Tiger Brokers vs moomoo for Hong Kong IPO: Fees, Speed, and Allocation Compared
Contents
Two names dominate Hong Kong retail IPO subscriptions in 2026: Tiger Brokers (θθθ―εΈ) and moomoo (ε―ιηη). Both are NASDAQ-listed, both serve the mainland China and Hong Kong market, and both offer margin financing (εε±) for IPO subscriptions. Choosing between them is genuinely tricky because they are competitive on price but diverge meaningfully on IPO margin multiples, allocation power, and platform depth.
This article lays out what actually differs between them β not a generic spec sheet, but the factors that matter when you are trying to maximize your IPO allocation and minimize your financing cost.
Table of Contents
- Overview: Two Platforms Worth Knowing
- Fee Comparison Table
- IPO Margin Financing (εε±)
- IPO Allocation Success Rate
- Platform and App Comparison
- When to Choose Tiger vs moomoo
- Sign-Up Bonuses (February 2026)
- FAQ
Overview: Two HK IPO Powerhouses {#overview}
Tiger Brokers (θθθ―εΈ)
Tiger Brokers was founded in 2014 and listed on NASDAQ in 2019 (TIGR). It built its early user base almost entirely from mainland Chinese investors accessing US stocks and Hong Kong markets. The founding team came from UBS and Tiger Global, and the platform has always positioned itself as a quantitative and data-driven brokerage.
For Hong Kong IPO subscribers, Tiger's main edge is its mainland pipeline: the company has strong relationships with underwriters on China-origin tech listings, which can translate into slightly better allocation access during IPO roadshows. Tiger also integrates well with WeChat-based communities that share IPO research.
Key facts (2026):
- Listed: NASDAQ (TIGR)
- Regulatory licenses: SFC Type 1 (HK), MAS (Singapore), ASIC (Australia)
- Hong Kong clients: estimated 400,000β500,000 active accounts
- US stock commission: $0 per trade
moomoo (ε―ιηη / Futu)
moomoo is the international retail app operated by Futu Holdings (FUTU), which listed on NASDAQ in 2019. Futu was backed by Tencent and has grown into the largest retail brokerage in Hong Kong by active user count. As of late 2025, Futu reported over 2.2 million paying clients globally, with Hong Kong representing the largest single market.
For IPO subscription, moomoo's scale is its primary advantage. More clients subscribing through the same platform means a larger single-pool subscription amount, which in many IPOs increases the platform's aggregate allotment in the placing tranche. moomoo also offers the highest standard IPO margin multiples available to retail investors in Hong Kong.
Key facts (2026):
- Parent: Futu Holdings, listed NASDAQ (FUTU)
- Regulatory licenses: SFC Type 1 and 4 (HK), MAS (Singapore), ASIC (Australia), SEC (US)
- Hong Kong paying clients: ~700,000β800,000 (estimated)
- US stock commission: $0 per trade permanently
Fee Comparison Table {#fees}
The fees that actually affect your IPO returns are the margin financing rate (if you use leverage) and the handling fee per IPO application. Both platforms have moved to zero subscription fees for retail IPO applicants.
| Fee Category | Tiger Brokers | moomoo |
|---|---|---|
| IPO Subscription Fee | HKD 0 | HKD 0 |
| IPO Margin Financing Rate (standard) | ~7.2% p.a. | ~6.8% p.a. |
| IPO Margin Financing Rate (VIP/promo) | As low as 5.5% (limited) | As low as 4.8% (limited) |
| Maximum Margin Multiple (hot IPOs) | Up to 10x | Up to 20x |
| HK Stock Commission | 0.03% + HKD 15 | 0.03% + HKD 15 |
| HK Stock Platform Fee | HKD 15 per order | HKD 15 per order |
| US Stock Commission | $0 per trade | $0 per trade |
| US Stock Platform Fee | $0.005/share (min $1) | $0 (permanently free) |
| Real-Time HK Data | Included | Included |
| Real-Time US Data | Included | Included |
| Inactivity Fee | None | None |
Practical note on margin rates: The annualized difference between 6.8% and 7.2% looks small, but for a 20x leveraged subscription held for 5 days on a HKD 100,000 investment (meaning HKD 2,000,000 in total subscription value), the financing cost difference works out to roughly HKD 220. Not a dealbreaker, but worth knowing.
IPO Margin Financing (εε±) {#margin}
IPO margin financing, known locally as εε± (ma zhan), allows you to borrow against your cash deposit to subscribe for more shares than you could with your own capital alone. The logic is that even with low allotment rates, higher total subscription amounts can improve your position within the allocation algorithm.
Tiger Brokers: Up to 10x
Tiger's standard IPO margin product offers up to 10x leverage for qualifying IPOs. In practice, the leverage multiplier varies by IPO β less popular listings may only receive 5x, while flagship tech IPOs from China may receive the full 10x.
