Axera 00600Expected Lots

Axera (00600) Expected Lots
Offering Mechanism: Mechanism B | Min Subscription: HK$2,820  |  Public Offering Lots: Pool A 52,458lots / Pool B 52,458lots  |  Offer Price: HK$28.20  |  Lot Size: 100shares  |  Public Offering Size: HK$295.9M
1x3379.0x
Recent first-day return
+4.6%
→
Participants
21,812
→
Avg lots
90.1
→
Oversubscription
19x
19x = 21,812 × 90.1 ÷ 104,916 margin-weighted 100% → 72.1x
Margin dynamics · 2026-02-05 11:54 Margin multiple72.10768606773473x Margin funds213.3100M
Rank Broker Margin funds
1 富途证券富途 118.4100M
2 辉立证券辉立 51.0100M
3 老虎国际老虎 24.4100M
4 招银国际招银 9.5100M
5 华泰国际华泰 9.0100M
6 华盛证券华盛 3.2100M
7 盈立证券盈立 2.6100M
8 长桥证券长桥 2.1100M
9 信诚证券信诚 1.0100M
Margin multiple
TimeMultiple
2026-01-30T06:00:00+08:000
2026-01-30T10:16:47+08:000.000337997701615629
2026-01-30T10:16:53+08:000.030892989927668493
2026-01-30T10:17:00+08:000.095112553234638
2026-01-30T10:17:07+08:000.0984925302507943
2026-01-30T10:17:13+08:000.11201243831541946
2026-01-30T11:07:26+08:000.11603461096464544
2026-01-30T11:08:05+08:000.19850605015885892
2026-01-30T11:09:04+08:000.2327790171026837
2026-01-30T11:09:23+08:000.783715270736159
2026-01-30T12:14:41+08:000.7872642466031231
2026-01-30T12:15:18+08:000.8533427972689785
2026-01-30T12:15:47+08:000.9104982086121814
2026-01-30T12:16:02+08:001.464814439261813
2026-01-30T13:43:01+08:001.4673156222537687
2026-01-30T13:43:52+08:001.476576759278037
2026-01-30T13:44:33+08:001.7435949435543838
2026-01-30T13:45:05+08:001.7678969783005476
2026-01-30T14:03:25+08:001.7670519840465084
2026-01-30T14:03:55+08:001.7764145203812614
2026-01-30T14:05:26+08:001.78935983235314
2026-01-30T14:05:55+08:001.9752585682417358
2026-01-30T14:08:34+08:002.009362536334753
2026-01-30T15:09:51+08:002.016697086459812
2026-01-30T15:10:37+08:002.0226796457784086
2026-01-30T15:11:55+08:002.0293720002703983
2026-01-30T15:12:44+08:002.140911241803556
2026-01-30T15:55:21+08:002.2085107821266816
2026-01-30T16:06:38+08:002.203474616372609
2026-01-30T16:07:14+08:002.2136145474210775
2026-01-30T16:08:02+08:002.2156425336307715
2026-01-30T16:09:45+08:002.2764821199215843
2026-01-30T17:10:45+08:002.2790171026837016
2026-01-30T17:12:41+08:002.2826674778611507
2026-01-30T17:13:14+08:003.3507402149665384
2026-01-30T18:10:40+08:003.9253363077131076
2026-01-30T18:12:09+08:003.918103156898533
2026-01-30T18:12:49+08:003.9241195159872913
2026-01-30T18:13:43+08:003.947745555330224
2026-01-30T18:14:57+08:003.974785371459474
2026-01-30T18:21:20+08:004.014939498411411
2026-01-30T19:58:08+08:004.048739268572974
2026-01-30T19:58:44+08:004.052254444669776
2026-01-30T19:59:26+08:004.076252281484486
2026-01-30T20:00:12+08:004.093050767254782
2026-01-30T20:00:43+08:004.082910836206314
2026-01-30T20:03:50+08:004.102480903129859
2026-01-30T20:04:28+08:004.103359697154059
2026-01-30T20:05:38+08:004.079699858040965
2026-01-30T21:21:25+08:004.080578652065166
2026-01-30T21:22:03+08:004.081558845399852
2026-01-30T21:22:30+08:004.2606976272561345
