Which Broker Should You Pick for Your First Hong Kong IPO?

Hong Kong's IPO market is booming. PwC forecasts around 150 companies will list in 2026, raising HKD 320–350 billion — and early results back this up, with 12 mainboard listings in January alone raising HKD 39.3 billion. Some of these IPOs have delivered spectacular first-day returns: Shanghai Biren Technology surged 76% on debut, and Minimax jumped 259% after listing.

Numbers like these pull new investors in. But here is the problem most guides skip over: the broker you choose for your first IPO matters far more than most beginners realize. Different brokers charge different fees, offer different margin multiples, cover different IPOs, and have wildly different user experiences. Picking the wrong one can cost you money before you even place your first subscription.

This article is not a feature comparison table — we already have one of those in our HK stock broker comparison. Instead, this is a decision guide. It walks you through what actually matters when you are subscribing to your first Hong Kong IPO, and tells you which broker to pick based on what you care about.

Table of Contents

• Why Broker Choice Matters for IPO
• The Four Factors That Actually Matter for IPO Beginners
• Broker Recommendations by Investor Type
• Decision Flowchart: If You Want X, Choose Y
• Common Mistakes First-Time IPO Subscribers Make
• FAQ

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Why Broker Choice Matters for IPO {#why-broker-choice-matters}

Short answer: because IPO subscription is fundamentally different from regular stock trading.

When you buy an existing stock, your broker is mostly just a pipe — the price is the price, and the difference between platforms is marginal. But IPO subscription involves a competitive allocation process. You are not buying at a set price; you are applying for shares that may or may not be allocated to you, and the allocation depends partly on how your broker aggregates subscriptions.

Here are the three ways your broker choice directly affects your IPO outcome:

1. Allocation probability. Larger brokers pool their clients' subscriptions into a single block. A platform with 700,000+ active accounts (like moomoo) submits a larger aggregate order than a platform with 50,000 accounts, which can result in a slightly higher allocation ratio in popular IPOs.

2. Margin financing terms. If you decide to use leverage (孖展), the margin multiple and interest rate vary significantly. moomoo offers up to 20x leverage on hot IPOs; Tiger typically caps at 10x. The difference between 6.8% and 7.2% annualized interest might seem small, but on a 10x leveraged subscription for a HKD 200,000 IPO, it adds up over the 5–8 day freeze period.

3. Fee structure. Some brokers charge a flat handling fee per IPO subscription (Webull: HKD 50–100). Others charge nothing (moomoo, Tiger during promotions). On a single-lot cash subscription worth HKD 5,000–10,000, a HKD 50–100 fee eats into your expected return meaningfully.

If you want to understand the full IPO subscription process before worrying about broker selection, start with our HK IPO beginner tutorial — it covers everything from account opening to selling on listing day.

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The Four Factors That Actually Matter for IPO Beginners {#four-factors}

After reviewing hundreds of user questions and real subscription outcomes, these are the four things that separate a good IPO broker experience from a frustrating one for beginners.

Factor 1: Subscription Fees (or Lack Thereof)

The ideal answer is zero. And in 2026, most major brokers have moved to zero subscription fees for cash IPO applications — but check the fine print. Some brokers waive the fee only during promotional periods, while others have made it permanent.

Broker	Cash IPO Fee	Margin IPO Fee	Notes
moomoo	HKD 0	HKD 0	Permanent zero fee
Tiger Brokers	HKD 0	HKD 0	Zero during promotional period
Longbridge	HKD 0	Varies	Often runs zero-fee campaigns
Webull	HKD 50	HKD 100	Fixed fee per subscription

For a beginner making small cash subscriptions (1 lot, HKD 5,000–10,000), a HKD 50–100 fee is significant. If the IPO gains 5% on listing day and you subscribed for HKD 5,000 worth of shares, your gross profit is HKD 250. A HKD 50 fee wipes out 20% of that.

