Off-exchange trading of a new listing before it lists, offered by some brokers and not run on HKEX systems. Each broker's grey market is separate, and trading hours, settlement and risk terms differ by broker; the broker's notice prevails. Grey market prices are not HKEX market prices. 'Grey market' is not a term defined by HKEX or the SFC; this entry is a general explanation and there is no single official definition.
This page explains the HK IPO term "Grey Market" 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.