2026-01-30T22:03:25+08:004.262252416683567
2026-01-30T22:03:59+08:004.26232001622389
2026-01-30T22:06:00+08:004.28935983235314
2026-01-31T10:38:10+08:004.332555938619618
2026-01-31T10:38:28+08:004.332555938619618
2026-01-31T10:38:49+08:004.34905022645846
2026-01-31T10:39:10+08:004.453761914418982
2026-01-31T10:39:23+08:004.964138443858582
2026-01-31T10:39:33+08:004.982897316298249
2026-01-31T11:08:58+08:004.983032515378896
2026-01-31T11:09:34+08:004.971777191915095
2026-01-31T11:12:47+08:005.005576962076658
2026-01-31T13:32:23+08:005.008956939092815
2026-01-31T13:33:37+08:005.010342729669438
2026-01-31T13:35:16+08:005.013317109443656
2026-01-31T13:35:59+08:005.053876833637531
2026-01-31T13:36:35+08:005.080916649766782
2026-01-31T16:28:21+08:005.082674237815183
2026-01-31T16:30:26+08:005.085175420807139
2026-01-31T16:31:04+08:005.085682417359562
2026-01-31T16:33:48+08:005.011322923004124
2026-01-31T16:34:05+08:005.0485026701818425
2026-01-31T18:31:01+08:005.049685662137497
2026-01-31T18:32:47+08:005.0500236598391135
2026-01-31T18:34:54+08:005.050970053403637
2026-01-31T18:35:38+08:005.280808490502265
2026-01-31T18:35:59+08:005.284188467518421
2026-01-31T20:25:38+08:005.284796863381329
2026-01-31T20:27:36+08:005.28523626039343
2026-01-31T20:28:45+08:005.308625701345231
2026-01-31T20:29:50+08:005.339045494490637
2026-01-31T20:30:10+08:005.342425471506794
2026-01-31T21:25:26+08:005.343540863922125
2026-01-31T21:25:42+08:005.360880146015007
2026-01-31T21:26:21+08:005.374400054079632
2026-02-01T10:25:59+08:005.3724734671804235
2026-02-01T10:30:38+08:005.3804164131683905
2026-02-01T10:31:55+08:005.411140404245251
2026-02-01T10:34:49+08:005.455080105455283
2026-02-01T10:35:12+08:005.411140404245251
2026-02-01T13:30:19+08:005.411377002636382
2026-02-01T13:30:50+08:005.411681200567836
2026-02-01T13:31:14+08:005.412019198269451
2026-02-01T13:31:33+08:005.431420266342188
2026-02-01T13:32:11+08:005.431961062664774
2026-02-01T13:32:33+08:005.433076455080106
2026-02-01T13:36:55+08:005.422936524031637
2026-02-01T13:37:15+08:005.4263165010477925
2026-02-01T16:32:17+08:005.427026296221186
2026-02-01T16:38:41+08:005.429797877374434
2026-02-01T16:39:46+08:005.430913269789765
2026-02-01T16:41:15+08:005.488372879064422
2026-02-01T16:41:42+08:005.586392212532955
2026-02-01T19:43:31+08:005.588555397823295
2026-02-01T19:45:13+08:005.592374771851551
2026-02-01T19:46:06+08:005.59947272358548
2026-02-01T19:47:07+08:005.619752585682417
2026-02-01T19:47:29+08:005.629892516730886
2026-02-01T21:35:51+08:005.6492259852633
2026-02-01T21:36:18+08:005.649597782735078
2026-02-01T21:36:40+08:005.6513891705536405
2026-02-01T21:37:28+08:005.67842898668289
2026-02-01T21:37:46+08:005.566889745149733
2026-02-02T08:55:59+08:005.570202122625566
2026-02-02T08:57:27+08:005.589434191847495
2026-02-02T08:58:16+08:005.589434191847495
2026-02-02T08:59:30+08:005.626613939025215
2026-02-02T08:59:48+08:005.788852835800717
2026-02-02T09:00:18+08:005.789731629824917