Factor 2: Margin Financing (If You Plan to Use It Later)

Most beginners should start with cash subscriptions — full stop. But understanding the margin landscape matters because you will likely graduate to it after a few successful rounds.

Margin financing (孖展) lets you subscribe for more shares than your cash balance covers. A 10x leverage means you put up 10% of the subscription amount, and the broker lends the rest. The benefit is a larger subscription size, which can improve allocation odds in oversubscribed IPOs.

The risk is real: if the IPO drops 10% on day one, you lose your entire 10% deposit. About 30–40% of Hong Kong IPOs trade below offer price on their first day, based on HKEX historical data.

Broker	Max IPO Margin Multiple	Typical Interest Rate
moomoo	Up to 20x	~6.8% p.a.
Tiger Brokers	Up to 10x	~7.2% p.a.
Longbridge	Up to ~33x (97% bank financing)	Varies by IPO
Webull	Available	Market rate
uSMART	Up to 15–20x	As low as 1.6% (promo)

For a deeper dive into how margin financing works for HK IPOs, see our dedicated margin financing guide.

Factor 3: IPO Coverage and Allocation Power

Not every broker carries every IPO. Smaller listings may appear on only 2–3 platforms, while mega-IPOs (like the early 2026 blockbusters) are available everywhere.

More importantly, the broker's total client subscription pool affects your allocation probability. In Hong Kong's public offer tranche, shares are allocated based on subscription amount brackets. A broker that aggregates more retail demand can sometimes negotiate slightly better placing tranche access for its clients.

In practice, moomoo (backed by Futu's ~700,000–800,000 estimated HK paying clients) and Tiger Brokers (~400,000–500,000 estimated active accounts) have the largest pools. Longbridge and Webull are growing but have smaller client bases.

Factor 4: App Experience and IPO-Specific UX

This matters more than veterans admit. When you are subscribing to your first IPO, you need to:

• Find the IPO listing quickly
• Understand the subscription deadline
• Choose between cash and margin
• Submit the application without confusion
• Track the allotment result

moomoo consistently ranks highest for IPO-specific UX among the four major brokers. The IPO center is prominent, the subscription flow is 3–4 taps, and allotment notifications are pushed automatically. Tiger Brokers has a more data-dense interface that some users find overwhelming on mobile. Longbridge has improved significantly but is still catching up. Webull's HK IPO interface is functional but less polished.

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Broker Recommendations by Investor Type {#broker-recommendations}

Rather than giving you a generic ranking, here is which broker fits which type of first-time IPO subscriber.

moomoo — The Default Choice for Most Beginners

Best for: First-time IPO subscribers who want the smoothest experience with the highest margin ceiling.

moomoo is the safest starting point for someone who has never done a Hong Kong IPO. Zero subscription fees, an intuitive IPO center, and the largest retail client pool in Hong Kong make it the path of least resistance. When you are ready to graduate to margin financing, it offers up to 20x leverage — the highest among the four major retail brokers.

Genuine downsides:

• The app can feel "noisy" with social feeds, news alerts, and community posts competing for attention — if you just want to subscribe and leave, there is a lot to ignore
• Customer service response times during peak IPO periods (especially for hot tech listings) can stretch to hours
• Margin rates (~6.8% p.a.) are competitive but not the lowest on the market

If moomoo fits your profile, you can check the latest sign-up offers in our moomoo referral bonus guide. Open a moomoo account here to get the current new-user bonus.

Tiger Brokers — For Data-Driven Beginners Who Also Want US/China IPOs

Best for: Users who want access to mainland China tech IPO pipeline and prefer a research-heavy interface.

Tiger Brokers was built by a team with UBS and Tiger Global backgrounds, and it shows. The platform leans into quantitative data, IPO research reports, and community-driven analysis. If you are the type who wants to read the prospectus breakdown and oversubscription data before subscribing, Tiger's interface surfaces this better than moomoo.

