为什么美股打新需要 PI 认证？
美国证券法本身为保护普通投资者，对私募性质的证券发行有明确限制，而券商是在此监管框架下开展相关业务。由于美股 IPO 在香港属于「国际配售」性质，按证监会规定，需具备专业投资者（PI）身份才能参与认购。
主要原因：
非公开发售：美股 IPO 没有像港股 IPO 一样的「散户公开认购」机制。
监管合规：这是香港证监会（SFC）对券商的合规要求，并非券商自行设置的门槛。
身份限制：客户获得的份额属于机构投资者通道，因此认购者须符合 PI 标准。
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uSmart Securities Limited is a corporation licensed by the Hong Kong Securities and Futures Commission (CE No.: BJA907) and is authorised to carry on Type 1 (Dealing in Securities), Type 2 (Dealing in Futures Contracts), Type 4 (Advising on Securities), Type 5 (Advising on Futures Contracts), Type 6 (Advising on Corporate Finance) and Type 9 (Asset Management) regulated activities.
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