2026-02-02T09:05:13+08:005.860913945785168
2026-02-02T09:08:17+08:005.86571351314811
2026-02-02T09:09:28+08:005.871729872236869
2026-02-02T09:09:49+08:006.030588791996214
2026-02-02T10:13:08+08:006.050868654093152
2026-02-02T10:14:41+08:006.10575948083553
2026-02-02T10:15:39+08:006.124247955113905
2026-02-02T10:16:26+08:006.182484959102278
2026-02-02T10:17:48+08:006.2838842695869666
2026-02-02T11:12:24+08:006.28915703373217
2026-02-02T11:14:16+08:006.2492395051713645
2026-02-02T11:15:33+08:006.257452849320624
2026-02-02T11:15:58+08:006.341952274724532
2026-02-02T12:26:16+08:006.344183059555195
2026-02-02T12:30:33+08:006.360981545325492
2026-02-02T12:31:25+08:006.354086392212533
2026-02-02T12:31:51+08:006.360846346244846
2026-02-02T13:43:41+08:006.370817278442507
2026-02-02T13:44:43+08:006.371155276144123
2026-02-02T13:45:30+08:006.367538700736835
2026-02-02T14:08:54+08:006.36635570878118
2026-02-02T14:10:05+08:006.394206719394308
2026-02-02T14:10:52+08:006.392787129047522
2026-02-02T14:11:16+08:006.379267220982897
2026-02-02T15:07:35+08:006.396167106063679
2026-02-02T15:08:04+08:006.399783681470966
2026-02-02T15:10:44+08:006.40333265733793
2026-02-02T15:12:25+08:006.4269924964510246
2026-02-02T16:17:45+08:006.427195295071994
2026-02-02T16:18:03+08:006.428547285878456
2026-02-02T16:21:00+08:006.430879470019604
2026-02-02T16:21:44+08:006.437639424051916
2026-02-02T16:24:59+08:006.5390387345366054
2026-02-02T17:15:54+08:006.551105252484283
2026-02-02T17:16:18+08:006.5536064354762384
2026-02-02T17:19:30+08:006.638105860880146
2026-02-02T17:20:15+08:006.680997769215169
2026-02-02T17:22:02+08:006.948015953491517
2026-02-02T17:24:51+08:006.958460082471439
2026-02-02T18:13:25+08:006.959609274656932
2026-02-02T18:13:53+08:007.28070709119178
2026-02-02T18:15:09+08:007.271243155546542
2026-02-02T18:15:14+08:007.3648009193537485
2026-02-02T18:16:06+08:007.5405597241938755
2026-02-02T18:22:43+08:007.572534306766714
2026-02-02T20:50:24+08:007.5735145001014
2026-02-02T20:52:01+08:007.602987899682282
2026-02-02T20:52:14+08:007.603934293246806
2026-02-02T20:52:44+08:007.667038464138444
2026-02-02T20:53:50+08:007.741397958493883
2026-02-02T21:39:36+08:007.744068140336646
2026-02-02T21:39:55+08:007.7507604948286355
2026-02-02T21:40:28+08:007.331643344825255
2026-02-03T07:49:16+08:007.328060569188129
2026-02-03T07:53:44+08:007.324038396538904
2026-02-03T07:53:50+08:007.3289393632123305
2026-02-03T07:55:41+08:007.3289393632123305
2026-02-03T09:13:38+08:007.376495639829649
2026-02-03T09:13:55+08:007.379875616845806
2026-02-03T09:15:49+08:007.3865679713377945
2026-02-03T09:15:55+08:007.398195092273372
2026-02-03T09:16:32+08:007.617319002230785
2026-02-03T09:18:38+08:007.901237071587913
2026-02-03T09:18:58+08:007.924896910701007
2026-02-03T09:26:34+08:007.921415534374367
2026-02-03T10:01:54+08:007.937571824511593
2026-02-03T10:07:00+08:007.949705941999595
2026-02-03T10:07:20+08:007.974075576286081
2026-02-03T10:08:01+08:008.088994794835395
2026-02-03T11:12:10+08:008.10187250726695
