Recently heard something both funny and frustrating happening in the Hong Kong and US stock circles. The tax bureau started investigating small retail investors, and the reason turned out to be related to IPO financing. Accounts showing financing of tens of millions? Investigate! For Hong Kong and US stock IPOs, each one can have dozens of times leverage, and the leverage can go really high. The total IPO financing amount easily adds up to tens of millions. So how much should they recover? Isn’t this a joke , seriously, this is so messed up. They’re not even letting people play IPOs anymore.