> For the complete documentation index, see [llms.txt](https://stablestock.gitbook.io/ss/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://stablestock.gitbook.io/ss/concepts/hk-ipo/fee.md).

# Fee

All fees are collected in USDT or USDC, converted from HKD at the exchange rate at the time of collection.

### Handling fee

| Subscription           | Handling fee |
| ---------------------- | ------------ |
| Cash subscription      | 60 HKD       |
| Leveraged subscription | 100 HKD      |

Flat fee per order, regardless of subscription size. Charged at subscription close

The handling fee applies to every order — whether or not you receive an allotment.

### Financing fee

Financing fee = Financing amount × rate

Leveraged subscriptions only. 

Rate is configured per IPO. Charged at subscription close

How it's calculated:

**Financing amount = your cash amount × (leverage ratio − 1)**\
**Financing fee   = financing amount × financing rate**

Like the handling fee, the financing fee is charged at subscription close and is non-refundable regardless of allotment outcome.

### Transaction levies & brokerage

Transaction levies & brokerage are 1.0085% of allotment value. Covers the exchange transaction levy, trading fee, brokerage commission, and FRC transaction levy. Only if allotted.

How it's calculated:

**Fee = allotted shares × issue price × 1.0085%**

This is the only fee that depends on receiving an allotment. It is not charged if your order is not allotted.

Settlement currency: all HKD amounts are converted to USDT or USDC at the rate applicable at the time each fee is collected.