2026-02-03T11:12:40+08:008.152538362739133
2026-02-03T11:13:11+08:008.157101331710944
2026-02-03T11:13:24+08:008.37003988372879
2026-02-03T12:00:24+08:008.372946663962685
2026-02-03T12:06:05+08:008.388764956398296
2026-02-03T12:06:37+08:008.38558777800311
2026-02-03T12:07:09+08:008.524166835665518
2026-02-03T13:45:02+08:008.555465422835125
2026-02-03T13:45:55+08:008.556040018927872
2026-02-03T13:47:28+08:008.578077469073211
2026-02-03T13:47:39+08:008.635537078347868
2026-02-03T14:08:36+08:008.609916852565403
2026-02-03T14:09:12+08:008.625160548908267
2026-02-03T14:10:15+08:008.68600013519908
2026-02-03T14:16:12+08:008.713276549719462
2026-02-03T15:19:50+08:008.718515514094504
2026-02-03T15:20:16+08:008.73051443250186
2026-02-03T15:20:41+08:008.771243155546543
2026-02-03T15:21:57+08:008.8827823970797
2026-02-03T16:04:18+08:008.94984114108024
2026-02-03T16:04:39+08:008.975596565943352
2026-02-03T16:05:54+08:008.997498817008044
2026-02-03T16:06:22+08:009.105658081525046
2026-02-03T17:24:55+08:009.209051578449266
2026-02-03T17:25:44+08:009.23767998377611
2026-02-03T17:26:12+08:009.254005272764145
2026-02-03T17:26:39+08:009.064726559859393
2026-02-03T17:27:03+08:009.13232610018252
2026-02-03T17:31:43+08:0010.298418170756438
2026-02-03T18:03:29+08:0010.320624619752586
2026-02-03T18:04:17+08:0010.351686608531063
2026-02-03T18:04:57+08:0010.361691340498885
2026-02-03T18:05:33+08:0010.523930237274387
2026-02-03T18:32:21+08:0010.530656391536537
2026-02-03T20:13:12+08:0010.543432704657608
2026-02-03T20:15:21+08:0010.628540525924423
2026-02-03T20:16:09+08:0010.638511458122085
2026-02-03T20:18:30+08:0010.685831136348273
2026-02-03T20:18:49+08:0010.831170148042993
2026-02-03T21:47:51+08:0010.844216859325357
2026-02-03T21:48:14+08:0010.862637734063409
2026-02-03T21:48:35+08:0010.893057527208814
2026-02-04T08:49:08+08:0010.897113499628203
2026-02-04T08:50:04+08:0010.904684648144393
2026-02-04T08:50:17+08:0010.991212059757993
2026-02-04T08:52:46+08:0010.99888460758467
2026-02-04T08:52:56+08:0010.99979720137903
2026-02-04T08:53:36+08:0010.99979720137903
2026-02-04T08:53:57+08:0011.043736902589062
2026-02-04T08:54:12+08:0011.61157304130332
2026-02-04T09:03:14+08:0011.680693571283715
2026-02-04T09:04:06+08:0011.68143716622727
2026-02-04T09:04:26+08:0011.677820590819982
2026-02-04T09:07:04+08:0011.69617386601771
2026-02-04T09:08:39+08:0011.790813222470087
2026-02-04T10:03:44+08:0011.80017575880484
2026-02-04T10:04:22+08:0011.957243290745623
2026-02-04T10:04:36+08:0011.957851686608532
2026-02-04T10:09:22+08:0012.336409112418036
2026-02-04T10:23:53+08:0012.843405664841478
2026-02-04T11:06:34+08:0012.844825255188265
2026-02-04T11:07:13+08:0012.862603934293247
2026-02-04T11:07:21+08:0013.082302440343407
2026-02-04T11:08:20+08:0013.095180152774962
2026-02-04T12:00:27+08:0013.09754613668627
2026-02-04T12:05:11+08:0013.103224498073413
2026-02-04T12:05:55+08:0013.114141823835597
2026-02-04T12:06:14+08:0013.47579936456432
