Hong Kong SFC Issues New IPO Guidelines Requiring 10% Downpayment for IPO Margin Loan for Retail Investors, New Hong Kong FINI System (Fast Interface for New Issuance) Shortened IPO Pricing-to-Listing Period & Allowed Investors to Pay after Shares Allotment, Some Brokerages Provided 0% Interest Rate IPO Financing
21st March 2025 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued new IPO guidelines requiring 10% downpayment for IPO margin loan for retail investors. The new Hong Kong FINI System (Fast Interface for New Issuance) had shortened IPO pricing-to-listing period, and allowed investors to pay after shares allotment. Some brokerages provided 0% interest rate IPO financing. Hong Kong SFC (20/3/25): “The Securities and Futures Commission (SFC) today issued additional guidance in a circular for licensed corporations (LCs) on IPO subscription and financing services to enhance their risk management practices and protect investors from undue financial risks. This came after the SFC identified deficiencies in a recently-completed review of the IPO financing activities of selected LCs. In particular, some of the LCs were found to have engaged in imprudent and aggressive IPO financing practices by accepting subscription orders that exceed their clients’ financial capabilities. In some cases, the LCs primarily focused on the subscription levels or anticipated subscription rates of IPO stocks rather than the financial positions of clients, which could result in over-leveraging for clients and subject LCs themselves to an increased client default risk. The additional guidance in the circular sets out the SFC’s expected standards of conduct and control measures for LCs. These include the collection of minimum upfront subscription deposits, financial assessments of both the firm and its clients, proper segregation of clients’ subscription deposits, and adherence to the FINI investor identification requirements.”
“ Hong Kong SFC Issues New IPO Guidelines Requiring 10% Downpayment for IPO Margin Loan for Retail Investors, New Hong Kong FINI System (Fast Interface for New Issuance) Shortened IPO Pricing-to-Listing Period & Allowed Investors to Pay after Shares Allotment, Some Brokerages Provided 0% Interest Rate IPO Financing “
Hong Kong SFC Issues New IPO Guidelines Requiring 10% Downpayment for IPO Margin Loan for Retail Investors, New Hong Kong FINI System (Fast Interface for New Issuance) Shortened IPO Pricing-to-Listing Period & Allowed Investors to Pay after Shares Allotment, Some Brokerages Provided 0% Interest Rate IPO Financing
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