# How to participate A step-by-step walkthrough from getting set up to receiving your shares. ### Before you can subscribe 1. Complete KYC Identity verification is required. Go to your account settings and complete the KYC process. IPO orders cannot be placed until your identity is approved. 2. Deposit USDT or USDC Make sure your account has enough balance before the subscription window opens. When you place an order, the subscription amount is immediately frozen — you won't be able to use it for anything else until the order is settled. *** ### Placing an order Go to the IPO section and find an open offering. Select your subscription amount and choose between a cash or leveraged subscription. Once you confirm, your funds are frozen and your order is active. You can modify or cancel your order at any time before the subscription window closes. The frozen amount updates automatically whenever you make a change. The subscription window closes when the deadline arrives, or when the offering is fully subscribed — whichever comes first. ### Cash vs. leveraged subscription With a cash subscription, you subscribe using only your own funds. No borrowing, no financing fee on top. With a leveraged subscription, the platform lends you additional capital so you can subscribe for a larger amount. For example, at 2× leverage, you contribute half the total yourself and the platform contributes the other half. A financing fee applies, charged at the subscription close regardless of whether you receive shares. The leverage ratio and financing rate are set individually per product. *** ### After the subscription closes Once the window closes, your order is automatically submitted to the exchange. Handling and financing fees are deducted at this point. You then wait for the allotment result to be announced. ### If you receive an allotment Any subscription amount not used for your allotted shares is refunded to your available balance. Transaction levies and brokerage fees are deducted based on your allotment. The shares are transferred to your equity account, and you can trade them once the stock officially lists. ### If you don't receive an allotment Your full subscription amount is returned to your available balance. If you used a leveraged subscription, the borrowed principal is returned to the platform. Note that handling and financing fees are still charged — those are non-refundable regardless of the allotment result. Handling fees and financing fees are charged when the subscription closes, not when results are announced. You pay these whether or not you receive shares. *Regional restrictions*\ *This product is not available in all regions. Users from the following countries and territories are not eligible to participate: Afghanistan, Albania, Andorra, Bangladesh, Belarus, Bonaire (Sint Eustatius and Saba), Bosnia and Herzegovina, Cambodia, Congo (Democratic Republic of the), Curaçao, Ghana, Guernsey, Iran, Iraq, Isle of Man, Israel, Jersey, Kenya, Korea (Democratic People's Republic of), Laos, Libya, Liechtenstein, Moldova, Monaco, Montenegro, Myanmar, Nigeria, Pakistan, Palestine, Russia, San Marino, Serbia, Sint Maarten (Dutch part), Somalia, South Sudan, Sri Lanka, St. Barthélemy, St. Martin (French part), Sudan, Syria, Türkiye, Uganda, Ukraine, United Kingdom, United States, United States Minor Outlying Islands, Holy See, Yemen, and Åland Islands. If you are located in or a resident of any of these regions, you may not use this feature.* --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://stablestock.gitbook.io/ss/concepts/hk-ipo/how-to-participate.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.