Applications for Anthropic’s US initial public offering are open through participating brokers, but it remains unclear whether investors based in Hong Kong and mainland China can take part.
The artificial intelligence company behind Claude has left both markets off its list of international retail offers. Its US offering documents also do not confirm whether investors in either location can apply for an allocation.
In its updated US regulatory filing on 10 November, Anthropic set out an offering of 825 million Class A shares at an estimated price of US$70 to US$78 per share. It has applied to list on Nasdaq under the ticker symbol ANT.
US broker Fidelity is accepting indications of interest and says its offer period is expected to close at 4pm Eastern Time on 17 November. It expects the offering to be priced on 18 November, subject to the registration statement becoming effective. Requesting shares does not guarantee an allocation. Fidelity
Hong Kong and mainland China absent from retail offer list
Anthropic says its international retail offerings are expected to cover Australia, Canada, Japan, Switzerland, the United Kingdom and selected European Economic Area countries.
Hong Kong and mainland China are not included in the company’s published list. That means Anthropic has not identified a local retail offer for either market in that announcement. It does not, by itself, establish that every investor based there is barred from participating. Anthropic’s international retail offer information
The US prospectus says underwriters may offer shares outside the named jurisdictions, subject to applicable law. However, it does not confirm that a Hong Kong or mainland China resident can submit an IPO order through a particular broker.
Investors interested in applying should ask their broker or the relevant underwriter whether an order can be accepted from their place of residence.
What does the filing say about China?
A search of the 10 November US filing found no mention of “Hong Kong”.
The document does mention China in its discussion of business risks, including US chip export controls, potential restrictions involving Chinese entities and certain data-security rules. Those passages do not state that all China-based investors are barred from subscribing to the IPO.
How does this compare with SpaceX?
The questions over access follow restrictions reported during SpaceX’s IPO earlier this year.
In June, Reuters reported that Bloomberg News, citing people familiar with the matter, said the lead banks had instructed members of SpaceX’s underwriting syndicate not to accept orders from customers in Hong Kong and mainland China because of regulatory and compliance concerns. Reuters said it could not independently confirm the report. Reuters
No equivalent restriction on Anthropic IPO orders from the two markets has been confirmed in the sources reviewed for this article.
What about Chinese citizens living overseas?
Nationality and residence are not necessarily the same question. A Chinese citizen living elsewhere would need to check the conditions of the offer available there and the participating broker’s requirements.
For example, Anthropic says its UK retail offer is for people who are both resident and physically located in the UK. Eligibility does not guarantee an allocation. Anthropic
IPO applications and trading after listing
Applying for an IPO allocation is different from buying shares on the stock market after trading begins. An investor whose broker does not accept an IPO application can ask separately whether their account will be able to trade Anthropic shares once they are listed.
Before placing an order, investors should confirm whether the product offered is an actual share or another form of exposure, and review the relevant prospectus, fees and risks.
