Anyone here has experience trading HK listed stock through IB? Alibaba going IPO on Nov 6, can it be traded after market using IB.
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Alibaba.com
- Thread starter crazy_trader
- Start date
Quote from MrBlue999:
If you are an American, you're out of luck. I asked Schwab and they said Americans are forbidden to buy foreign IPOs for 40 days.
I also opened a ticket to IB asking them the same question on the 18th. Heard nothing back.
BS! Buy Yahoo shares or better yet, calls. Yahoo owns 40% of Alibaba.com and there is a big buzz between Yahoo's 3Q earnings report and the Alibaba IPO on 11/6.
" FindLaw.com that explains the 40-day period:
The 40-day ârestricted periodâ for equity securities sold offshore by U.S. issuers who are subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended (âExchange Act Reporting Companiesâ), has been lengthened to one year, and has been renamed the âdistribution compliance periodâ (âDCPâ). The DCP is the 40-day or one-year period beginning on the later of (i) the date when the securities are first offered to persons other than distributors in reliance on Regulation S or (ii) the closing date of the offering. During this period, issuers and investors must observe certain restrictions (including compliance representations and legending of the offered shares) to ensure that the securities have not been purchased with the intent to resell them into the U.S."
http://seekingalpha.com/article/51591-catching-the-alibaba-ipo-not-so-fast
The 40-day ârestricted periodâ for equity securities sold offshore by U.S. issuers who are subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended (âExchange Act Reporting Companiesâ), has been lengthened to one year, and has been renamed the âdistribution compliance periodâ (âDCPâ). The DCP is the 40-day or one-year period beginning on the later of (i) the date when the securities are first offered to persons other than distributors in reliance on Regulation S or (ii) the closing date of the offering. During this period, issuers and investors must observe certain restrictions (including compliance representations and legending of the offered shares) to ensure that the securities have not been purchased with the intent to resell them into the U.S."
http://seekingalpha.com/article/51591-catching-the-alibaba-ipo-not-so-fast