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Upcoming and Recently
Listed IPOs

Listed IPO
Upcoming IPOs
Symbol
Mini ChartPriceFirst-Day %ChgIssue PriceListing Date
Watchlist
ABLE DIGITAL
02687
--146.600+87.26%67.5002025/12/08
NOVOSENSE
02676
--113.800-4.31%116.0002025/12/08
TIANYU SEMI
02658
--52.100-30.17%58.0002025/12/05
XIAO NOODLES
02408
--5.000-27.84%7.0402025/12/05
Pando Ethereum ETF
03085
--8.6000.00%--2025/12/03
JINYAN KAOLIN
02693
--6.900+2.19%7.3002025/12/03
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A quickstart guide: How to get in on a HK IPO

HK's IPO market is buzzing, with record subscriptions and strong debut performances. Industry giants are queuing to list, making HK IPOs a top investment focus!

Get in on IPOs: A Simple Guide to Subscribing with 0 Interest or Fees
There are two main ways to subscribe to IPOs: Cash Application and Margin Financing. Enjoy 0 handling fees for cash subscriptions and/or Futu financing and 0 interest for bank financing for IPOs.
How to Trade IPOs in the Grey Market
Trade IPO shares early on Futu's grey market (4:15-6:30pm pre-listing). T+0 settlement lets you flip allocated or newly bought shares instantly. Missed the IPO? Buy pre-market here.
HK IPO Quick Guide
Gain a comprehensive understanding of the HK IPO subscription process, grey market trading mechanisms, relevant trading rules, and potential risks.
Grey Market Trading Quick Guide
Understand the rules and procedures of HK IPO grey market trading, including the trading process, price formation, transaction and settlement mechanisms, as well as associated risks and fund management issues.
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Tips for newbies on IPO subscription

Curious about IPOs? Our tutorials help you IPO subscription tricks fast!

Become the strongest newcomer to draw new shares in Hong Kong stocks
The profit effect of Hong Kong stocks drawing new shares has returned! Do you know these three important rule changes?
Since the beginning of 2025, the Hong Kong stock market has shown a significant recovery, and the profit effect of the Hong Kong IPO market has become increasin
Beginner's Guide: How to Participate in an IPO? 5 Important Days to Remember.
What are the benefits of participating in an IPO? IPO, which stands for "Initial Public Offering," refers to the process by which a company first offers its sha
A money-making tool that crosses bull and bear markets! Do you know these advantages of listing in Hong Kong?
In recent years, the Hong Kong stock IPO market has experienced a complete bull and bear cycle, from the booming market in the first half of 2020-2021, the peri
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Latest news on IPOs and Planned IPOs

Stay on top of IPOs and planned IPOs updates, including company details, prospectus information, and listed IPO performance.

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Hong Kong's No.1
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2.816 million
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HK$1.24 trillion
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HK$7.8 Trillion
Total annual
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*Data Source: Futu Q3 2025 Financial Results as of 30th September, 2025,
while the total annual trading volume data is from Futu's 2024 full-year financial results.

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Hong Kong Investor Compensation Fund (ICF) and US Securities Investor Protection Corporation (SIPC) covers each investor up to a maximum compensation of HK$500,000 and US$500,000 for assets in US stocks
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FAQS

1.
How do I initiate an IPO subscription through the Futubull app?

Open the Futubull App, navigate to Markets, select HK, and then IPO to choose and subscribe to your chosen IPO.

2.
When are allotment results announced and refunds for unallotted shares processed?

Allotment results are generally announced one trading day before the IPO. On this day, allocated shares will be deposited into your account, and any funds from unsuccessful subscriptions or surplus funds due to final price adjustments will be refunded. Please review your account for details on funds and settlements.

3.
After being allotted shares, when can I begin trading them?

Any shares allotted or bought in the grey market can be traded in the grey market on that same day.

4.
What is grey market trading?

The grey market trading is an over-the-counter market. In Hong Kong, it is generally used for Pre-IPO trading of new stocks, which takes place after the close of trading on the trading day before the IPO. Hong Kong stocks are usually traded through the HKEX system during trading hours, but the Pre-IPO trading is not through the exchange system but through the internal system provided by some brokerage firms.

5.
How to trade in the grey market on FUTU?

Find the pre-IPO stocks that will be listed the next day and want to trade in the "Pending Listing", then to place an order by entering the quantity and price to confirm the transaction.

6.
Can funds from selling shares be used immediately to subscribe to IPOs?

Funds from stocks sold on the same day can be used to subscribe to IPOs if the T+2 deadline hasn't passed. However, if the T+2 has expired, availability will depend on the remaining daily quota of Futu's margin financing, which closes once filled.

7.
How can I find out the available bank financing quotas for different IPOs?

Go to the IPO section, select the IPO you want to subscribe to and check the remaining financing quota under Bank Financing.

8.
When is margin interest calculated, and when is it deducted?

Margin interest is calculated from the subscription cut-off date until the results announcement date. It is deducted on the day the allotment results are announced. Click here for detailed information on margin interest costs.
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Disclaimer
The pictures shown herein are for illustrative purposes only and do not constitute any investment advice.

Displayed third-party logos, brands, or trademark images on screens or web pages are only for identification purposes and remain the property of their respective owners.

This page is not and should not be regarded as an offer, solicitation, invitation, or recommendation to buy or sell any investment products or the basis for investment decisions, nor should it be construed as professional advice. People who read this page or before making any investment decisions should fully understand the risks and the characteristics and consequences of relevant laws, taxes, and accounting, decide whether the investment is in accordance with their individual financial situations and investment goals and whether they can endure relevant risks based on their personal circumstances, and seek appropriate professional advice when necessary.