Both cash account and margin account can trade pre-IPO stocks, margin account can use margin to buy pre-IPO stocks, but pre-IPO stocks cannot be collateralized for financing.
Instructions: The difference between mortgageable stocks and marginable stocks
Mortgageable stock: the stock that can be mortgaged to obtain buying power. For example, if you hold 10000 HKD Tencent, you can obtain 5000HKD buying power by mortgaging Tencent.
Marginable stock: the buying power of purchasing this stock can obtain by mortgaging other stocks. For example, the 5000 HKD buying power of pre-IPO stocks is obtained by mortgaging Tencent.