in cornerstone investors prior to its IPO, there is typically a 6‑month lock-up period. During the first six months following the listing date, shares purchased by cornerstone investors cannot be sold for cash. The listed company may also agree with cornerstone investors on a longer lock-up period.

7. Lock-up Period for Major Shareholders of Listed Companies: For new shares listed on the Main Board of the Hong Kong Stock Exchange, major shareholders are subject to a 6‑month lock-up period starting from the date of the new share listing; for new shares listed on the GEM of the Hong Kong Stock Exchange, major shareholders are subject to a 2‑year lock-up period starting from the date of the new share listing.

How to Apply for New Shares

There are two main ways to subscribe for new shares: regular subscription and bank-financed subscription. Futu offers new share subscription services, allowing you to subscribe for new shares with 0 interest and 0 fees.

How can I increase my chances of winning a new stock offering?

When a new stock is highly sought after by the market and demand far exceeds supply, and you’re optimistic about its prospects and want to increase your chances of winning a share allocation when subscribing for new shares, you can choose to subscribe via margin financing! With bank financing, you can now enjoy leverage as high as 10x. The higher the leverage ratio, the greater your chances of being allocated shares—but of course, the greater the potential rewards, the higher the associated risks.

IPO fees

Want to subscribe to new shares at a lower cost? Here’s a guide to subscribing to new shares with zero interest or zero fees!

If you subscribe via the standard (cash) method, you will be exempt from handling fees.

If you make a standard (Futu financing) subscription, you will need to pay an annual interest rate of 6.8%;

If you subscribe via bank financing, you can be exempt from bank financing interest—simply pay a handling fee of HK$100 per transaction! You can choose the most suitable and most advantageous subscription method based on your investment needs.

Learn more about 0% interest and 0 fees!

Currently, you have the opportunity to enjoy a 1-year exemption from new share subscription fees when using Futu—subscribe to new shares via Futu with zero interest, zero fees, and zero cash subscriptions!

New Stock IPO-Related Terms

1. Group A and Group B: The number of shares that applicants participating in the public offering may subscribe to is divided into Group A and Group B (also known as Groups A and B). Group A is generally referred to as “retail investors,” meaning those with subscription amounts less than 5 million yuan; Group B is referred to as “large investors,” meaning those with subscription amounts exceeding 5 million yuan.

2. Top Bidder: The maximum subscription amount, which is half of the total number of new shares offered to the public (excluding any allocations). In other words, anyone who subscribes for the largest number of shares in Group B is referred to as the “Top Bidder.”

3. First-hand subscription success rate: The probability of being selected when you only subscribe for one lot.

4. FINI: is a public offering settlement platform developed by the Hong Kong Exchanges and Clearing. Market participants and regulatory authorities can jointly manage the settlement process for initial public offerings (hereinafter referred to as public offerings) on the same platform, shortening the time from new share pricing to the start of trading. With the advent of the FINI system, investors who subscribe to new shares via Futu with bank financing can enjoy a 0% interest rate, saving significantly on margin loan interest.

5. Redemption Mechanism: During the IPO process, the issuer dynamically adjusts the allocation ratio of shares between institutional investors and retail investors based on the final subscription results. When demand for new shares is strong, a portion of the shares can be reallocated from institutional investors to public offerings, thereby more effectively meeting market demand and ensuring a balanced participation opportunity for different types of investors.

Mechanism A (with a callback mechanism):

• The initial proportion offered to the public is relatively low (e.g., about 5%).

• There is a clearly defined over-subscription trigger: When the level of oversubscription for the public offering reaches a specific multiple, the allocation ratio will be gradually increased (for example, up to approximately 35%).

• Automatically increase the share allocated to retail investors based on subscription responses in the retail market.

Mechanism B (Fixed Ratio):

• The issuer must determine the proportion of shares to be offered publicly in a single transaction prior to the IPO, with the applicable range typically falling between 10% and 60%.

• Once determined, the ratio will remain fixed and will not be adjusted even if the public offering becomes oversubscribed.

• Emphasize the stability and predictability of the issuance structure.

Special Arrangement: For technology companies, there are separate rules governing share allocation (as stipulated in Chapter 18C of the Listing Rules):

• The initial offering ratio for public sales is typically set relatively low, at around 5%.

• Only when the public offering subscriptions exceed the specified multiple can the allocation ratio be increased to approximately 10% or 20% according to the preset tiers; the back-allocation flexibility is lower than that of Mechanism A.

Popular IPOs from Previous Periods

ThroughDark market trading, with a maximum first-day gain of HK$4,200. Below are some of the most popular IPOs in recent times:

[New Share 1276 IPO] Hengrui Medicine’s IPO sees a 27.8% increase in the pre-market trading session.

[New Share 2097 IPO] Futu’s subscription amount for Mixue Group has exceeded 600 billion, with the dark trading session closing up over 23%.

[New Share 3750 IPO] CATL Lists in Hong Kong, Closing Up Over 8% in the Dark Market, Earning HK$2,180 per Lot

[New Share 1364 IPO] Guming IPO Prospectus Information: Pre‑market Trading Closes with a Gain of Over 10%

[New Share IPO 0325] Brucos Listing Updates: Pre‑Market Trading Sees Gains of Over 82%

[New Stock 1318 IPO] Mao Geping IPO Prospectus Information: Grey Market Closes with Gains Exceeding 50%

[New Share 2589 IPO] Shanghai Auntie Launches Its IPO, Closing Up 62.48% in the Pre-Market Session

[New Share 2432 IPO] Yuejiang’s IPO Information: Pre‑market Trading Closes Up 8.78%

[New Share 2431 IPO] Youjia Innovation’s IPO Information: Pre‑Market Trading Closes Up Nearly 8%

[New Share 2506 IPO] iFlytek Medical Technology’s pre-market trading closed up nearly 3%.