Example: With HKD 50,000 in cash, Tiger's 10x margin allows you to subscribe for HKD 500,000 worth of shares. At an IPO price of HKD 10/share with a 1,000-share lot, that is 50 lots applied for.
Tiger's margin approval process typically takes a few hours after you submit a financing request, occasionally up to one business day during high-demand periods.
moomoo: Up to 20x
moomoo's IPO margin financing goes up to 20x for popular IPOs β double Tiger's maximum. This is the single biggest functional difference between the two platforms for aggressive IPO subscribers.
Same example: With HKD 50,000 in cash at 20x leverage, you can subscribe for HKD 1,000,000 worth of shares. That is 100 lots applied for versus Tiger's 50 lots. In a ballot-based allocation, the higher application amount also increases your chance of receiving additional lots (beyond one lot) in moderately subscribed IPOs.
moomoo's margin approval is generally faster β most applications are processed automatically within 30β60 minutes during normal trading hours.
Financing cost comparison (7-day hold, HKD 500,000 borrowed):
- moomoo at 6.8%: HKD 500,000 Γ 6.8% Γ· 365 Γ 7 = HKD 651
- Tiger at 7.2%: HKD 500,000 Γ 7.2% Γ· 365 Γ 7 = HKD 690
The absolute cost is modest for short-term IPO financing. The more important variable is whether the margin multiplier gets you additional lots.
A Recent Example: Horizon Robotics (9660) IPO
During Horizon Robotics' IPO in October 2024, moomoo processed over 200,000 IPO subscription applications through its platform. Clients who used 20x margin were able to apply for significantly larger amounts, improving their odds in the ballot for additional lots above the guaranteed one-lot allotment. Tiger clients capped at 10x had half the leverage, though the one-lot ballot odds were identical regardless of broker.
IPO Allocation Success Rate {#allocation}
How Platform Size Affects Allocation
Hong Kong IPOs allocate retail shares through two mechanisms:
- Ballot-based (public subscription): Every applicant has equal one-lot odds regardless of subscription amount. This is the CCASS-level distribution.
- Dark pool aggregation: For the placing tranche, brokers aggregate client orders and present them as institutional-sized blocks. A broker with more clients subscribing means a larger aggregate order, which can receive preferential placing treatment from underwriters.
moomoo's larger client base gives it a measurable edge in the dark pool component. When a broker aggregates HKD 5 billion worth of client subscriptions versus HKD 1 billion, the underwriter's roadshow team pays attention. This does not change your ballot odds for the public tranche but can improve your chances for placing tranche allocations, especially in institutional-heavy IPOs.
Tiger's Mainland Pipeline Advantage
Where Tiger genuinely competes is in China-origin tech IPOs. Tiger's relationships with domestic Chinese underwriters (CICC, CITIC Securities, Huatai International) mean it sometimes participates in pre-IPO placing rounds that feed into better post-listing allocation. For investors specifically targeting A-share tech companies listing in Hong Kong β the wave of domestic chip and AI companies that began listing in 2024β2025 β Tiger's network can make a difference.
What the Data Suggests
No broker publishes verified allocation statistics, and anecdotal reports vary. Based on community surveys in Hong Kong retail investor forums (Lihkg, Hong Kong Investment Forum), for popular IPOs (50x+ oversubscribed):
- One-lot allotment rates are statistically similar across brokers β the ballot is randomized at CCASS level, not by broker
- Additional lot allotment (receiving 2+ lots) is where broker-level aggregation matters. moomoo users report marginally higher multi-lot allocations in IPOs below 30x oversubscription
- For ultra-hot IPOs (200x+), allocation effectively randomizes regardless of broker or leverage used
The honest conclusion: your one-lot odds are the same on either platform. If you are using heavy margin financing to chase multi-lot allocations in mid-tier IPOs, moomoo's 20x cap and larger pool give it an edge.
Platform and App Comparison {#platform}
moomoo App
moomoo's app consistently receives higher ratings (4.7β4.8 stars on the App Store in HK) compared to Tiger (4.4β4.6). The UI is cleaner, with a Bloomberg Terminal-style layout that does not feel overwhelming once you learn the navigation. Key features:
- Level 2 NASDAQ order book included free
- Real-time options flow and unusual activity scanner
- Social feed ("Moo Community") with analyst notes and retail sentiment
- IPO calendar with estimated oversubscription tracking during live subscription periods
- Portfolio analytics with sector exposure breakdown
Tiger App
Tiger's app prioritizes quantitative data β it is notably better for options traders and for users who want screener-based stock discovery. The IPO section is functional but less prominent than moomoo's dedicated IPO hub. Tiger's community features (Tiger Community) are active but skew toward mainland Chinese language content.
