IPO Earn

IPO Earn is a semi-closed product that uses USDS to participate in selected Hong Kong IPO strategies and also covers flash placement opportunities in high-quality offerings. It is suitable for users who have completed qualified investor and KYC verification and can accept NAV fluctuations, a 30-day lock-up period, and the related participation restrictions.

Subscriptions support both USDT and available USDS. With USDT, the system mints USDS at a 1:1 ratio to participate in Earn; with available USDS (such as Earn redemption proceeds), the amount is invested directly without minting or conversion and no conversion fee applies. The minimum subscription amount is 100 USDT/USDS. Submissions made before 18:00 each day are confirmed at that day's NAV, and shares are usually confirmed on T or T+1.

Shares are locked for 30 days after confirmation and cannot be redeemed during the lock-up period. After unlocking, you may submit a redemption request, which is usually settled on T+5. The progress shown on the page prevails.

Returns come from gains and losses generated by the strategy's participation in selected Hong Kong IPOs and flash placements of high-quality offerings and are reflected in the NAV per share. The page displays the latest NAV, NAV date, NAV trend, and periodic return data. NAV changes with strategy performance, and historical performance does not represent future returns.

The 15% performance fee is accrued only on positive returns that meet the conditions set out in the agreement. If there is no eligible positive return, no performance fee is charged. Other subscription, redemption, and related fees are subject to the page's “View fees and calculation details” section and the agreement.

Earn does not guarantee principal, and a decline in NAV may cause investment losses. After subscribing, you may not participate in Hong Kong IPO subscriptions using the same identity. Earn shares that meet platform rules may be included in account margin calculations to improve capital efficiency, but they are not withdrawable cash or principal protection. Specific limits and risk-control requirements are subject to the account page.