Margin dynamics Margin multiple186.99x Margin funds43.8100M TradeGo forecast multiple243.09x
Rank Broker Margin funds
1 富途证券富途 17.8100M
2 辉立证券辉立 12.5100M
3 老虎国际老虎 4.8100M
4 信诚证券信诚 2.5100M
5 华盛证券华盛 1.8100M
6 TradeGo MarketsTradeGo 1.5100M
7 华泰国际华泰 1.3100M
8 耀才证券耀才 800010K
9 盈立证券盈立 343210K
11 长桥证券长桥 196410K
12 卓锐证券 41810K
13 盈宝证券盈宝 29110K
14 艾德证券艾德 23010K
Margin multiple
TimeMultiple
2025-04-25T06:00:00+08:000
2025-04-25T10:06:43+08:000.042735042735042736
2025-04-25T10:32:00+08:000.18247863247863247
2025-04-25T11:32:03+08:000.22179487179487178
2025-04-25T11:32:10+08:000.35
2025-04-25T11:32:13+08:000.4354700854700855
2025-04-25T11:47:00+08:000.4564102564102564
2025-04-25T12:07:49+08:000.5564102564102564
2025-04-25T12:07:56+08:001.111965811965812
2025-04-25T12:32:00+08:001.1192307692307693
2025-04-25T13:17:00+08:001.1226495726495727
2025-04-25T13:32:00+08:001.135042735042735
2025-04-25T13:46:06+08:001.1534188034188033
2025-04-25T13:46:14+08:001.4525641025641025
2025-04-25T13:46:21+08:001.708974358974359
2025-04-25T14:11:55+08:001.721794871794872
2025-04-25T14:12:04+08:002.020940170940171
2025-04-25T14:32:00+08:002.161111111111111
2025-04-25T15:39:10+08:002.2081196581196583
2025-04-25T15:39:22+08:002.55
2025-04-25T16:09:38+08:002.586752136752137
2025-04-25T16:47:01+08:002.855982905982906
2025-04-25T17:09:43+08:002.873076923076923
2025-04-25T17:09:50+08:003.4286324786324784
2025-04-25T17:50:49+08:003.514102564102564
2025-04-25T17:54:15+08:003.5568376068376066
2025-04-25T17:54:43+08:003.7705128205128204
2025-04-25T18:10:12+08:003.806410256410256
2025-04-25T18:10:34+08:005.098290598290598
2025-04-25T18:10:47+08:004.884615384615385
2025-04-25T18:11:54+08:005.053418803418803
2025-04-25T18:47:00+08:005.193162393162393
2025-04-25T20:06:58+08:005.1952991452991455
2025-04-25T20:07:10+08:005.665384615384616
2025-04-25T20:07:22+08:006.092735042735042
2025-04-25T22:08:41+08:006.349145299145299
2025-04-26T00:02:00+08:006.349145299145299
2025-04-26T00:17:00+08:006.474786324786325
2025-04-26T09:37:35+08:006.608974358974359
2025-04-26T09:38:10+08:008.061965811965813
2025-04-26T09:38:14+08:008.275641025641026
2025-04-26T09:38:19+08:008.532051282051283
2025-04-26T09:38:23+08:008.745726495726496
2025-04-26T09:38:38+08:008.745726495726496
2025-04-26T10:47:31+08:008.747435897435897
2025-04-26T10:47:35+08:0011.518803418803419
2025-04-26T10:47:40+08:0011.561538461538461
2025-04-26T12:06:59+08:0011.564957264957265
2025-04-26T12:07:03+08:0011.607692307692307
2025-04-26T12:07:07+08:0011.614957264957265
2025-04-26T12:07:11+08:0012.158547008547009
2025-04-26T12:07:30+08:0012.457692307692307
2025-04-26T18:47:00+08:0012.772649572649573
2025-04-26T19:02:00+08:0013.401709401709402
2025-04-26T20:20:34+08:0013.396581196581197
2025-04-26T20:21:00+08:0013.781196581196582
2025-04-26T20:21:12+08:0013.784188034188034
2025-04-26T20:21:23+08:0013.81965811965812
2025-04-26T20:21:54+08:0013.947863247863248
2025-04-26T20:22:01+08:0013.964529914529914
2025-04-26T20:22:17+08:0013.408974358974358
2025-04-26T20:22:26+08:0013.411965811965812
2025-04-26T20:22:47+08:0013.43034188034188
2025-04-26T20:22:57+08:0013.585470085470085
2025-04-26T20:23:05+08:0013.7991452991453
2025-04-26T20:23:30+08:0013.927350427350428