2026-02-04T13:47:13+08:0013.496383424592713
2026-02-04T13:47:36+08:0013.76340160886906
2026-02-04T13:48:12+08:0013.778036909349016
2026-02-04T13:48:19+08:0013.779050902453863
2026-02-04T14:01:07+08:0013.925099709321977
2026-02-04T14:13:43+08:0013.943047387277767
2026-02-04T14:13:56+08:0013.916818765632394
2026-02-04T14:14:08+08:0014.12975731765024
2026-02-04T14:15:13+08:0014.34408166024471
2026-02-04T15:08:49+08:0014.36980328533766
2026-02-04T15:09:19+08:0014.370986277293314
2026-02-04T15:10:22+08:0014.42128033529372
2026-02-04T15:10:44+08:0014.91475697965254
2026-02-04T15:23:31+08:0015.083755830460353
2026-02-04T16:03:50+08:0015.1816737646184
2026-02-04T16:13:37+08:0015.871189075914284
2026-02-04T17:05:40+08:0017.736429392280133
2026-02-04T17:05:48+08:0023.81362806732914
2026-02-04T17:34:04+08:0024.438923815318056
2026-02-04T17:34:35+08:0030.151084972622186
2026-02-04T18:04:08+08:0031.390015547894276
2026-02-04T18:05:10+08:0033.17609680254174
2026-02-04T18:05:30+08:0033.34509565334956
2026-02-04T18:05:36+08:0039.550733455012505
2026-02-04T20:06:59+08:0040.52531602785101
2026-02-04T20:07:31+08:0043.56053538835936
2026-02-04T20:08:10+08:0044.32728317447442
2026-02-04T20:08:28+08:0046.858885959575474
2026-02-04T21:44:32+08:0047.54265530994389
2026-02-04T21:44:49+08:0050.7198337051308
2026-02-05T08:43:09+08:0050.82741837355506
2026-02-05T08:43:12+08:0051.036165754072876
2026-02-05T08:43:16+08:0051.6249577502873
2026-02-05T08:45:24+08:0051.6249577502873
2026-02-05T08:45:58+08:0054.70411681200568
2026-02-05T08:46:06+08:0057.62103697694856
2026-02-05T08:50:45+08:0057.68863651727168
2026-02-05T09:12:24+08:0057.572804704928004
2026-02-05T09:12:45+08:0058.296119786385454
2026-02-05T09:15:42+08:0059.66480767930778
2026-02-05T10:06:53+08:0059.62543094706956
2026-02-05T10:07:49+08:0062.65051037652944
2026-02-05T11:54:08+08:0072.10768606773473
TradeGo forecast multiple
TimeMultiple
Broker margin funds trend
TimeBrokerMargin funds
Pool A α=
Allocation Strategy Coefficient α
Allocation Strategy Coefficient
Reflects the issuer's allocation preference across different subscription sizes.
α → 0  Per-capita allocation — every allottee receives the same number of shares, regardless of lots subscribed.
α → 1  Proportional allocation — the more lots subscribed, the more shares allotted.
Historical α range (P10–P90): Pool A 0.3–0.9, Pool B 0.4–1.0
0.58
Pool B α=
Allocation Strategy Coefficient α
Allocation Strategy Coefficient
Reflects the issuer's allocation preference across different subscription sizes.
α → 0  Per-capita allocation — every allottee receives the same number of shares, regardless of lots subscribed.
α → 1  Proportional allocation — the more lots subscribed, the more shares allotted.
Historical α range (P10–P90): Pool A 0.3–0.9, Pool B 0.4–1.0
0.68
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 104.82x and current allocation strategy (Pool A α=0.581, Pool B α=0.681) as the baseline, comparing actual vs predicted expected allotment lots per tier

