Application money for an IPO that cannot be used between the offering close and refund or release. Under FINI, the designated bank must confirm on T-1 that the clearing participant's pre-funding requirement has been locked; money for unsuccessful applications is refunded after allotment. How long it is held follows the IPO timetable, and brokers' release arrangements to clients vary. The frozen capital page on this site shows a notional value based on fixed rules.
The links above lead to official sources such as HKEX and the SFC. The explanation on this site summarises them and may differ from the official definition; the official documents prevail.
This page explains the HK IPO term "Frozen Capital" and links to related terms. Definitions are compiled from HKEX Practice Note 18 and the Listing Rules, for understanding subscription rules only — not investment advice.