2025-04-26T20:23:39+08:0013.97008547008547
2025-04-26T20:47:00+08:0014.17991452991453
2025-04-27T00:02:00+08:0014.17991452991453
2025-04-27T09:14:47+08:0014.308119658119658
2025-04-27T09:15:12+08:0014.564529914529915
2025-04-27T09:15:42+08:0014.607264957264958
2025-04-27T09:15:49+08:0014.949145299145298
2025-04-27T09:16:01+08:0014.863675213675213
2025-04-27T09:16:07+08:0014.692735042735043
2025-04-27T09:16:15+08:0014.713675213675213
2025-04-27T09:16:47+08:0015.14102564102564
2025-04-27T10:20:17+08:0015.142735042735042
2025-04-27T10:20:22+08:0015.343589743589744
2025-04-27T11:02:00+08:0015.483760683760684
2025-04-27T11:08:31+08:0015.516239316239316
2025-04-27T11:08:56+08:0015.815384615384616
2025-04-27T14:01:11+08:0015.844444444444445
2025-04-27T14:01:17+08:0016.070940170940172
2025-04-27T14:01:28+08:0016.327350427350428
2025-04-27T14:01:38+08:0016.328205128205127
2025-04-27T14:01:49+08:0016.336324786324788
2025-04-27T14:09:08+08:0016.613247863247864
2025-04-27T14:09:14+08:0017.254273504273506
2025-04-27T16:04:43+08:0017.25897435897436
2025-04-27T16:04:54+08:0017.42991452991453
2025-04-27T16:05:01+08:0017.439316239316238
2025-04-27T16:05:12+08:0017.487606837606837
2025-04-27T16:05:18+08:0016.974786324786326
2025-04-27T16:32:00+08:0016.984615384615385
2025-04-27T17:32:00+08:0017.01923076923077
2025-04-27T18:32:00+08:0017.124358974358973
2025-04-27T18:47:00+08:0017.57863247863248
2025-04-27T18:53:41+08:0017.58162393162393
2025-04-27T18:53:47+08:0017.966239316239317
2025-04-27T18:53:52+08:0018.17991452991453
2025-04-27T18:54:05+08:0018.18034188034188
2025-04-27T18:54:10+08:0018.40982905982906
2025-04-27T18:54:21+08:0019.47820512820513
2025-04-27T20:15:11+08:0019.481623931623933
2025-04-27T20:15:23+08:0019.60982905982906
2025-04-27T22:07:24+08:0019.78076923076923
2025-04-27T22:07:35+08:0019.90897435897436
2025-04-28T00:02:00+08:0019.90897435897436
2025-04-28T07:32:00+08:0019.925213675213676
2025-04-28T08:37:59+08:0020.01068376068376
2025-04-28T08:38:17+08:0020.01068376068376
2025-04-28T08:38:23+08:0019.96794871794872
2025-04-28T08:38:58+08:0019.96794871794872
2025-04-28T08:39:10+08:0019.925213675213676
2025-04-28T09:25:32+08:0019.967521367521368
2025-04-28T09:26:07+08:0019.924786324786325
2025-04-28T09:32:00+08:0019.926068376068375
2025-04-28T09:44:52+08:0020.78076923076923
2025-04-28T09:47:00+08:0021.03974358974359
2025-04-28T10:02:00+08:0021.088461538461537
2025-04-28T10:21:34+08:0021.155982905982906
2025-04-28T10:21:48+08:0021.96794871794872
2025-04-28T10:22:30+08:0022.978632478632477
2025-04-28T11:00:36+08:0023.035042735042737
2025-04-28T11:37:10+08:0023.291452991452992
2025-04-28T11:39:36+08:0024.475213675213674
2025-04-28T11:44:46+08:0024.735897435897435
2025-04-28T12:02:00+08:0024.737606837606837
2025-04-28T12:07:07+08:0024.77179487179487
2025-04-28T12:07:19+08:0025.733760683760682
2025-04-28T12:08:28+08:0027.357692307692307
2025-04-28T12:32:00+08:0027.811965811965813
2025-04-28T13:46:29+08:0028.025641025641026
2025-04-28T13:46:52+08:0028.043589743589745
2025-04-28T13:47:36+08:0028.214529914529916
2025-04-28T14:02:05+08:0028.318376068376068
2025-04-28T14:03:16+08:0028.491880341880343
2025-04-28T14:05:29+08:0029.09017094017094
