On the evening of March 20, the Hong Kong Securities and Futures Commission issued a circular proposing several additional guidelines for licensed corporations regarding subscriptions and financing services for initial public offerings (IPOs). One important guideline is to charge investors a minimum advance subscription payment of 10% (i.e., allowing a maximum leverage of 10 times), which means that the era of hundredfold IPO subscriptions in the Hong Kong stock market will become history. The circular aims to strengthen risk management mechanisms, curb excessive leverage in the market, and protect investors from potential financial shocks. For ordinary investors, the biggest impact of the new regulations is the continued intensification of efforts against individuals holding multiple accounts for IPO subscriptions, while financing leverage has returned to the levels seen before the FINI system was implemented.