How to trade pre-IPO trading on FUTU?

1. Introduction to the pre-IPO trading

The pre-IPO market is an over-the-counter market. In Hong Kong, it is generally used for pre-IPOtrading 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 market trading is not through the exchange system but through the internal system provided by some brokerage firms.


2. Pre-IPO market trading hours

The pre-IPO market trading hours are 16:15 ~ 18:30 on the trading day before the official listing of the IPO.

If the pre-IPO market is a half day, the trading hours are 14:15 ~ 16:30.

Trading arrangements during a typhoon and black rainstorm:

Typhoon Signal No. 8 or above / Black Rainstorm Warning:

1) The signal/warning is lifted before 12:00 noon: the pre-IPO trading will begin as usual at 4:15 p.m. (2:15 p.m. for half-day trading).

2) The signal/warning will be lifted after 12:00 noon: trading will be stopped for the whole day.

3) The signal/warning issued during the pre-IPOtrading hours: the pre-IPOtrading will continue as usual until 6:30 pm (4:30 p.m. for half-day trading).


3. Guidelines for placing orders in the pre-IPO market

3.1 Mobile Apps

The first step is to find the pre-IPOstocks you want to trade:

Find the pre-IPOstocks that will be listed the next day and want to trade in the "Pending Listing";

The second step is to place an order:

Enter the quantity and price to confirm the transaction.

Note: Please update the client to the latest version to check the pre-IPOquotesource and transaction brokers.


3.2 PC client

The first step is to find the pre-IPOstocks you want to trade:

1) Enter the stock name or code directly in the search box;

2) Or find the stocks listed on the next trading day through this path: PC Client-Data-IPO data.

The second step is to place an order:

Enter the quantity and price to confirm the transaction.

Note: Please update the client to the latest version to check the pre-IPO quote source and transaction brokers.


4. What types of orders are supported for pre-IPO trading?

The pre-IPO market trading supports enhanced limit orders, market orders, stop order, stop limit order, limit if touched order, market if touched order, trailing stop order and trailing stop limit order.

Note: Please update the client to the latest version to support order validation/expiration and order modification operations.


5. What are the restrictions on the price of pre-IPO market orders?

In order to ensure the efficiency of pre-IPO market order transactions, only orders that meet the price restrictions will be sent to the matching system to be filled, and orders that exceed the price restrictions will be rejected. The specific restrictions are:

Market price * (1 - 25%) <= Bid price <= Market price * (1 + 25%)

Market price * (1 - 25%) <= Ask price <= Market price * (1 + 25%)