2025-04-28T15:23:48+08:0029.13034188034188
2025-04-28T15:24:44+08:0029.685897435897434
2025-04-28T16:05:19+08:0029.723504273504272
2025-04-28T16:06:07+08:0030.253418803418803
2025-04-28T16:06:25+08:0031.10811965811966
2025-04-28T16:17:00+08:0031.115384615384617
2025-04-28T16:34:09+08:0031.371794871794872
2025-04-28T17:58:44+08:0031.386324786324785
2025-04-28T17:59:09+08:0032.88205128205128
2025-04-28T17:59:23+08:0036.728205128205126
2025-04-28T17:59:56+08:0036.74957264957265
2025-04-28T18:11:38+08:0036.94871794871795
2025-04-28T18:12:14+08:0037.76068376068376
2025-04-28T18:14:45+08:0041.99145299145299
2025-04-28T18:17:50+08:0042.62435897435898
2025-04-28T19:17:00+08:0042.62692307692308
2025-04-28T20:02:00+08:0042.62905982905983
2025-04-28T20:26:49+08:0043.05641025641026
2025-04-28T20:27:05+08:0043.06794871794872
2025-04-28T20:27:34+08:0043.70897435897436
2025-04-28T20:28:33+08:0044.77735042735043
2025-04-28T22:09:00+08:0047.597863247863245
2025-04-28T22:09:39+08:0048.36709401709402
2025-04-29T04:02:00+08:0048.36923076923077
2025-04-29T08:46:28+08:0048.36923076923077
2025-04-29T08:47:00+08:0048.41111111111111
2025-04-29T08:47:49+08:0049.43675213675213
2025-04-29T08:47:53+08:0050.37692307692308
2025-04-29T08:47:56+08:0050.50512820512821
2025-04-29T08:47:59+08:0051.01794871794872
2025-04-29T09:08:02+08:0051.077777777777776
2025-04-29T09:08:51+08:0052.146153846153844
2025-04-29T09:32:00+08:0052.14700854700855
2025-04-29T10:02:00+08:0052.15512820512821
2025-04-29T10:06:22+08:0054.772222222222226
2025-04-29T10:06:49+08:0054.963247863247865
2025-04-29T10:10:21+08:0055.81794871794872
2025-04-29T10:10:35+08:0058.85213675213675
2025-04-29T11:02:00+08:0058.85940170940171
2025-04-29T11:02:34+08:0058.89572649572649
2025-04-29T11:17:00+08:0059.10982905982906
2025-04-29T12:02:00+08:0059.108119658119655
2025-04-29T12:11:11+08:0062.27051282051282
2025-04-29T12:14:57+08:0062.697863247863246
2025-04-29T12:15:37+08:0062.71025641025641
2025-04-29T12:16:35+08:0063.97179487179487
2025-04-29T12:17:00+08:0064.0
2025-04-29T12:17:52+08:0066.35042735042735
2025-04-29T12:32:00+08:0066.38247863247864
2025-04-29T13:02:00+08:0066.41752136752137
2025-04-29T13:41:23+08:0066.54786324786325
2025-04-29T13:42:29+08:0067.1034188034188
2025-04-29T14:07:49+08:0067.34401709401709
2025-04-29T14:08:29+08:0069.22435897435898
2025-04-29T14:17:00+08:0070.06324786324787
2025-04-29T14:32:00+08:0070.0982905982906
2025-04-29T14:47:00+08:0070.46880341880342
2025-04-29T15:02:00+08:0070.48290598290598
2025-04-29T15:08:50+08:0071.93589743589743
2025-04-29T15:17:00+08:0071.98076923076923
2025-04-29T15:32:00+08:0072.01923076923077
2025-04-29T15:47:00+08:0072.48076923076923
2025-04-29T16:02:00+08:0072.57863247863249
2025-04-29T16:07:47+08:0074.20042735042735
2025-04-29T16:08:18+08:0076.89273504273504
2025-04-29T16:17:00+08:0076.94871794871794
2025-04-29T16:28:26+08:0077.80341880341881
2025-04-29T16:29:23+08:0079.94017094017094
2025-04-29T17:05:28+08:0081.90598290598291
2025-04-29T17:48:45+08:0092.58974358974359
2025-04-29T17:49:41+08:0095.7948717948718
2025-04-29T18:04:22+08:0097.00213675213675
2025-04-29T18:05:26+08:0098.58333333333333
2025-04-29T18:22:16+08:00101.10641025641026
2025-04-29T21:23:42+08:00101.21111111111111
