I’ve actually seen people bankrupt their accounts trying to subscribe to Hong Kong IPOs. For small investors, the allocation rate for IPO subscriptions is extremely low—especially for popular stocks. Those who post their “success stories” are usually victims of selection bias. IPO subscription comes with fees: upfront costs, typically 10x margin financing fees plus interest, plus additional charges if you’re allocated shares. Even if you get allocated, there are further costs—platform fees, commissions, stamp duty, and more. Not all IPO-listed stocks rise on debut; many open below their offering price. Some who get allocated hold on hoping for gains, only to get deeply trapped; those who miss out try to buy the dip, and end up trapped too. Unsatisfied with IPOs, some move on to trading newly listed stocks, U.S. stocks, or options. In the end, everyone walks away with the same lesson: they bought a costly one. This doesn’t even account for the cyclical nature of the IPO market. So approach it with a calm, balanced mindset. Experienced traders don’t just look for where the bait is cheapest or where the catch is heaviest. More importantly, no matter the weather, they have the patience to sit through days, months, even years of waiting—that’s true passion 🥹