Retail investors who apply for IPOs on brokerage platforms and sell too quickly will be punished. The brokerage platforms that were able to participate in the subscription of SpaceX's IPO this time, except for Jiaxin Wealth Management, have set extremely strict "anti reversal rules". For example, Fidelity defines the act of selling new shares within 15 calendar days before listing as "reversal". If you sell SpaceX within 15 days after receiving SpaceX's IPO shares, the system will impose a series of penalties: 1) First violation: Prohibited from participating in any subsequent IPO subscription for 6 months (180 days). 2) Second violation: Prohibited from participating in subsequent new stock subscriptions for one year (365 days). 3) Third violation: permanently deprive you of the qualification to participate in IPO subscription on this platform. Although Robinhood focuses on being a "retail stronghold", it also has a strict 30 day tracking period for IPO new shares. If you sell stocks within 30 days of SpaceX's listing, you will be marked as a 'flip'. The punishment is that I will not be able to participate in any platform's IPO subscription within the next 60 days The flipping time and punishment measures of other companies are shown in the following figure Why did you do this? Simply put, it is to prevent a "crash" on the first day and stabilize SpaceX's IPO stock price; Naturally, it is the pressure exerted by underwriters (investment banks) on securities firms, and investment banks also hope for a beautiful listing price. SpaceX's stock is controlled by top investment banks (underwriters) such as Morgan Stanley. When underwriters distribute stocks to securities firms, they will explicitly request: "I will give you a quota, but you must ensure that your clients do not immediately throw away the ball after receiving it." If the securities firms do not do a good job, they may not receive any quota for the next popular stock IPO.