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The Hong Kong Stock Exchange launched the electronic platform FINI in 2023 to streamline the IPO subscription process, accelerate pricing, and strengthen oversight of repeat subscriptions.

Recently, the Hong Kong stock market for new issues has seen a surge in activity, with some stocks experiencing a "one subscription is difficult to obtain" situation, and repeat subscriptions appearing to resurface.

According to the Hong Kong News, there have been reports of mainland investors using different identification documents, such as mainland ID cards, Hong Kong ID cards, or passports, to open accounts at different brokers and subscribe to popular stocks like Bru可 (0325.HK) and Meloshan (2097.HK).

However, the FINI system may not be able to identify these as repeat subscriptions, as investors use different identity proofs to open accounts at different brokers.

Currently, Hong Kong investors are required to use a Hong Kong ID card to open accounts and subscribe to new issues, with each applicant only allowed to submit one application.

Meanwhile, several active stockbrokers in Hong Kong are accepting mainland investors who present their own ID cards, passports, or travel passes to open accounts and participate in new issue subscriptions.

The Hong Kong News revealed that in six active stockbrokers, while HSBC International does not accept mainland investors who present mainland ID cards, other brokers like富途, 老虎,輝立,耀才, and華盛 may require additional documents but do accept mainland investors' accounts.

Lee Cheung Him, a senior vice chairman of Pingtai Securities, stated that the Hong Kong Stock Exchange should take prompt action to seal these loopholes to ensure the fairness of the IPO subscription process.

The President of the Hong Kong Securities and Futures Professional Association, Chen Zhihui, commented that allowing mainland investors to open accounts with different identification documents constitutes a loophole, making it difficult for the Hong Kong Stock Exchange to effectively verify the identity of all applicants.

However, he noted that even if the IPO prospectuses require applicants to use Hong Kong identity documents first, it is still challenging for brokers to verify all the applicants' identity declarations.

香港證監(jiān)會對相關(guān)查詢的回應(yīng)表示，F(xiàn)INI系統(tǒng)依賴于經(jīng)紀(jì)商提供的新股認(rèn)購信息，以識別投資者的重復(fù)認(rèn)購行為；投資者在申請時(shí)需遵守相關(guān)規(guī)定，如持有香港身份證，應(yīng)具備參與新股認(rèn)購的資格。

證券經(jīng)紀(jì)商在為客戶提供新股認(rèn)購服務(wù)時(shí)，有責(zé)任確保申請符合FINI系統(tǒng)的要求。