Tiger's strongest differentiation is its mainland China tech pipeline. The founding team's connections to Chinese tech underwriters mean that for China-origin listings, Tiger sometimes has earlier access or slightly better allocation positioning.

Genuine downsides:

• Maximum 10x margin financing vs moomoo's 20x — this matters for hot IPOs where 10x is not enough to push your allocation odds
• The mobile app has a steeper learning curve; multiple users we have spoken to took 2–3 IPO cycles before feeling comfortable with the subscription flow
• Smaller Hong Kong client base means lower aggregate subscription pool

For a head-to-head comparison, see our Tiger vs moomoo for HK IPO article.

Longbridge — The Cost Optimizer's Pick

Best for: Fee-sensitive investors who want to minimize every basis point of cost.

Longbridge has positioned itself as the value-for-money alternative. It frequently runs zero-fee campaigns, and its bank financing model can offer up to 97% financing (effectively ~33x leverage) on selected IPOs — significantly higher than either moomoo or Tiger.

The platform also has a clean, modern interface that does not overwhelm you with social features. If you want a quiet, functional IPO subscription experience, Longbridge delivers.

Genuine downsides:

• Smaller client base means lower allocation power in heavily oversubscribed IPOs
• IPO coverage is slightly less comprehensive — some smaller listings may not appear
• Bank financing terms (interest rate, availability) vary per IPO and are not always competitive
• Brand recognition is lower, which matters less functionally but can affect trust for first-timers

Read our full Longbridge review for a comprehensive look at the platform.

Webull — Fine If You Already Use It, Not Worth Switching For

Best for: Existing Webull users who want to add HK IPO as a side activity without opening another account.

Webull is a solid brokerage for US and HK stock trading, with zero commission on both markets. But for HK IPO specifically, it is the weakest of the four major options for beginners.

The HKD 50 handling fee on cash subscriptions (HKD 100 for margin) is a meaningful drag on small-lot returns. The IPO interface is functional but less IPO-focused than moomoo or Tiger. And the client pool in Hong Kong is smaller, which affects allocation odds.

That said, if you already have a funded Webull account and just want to try one or two IPOs without the hassle of opening a new account, it works fine.

Genuine downsides:

• HKD 50–100 handling fee per IPO subscription (the only one of the four that charges this consistently)
• Smaller Hong Kong client pool reduces allocation competitiveness
• IPO-specific features (research, pre-analysis, grey market data) are less developed
• Limited margin financing options compared to moomoo and Tiger

See our Webull Hong Kong review for the full breakdown.

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Decision Flowchart: If You Want X, Choose Y {#decision-flowchart}

If you want...	Choose...	Why
The easiest first IPO experience	moomoo	Smoothest app UX, zero fees, largest client pool
To also subscribe to US/China tech IPOs	Tiger Brokers	Strongest mainland China pipeline, dual-market coverage
The absolute lowest cost per subscription	Longbridge	Most aggressive zero-fee campaigns, high bank financing leverage
To use an account you already have	Webull	Avoid opening a new account (but HKD 50 fee applies)
The highest margin leverage	moomoo (20x) or Longbridge (up to ~33x bank financing)	Depends on whether you want broker margin or bank financing
Maximum allocation probability	moomoo	Largest retail client pool in HK (~700K–800K paying clients)
Strong IPO research and data tools	Tiger Brokers	Best pre-IPO analysis interface and community discussion

Still not sure? The honest answer is: if you are doing your very first HK IPO, start with moomoo or Tiger, use cash only (no margin), subscribe for 1 lot, and see how the process feels. You can always open a second broker account later once you understand what you value.

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Common Mistakes First-Time IPO Subscribers Make {#common-mistakes}

Mistake 1: Using Margin Financing on Your First IPO

This is the most expensive beginner mistake. Margin amplifies gains and losses equally. With roughly 30–40% of HK IPOs trading below offer price on day one (based on HKEX historical data), using 10x leverage on an IPO that drops 5% means you lose 50% of your deposit — on what was supposed to be a "low-risk" introduction to investing.