For IPO-focused investors, moomoo's dedicated IPO section is more polished: it shows live subscription progress, estimated oversubscription multiples updated daily, financing terms, and a clear application flow with margin selector built into the subscription screen.
Research Tools
Both platforms provide:
- Earnings estimates and analyst price targets
- Fundamental data (P/E, P/B, revenue history)
- Technical charting with standard indicators
moomoo's edge: access to Futu's in-house analyst reports, which cover Hong Kong and mainland Chinese IPOs with more depth than Tiger's third-party research aggregation.
Tiger's edge: better integration with quantitative screeners and a more granular options analytics suite if you trade derivatives alongside IPO subscriptions.
When to Choose Tiger vs moomoo {#choosing}
Neither broker is categorically better for every investor. Here is a framework:
Choose moomoo if:
- You want the highest IPO margin leverage (up to 20x vs Tiger's 10x)
- You value a cleaner app and stronger IPO tracking UI
- You are primarily a one-lot or multi-lot retail IPO subscriber (not institutional-scale)
- You want permanently free US stock trading with no catches
- You prefer integrated research with in-house Hong Kong and China IPO coverage
- You are opening a new account and want to capture the current sign-up bonus
Choose Tiger if:
- You actively trade China A-share connect stocks and want deeper mainland analytics
- Your IPO focus is specifically on Chinese tech companies listing in Hong Kong (Tiger's underwriter relationships)
- You trade options seriously and want a stronger derivatives analytics suite
- You already have an existing Tiger account with built-up history
Holding accounts on both platforms is a legitimate strategy used by experienced Hong Kong IPO investors. Since both have zero subscription fees and no inactivity charges, maintaining both accounts costs nothing and lets you use each broker's strengths for the right IPO. The downside is more cash tied up across two platforms if you want to use margin on both simultaneously.
Sign-Up Bonuses (February 2026) {#bonuses}
moomoo Hong Kong Promotion
moomoo's current new-user promotion (valid through early 2026) includes:
- Up to $1,000 USD in NVIDIA shares depending on deposit tier
- 30 days commission-free HK and A-share trading
- 8.1% APY on idle cash balance (promotional rate, time-limited)
- US stock trading is permanently commission-free regardless of promotion
These bonuses require registering through a referral link β direct app registration does not unlock the full promotion. You can access the current promotion through this moomoo referral link.
For a full breakdown of how the promotion works and which deposit tier makes sense, see our moomoo sign-up bonus guide.
Tiger Brokers Hong Kong Promotion
Tiger Brokers typically runs parallel promotions for new Hong Kong accounts, including free stock credits and commission-free periods. As of February 2026, Tiger's standard offer is 180 days of commission-free HK stock trading for new users who deposit within 30 days of registration. Specific terms change monthly β check Tiger's app or website for current details.
Tiger does not have a public referral program comparable to moomoo's structured bonus tiers.
FAQ {#faq}
Q: Does using more margin financing increase my one-lot allotment rate on either broker?
No. The one-lot ballot in Hong Kong IPOs is conducted at the CCASS clearing level and is completely independent of how much you subscribed or which broker you used. Every applicant in the public tranche has an equal probability of receiving one lot per application. Higher margin financing increases your chance of receiving additional lots (beyond the first) in moderately subscribed IPOs, but has no effect on whether you receive the initial one lot.
Q: Is moomoo's 20x margin available for every IPO?
No. moomoo sets the margin multiple on an IPO-by-IPO basis. Hot IPOs (large-cap, heavily covered by institutional analysts) typically qualify for the full 20x. Smaller or less popular listings may only receive 5xβ10x. The financing terms are published on moomoo's IPO listing page when subscription opens, so you can check before committing.
Q: Can I hold accounts on both Tiger and moomoo to submit separate IPO applications?
Yes, and many experienced retail investors do exactly this. In Hong Kong IPO regulations, each individual can submit one application per IPO, but using separate accounts at different brokers is permitted as long as each application is in the same individual's name. You cannot submit two applications for the same IPO through the same broker with one identity, but Tiger and moomoo are separate applications. This effectively doubles your ballot entries for popular IPOs.
Q: What are the risks of IPO margin financing (εε±)?
Margin financing amplifies both gains and losses on the subscription cost. If you borrow HKD 1,000,000 at 20x leverage for an IPO that breaks on day one (closes below offer price), you still owe the full financing cost for the subscription period, and you now hold stock worth less than the offer price. For one-lot strategy investors using minimal or no margin, this risk is limited. For aggressive multi-lot margin users, a broken IPO can result in a loss that wipes out gains from several previous successful subscriptions. Use margin sizing that you are comfortable holding through a negative outcome.
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