Lots Subscription Amount (HKD) Actual Expected Lots Predicted Expected Lots Error

LogoAxera Allotment Prediction Matrix

Rows are subscription tiers, columns are different oversubscription ratios, values are expected allotment lots; green indicates guaranteed allotment (≥1 lot)

Pool A

Oversubscription
72.1x
Allocation Strategy
α=
Allocation Strategy Coefficient α
Allocation Strategy Coefficient
Reflects the issuer's allocation preference across different subscription sizes.
α → 0  Per-capita allocation — every allottee receives the same number of shares, regardless of lots subscribed.
α → 1  Proportional allocation — the more lots subscribed, the more shares allotted.
Historical α range (P10–P90): Pool A 0.3–0.9, Pool B 0.4–1.0
0.58

Pool B

Oversubscription
72.1x
Allocation Strategy
α=
Allocation Strategy Coefficient α
Allocation Strategy Coefficient
Reflects the issuer's allocation preference across different subscription sizes.
α → 0  Per-capita allocation — every allottee receives the same number of shares, regardless of lots subscribed.
α → 1  Proportional allocation — the more lots subscribed, the more shares allotted.
Historical α range (P10–P90): Pool A 0.3–0.9, Pool B 0.4–1.0
0.68
Offering Mechanism

Mechanism B

Flexible offering mechanism under HKEX Practice Note 18. Minimum initial allocation to the public offer tranche is 10% of offering shares, with no clawback mechanism. Maximum initial allocation is 60% (as at least 40% of total offering shares must be allocated to the placing tranche, excluding cornerstones).

Allocation Strategy Coefficient α

α is the issuer's allocation preference coefficient, describing the issuer's allocation tendency across subscription sizes. α ranges [0, 1].

  • α → 0: Per-capita allocation — regardless of lots subscribed, every allottee receives the same number of shares. More favorable to retail (small) applications.
  • α → 1: Proportional allocation — allotted shares are proportional to lots subscribed. More favorable to large applications.
  • Historical actual α range (P10–P90): Pool A 0.3–0.9, Pool B 0.4–1.0. α varies widely across IPOs, reflecting each issuer's allocation strategy.
Allotment Rate Definition

The "allotment rate" on this page follows the exact HKEX allotment results announcement definition: Allotment rate = total shares allotted to the tier ÷ total valid shares applied in the tier × 100%. This is the official HKEX standard and is fundamentally different from other definitions used elsewhere (e.g. "ratio of applicants who got allotted").

Expected Allotment Lots

Expected allotment lots = total shares allotted to the tier ÷ lot size ÷ number of applicants in the tier

Example: a tier with 50,000 total allotted shares, 100 shares per lot, and 500 applicants → expected allotment lots = 50,000 ÷ 100 ÷ 500 = 1.0 lots.

// About this page //

This page shows expected-lot forecasts for Axera (00600): expected hit rate based on similar-IPO matching and Pool A/B capital-efficiency comparison.
The default oversubscription multiple follows the chain recent first-day return → participant count → average lots per participant → multiple, i.e. multiple = participants × average lots ÷ public-offer lots; participant count and average lots are anchored on the recent IPO median and adjusted by offering size, A+H status, H-share premium/discount, industry, concurrent IPOs, sponsor track record and recent HSI moves.
Early in the subscription window the default multiple relies on the model; as subscription progresses it blends in the margin multiple; near the deadline (roughly 90% through) it follows the margin multiple.
Hit-rate forecasts fit 10,897 allotment-tier records across 356 historical IPOs via regression and KNN similar-IPO matching, estimating expected lots per application tier and applying the allocation-strategy coefficient α (equal-per-person to proportional allocation).
Data sources: HKEXnews public-offer allotment result announcements, prospectuses and FINI announcements; margin data (margin multiple, TradeGo forecast multiple and broker breakdown) comes from 捷利交易宝 (TradeGo), where the margin multiple covers only reporting brokers and the TradeGo forecast multiple is a full-market extrapolation.
The margin multiple updates intraday in real time; the hit-rate model is refreshed as new IPO allotment data is ingested.

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Cibo — HK IPO Allotment Forecasts, Allottee Profiling & Stock Connect