HK Stock – IPO

Hong Kong Stock – IPO

What is IPO?

IPO stands for Initial Public Offering. It is the first time a company issues shares to public investors and will be listed on the stock exchange for trading.

Where can I apply for the IPO?

Prospectuses and application forms can be obtained from Core Capital Securities.

What are the differences between the white and yellow application form?

White Forms

Apply on a physical WHITE application form/through White form eIPO service if you want the Public Offer Shares to be issued in your own name.

Physical shares certificates and/or refund cheques in respect of wholly or partially successful applications would be sent to you by the Share Registrar by mail/credited to your designated bank account (refund money of White form eIPO).

As the physical share certificates are in the applicant own name, they need to be deposited into the applicant’s securities account with a bank or broker before they can be sold on the market. Generally, the applicant may not be able to sell the shares immediately on the first listing day of the new shares until the shares are deposited into CCASS.

Yellow Forms

Apply on a YELLOW application form through Core Capital Securities. 

Shares allotted will be received by the broker and will be credited to your securities account on or before the first listing date.

Shares allotted can be sold on the first day of listing.

Points to Note

  1. The applicant must be 18 years of age or older.
  2. The applicant should read the conditions and instructions attached to the application form. To be valid, the applicant must complete all applicable parts of the application form.
  3. Multiple applications will be rejected. All applications will be rejected as multiple applications if you, or you and joint applicants together make more than one application (whether individually or jointly with others) on a White or Yellow Application Form.
  4. Minimum application will be one board lot. Any application for more than one board lot must be in one of the number of shares set out in the application form.
  5. Application amount would include 1% brokerage, 0.0027% SFC transaction levy and 0.005% Hong Kong Stock Exchange Trading Fee.
  6. Customers who apply for the IPO through our Bank should pay the handling fee (HKD IPO: HKD100) per application for the IPO stock subscription and such charge will not be refunded irrespective of the allotment result or whether the Company is successfully listed or not.

What are the risks associated with IPO?

Market Risk:
There is a risk that the company’s share price will drop below its initial IPO price, once the company’s shares commence trading on the stock market. Share price will fluctuate over time.

Company Risk:
It is vital to understand the company and business being invested in. Investors should study thoroughly the prospectus, financial report and even seek professional advice before making the investment decision.

To know more about IPO investing and its associated risk, you may refer to the website of Investor Education Center ( or HKEX (