2025-04-29T21:24:16+08:00103.3051282051282
2025-04-29T21:24:28+08:00103.34017094017094
2025-04-29T21:24:35+08:00103.37521367521367
2025-04-29T21:24:55+08:00106.19572649572649
2025-04-29T21:25:17+08:00106.20982905982906
2025-04-29T21:25:37+08:00108.9448717948718
2025-04-29T21:25:50+08:00108.9482905982906
2025-04-29T22:09:08+08:00108.9551282051282
2025-04-29T22:09:26+08:00112.63034188034187
2025-04-30T09:02:50+08:00112.63760683760684
2025-04-30T09:03:03+08:00112.64102564102564
2025-04-30T09:03:11+08:00115.76068376068376
2025-04-30T09:03:22+08:00115.7957264957265
2025-04-30T09:03:30+08:00115.80555555555556
2025-04-30T09:03:36+08:00115.80555555555556
2025-04-30T09:03:42+08:00118.88247863247864
2025-04-30T09:03:53+08:00118.88247863247864
2025-04-30T09:03:59+08:00118.88931623931624
2025-04-30T09:04:05+08:00122.3508547008547
2025-04-30T09:04:14+08:00122.36495726495727
2025-04-30T09:04:19+08:00123.21965811965812
2025-04-30T09:04:25+08:00123.43333333333334
2025-04-30T09:04:36+08:00124.07435897435897
2025-04-30T09:04:42+08:00124.15982905982906
2025-04-30T09:04:49+08:00123.9034188034188
2025-04-30T09:05:01+08:00124.8008547008547
2025-04-30T09:05:09+08:00124.69572649572649
2025-04-30T09:05:15+08:00127.77264957264957
2025-04-30T09:05:28+08:00127.82179487179488
2025-04-30T09:05:37+08:00133.4628205128205
2025-04-30T09:27:46+08:00136.45427350427352
2025-04-30T10:01:28+08:00136.52179487179487
2025-04-30T10:01:34+08:00136.6059829059829
2025-04-30T10:05:58+08:00141.57222222222222
2025-04-30T10:06:14+08:00141.78846153846155
2025-04-30T10:22:48+08:00178.96794871794873
2025-04-30T10:22:52+08:00179.32350427350428
2025-04-30T10:33:41+08:00179.3619658119658
2025-04-30T12:10:47+08:00183.63547008547008
2025-04-30T18:57:14+08:00186.99
TradeGo forecast multiple
TimeMultiple
Broker margin funds trend
TimeBrokerMargin funds
Prediction Model 1-Lot Expected Lots— Lots for expected 1-lot allotment—
Multiple derivation
Recent first-day return
-0.2%
→
Participants
16,148
→
Avg lots
127.3
→
Oversubscription
158x
158x = 16,148 × 127.3 ÷ 13,000 margin-weighted 100% → 243.1x
1x42735.0x
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
0.51
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
0.61
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 198.72x and current allocation strategy (Pool A α=0.508, Pool B α=0.608) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoBreton Allotment Prediction Matrix

Rows are subscription tiers, columns are different oversubscription ratios, values are expected allotment lots; green indicates expected ≥1 lot. Non-preset multiples are interpolated from the nearest grid points.

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 Breton (01333): 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 22087 allotment-tier records across 592 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). You can override the oversubscription multiple and the allocation-method α right on the page, replacing cibo's defaults to see expected lots under your own scenario. How allotment rates and clawback work is explained in How Hong Kong IPO Allotment Rates Work.
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.

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