Fix: Do your first 3–5 IPOs with cash only. Once you understand how allotment works and can tell a hot IPO from a risky one, then consider modest leverage (2–5x).

Mistake 2: Subscribing to Every IPO

With 150+ listings expected in 2026, there is an IPO almost every week. New investors sometimes subscribe to everything, spreading their capital thin and locking up funds in mediocre offerings.

Fix: Be selective. Focus on IPOs with strong oversubscription signals, institutional backing, and sector momentum. Our IPO beginner tutorial covers stock selection criteria in detail.

Mistake 3: Ignoring the Grey Market

The grey market (暗盘) is unofficial trading that happens before the stock officially lists. Grey market prices give you a real-time signal of market demand. If the grey market price is below the offer price, it is a warning that the stock may open down on listing day.

Fix: Check grey market prices on your broker's app (moomoo and Tiger both show this) before the official listing. See our grey market guide for how to read these signals.

Mistake 4: Opening Only One Broker Account

Hong Kong IPO allocation uses a per-account model. Subscribing from two broker accounts gives you two independent chances at allocation. This is legal, standard practice, and one of the most effective ways to improve your odds.

Fix: Open accounts at two different brokers — for example, moomoo for primary subscriptions and Tiger or Longbridge as a secondary platform.

Mistake 5: Not Accounting for the Capital Freeze Period

Your subscription funds are locked for 5–8 days per IPO. If three IPOs you want are running in the same week, you need three times the capital. Beginners often realize this too late and miss IPOs they wanted to subscribe to.

Fix: Plan your capital allocation around the IPO calendar. Keep a buffer of HKD 10,000–20,000 in your account beyond what you plan to use for the current subscription.

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FAQ {#faq}

Can I open accounts at multiple brokers and subscribe to the same IPO from all of them?

Yes. This is legal and widely practiced. Each broker account counts as a separate subscription in Hong Kong's allocation system. Many experienced IPO subscribers maintain 2–3 broker accounts specifically to increase their allocation chances. The only requirement is that each account must be in your own name.

How much money do I need for my first HK IPO subscription?

Most IPOs have a minimum subscription of 1 lot, which typically costs between HKD 3,000 and HKD 10,000 depending on the offer price and lot size. To be safe, HKD 10,000–15,000 gives you enough to cover any single-lot subscription plus a margin for fees and exchange-rate differences if you are funding from a non-HKD account.

Which broker has the highest IPO allocation success rate?

No broker publishes official allocation rates, and allocation depends on the specific IPO's oversubscription level. However, platforms with larger client pools (moomoo, Tiger) tend to perform slightly better because their aggregate subscription volume gives them a larger share of the public offer tranche. The difference is marginal for cash subscriptions but more noticeable when using margin financing at high multiples.

Should I use margin financing as a beginner?

No. Start with cash subscriptions for your first 3–5 IPOs. Margin financing (孖展) amplifies both gains and losses. With roughly 30–40% of Hong Kong IPOs historically breaking below their offer price on day one, using leverage before you can evaluate IPO quality is a recipe for losses. Once you have a track record and understand how to spot strong vs weak IPO signals, you can gradually introduce modest leverage (2–5x).

What happens if I subscribe but do not get allocated?

Your funds are returned to your broker account automatically after the allotment results are announced, typically within 1–2 business days after the announcement. You will not be charged any subscription fee by moomoo or Tiger (Webull still charges the HKD 50 handling fee regardless of allocation). The only cost you incur is the opportunity cost of having your capital frozen for 5–8 days.

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Broker features, fees, and promotions referenced in this article are based on publicly available information as of February 2026. Terms may change — always verify current details on the broker's official website before subscribing. IPO investing carries risk, including the risk of loss. Past first-day performance is not a guarantee of future returns.

Statistics sources: PwC Hong Kong IPO Market 2026 Outlook, HKEX New Listings Data, Deloitte 2025 Review & 2026 IPO Outlook.