Margin dynamics Margin multiple1510.4574853888805x Margin funds5039.6100M
Rank Broker Margin funds
1 富途证券富途 3038.3100M
2 辉立证券辉立 1086.0100M
3 老虎国际老虎 486.3100M
4 华泰国际华泰 172.2100M
5 招银国际招银 98.8100M
6 华盛证券华盛 69.5100M
7 信诚证券信诚 40.0100M
8 致富证券致富 24.7100M
9 盈立证券盈立 23.9100M
Margin multiple
TimeMultiple
2026-01-20T06:00:00+08:000
2026-01-20T10:06:11+08:000.1498576352465158
2026-01-20T10:06:14+08:000.18723212947699686
2026-01-20T10:06:21+08:001.6402817323542636
2026-01-20T10:06:28+08:003.9930466057245617
2026-01-20T10:23:16+08:004.292761876217593
2026-01-20T11:02:15+08:004.311374194515211
2026-01-20T11:03:55+08:005.391428143263899
2026-01-20T11:06:17+08:0014.31694889854638
2026-01-20T11:51:34+08:0014.35995803986213
2026-01-20T12:00:40+08:0014.959388580848195
2026-01-20T12:01:04+08:0014.975663120035966
2026-01-20T12:01:09+08:0014.998141765322943
2026-01-20T12:07:47+08:0016.490004495729057
2026-01-20T12:07:53+08:0025.03488685748539
2026-01-20T13:40:23+08:0025.05712573055597
2026-01-20T13:40:29+08:0025.067375992806834
2026-01-20T13:40:34+08:0025.102112992656977
2026-01-20T13:40:51+08:0025.113801888206204
2026-01-20T13:40:56+08:0026.18528398021879
2026-01-20T13:41:08+08:0031.40032968679754
2026-01-20T13:51:25+08:0031.700044957290572
2026-01-20T14:00:24+08:0031.708047355012738
2026-01-20T14:00:29+08:0031.723093061591488
2026-01-20T14:01:06+08:0033.612318297617264
2026-01-20T14:03:52+08:0035.31949647834557
2026-01-20T14:05:18+08:0041.056046755582194
2026-01-20T14:35:53+08:0041.10882661471602
2026-01-20T15:01:10+08:0041.120215794994756
2026-01-20T15:01:14+08:0041.13109545931365
2026-01-20T15:10:40+08:0041.69165292971677
2026-01-20T15:10:50+08:0047.37725161096958
2026-01-20T15:11:09+08:0047.67696688146261
2026-01-20T15:37:33+08:0047.67702682451671
2026-01-20T16:09:33+08:0048.12659973025626
2026-01-20T16:09:54+08:0049.11515060692342
2026-01-20T16:10:04+08:0049.14760977071782
2026-01-20T16:10:09+08:0050.154772965682604
2026-01-20T16:10:14+08:0055.18399520455567
2026-01-20T16:52:16+08:0055.24127079274689
2026-01-20T17:20:29+08:0055.24405814476248
2026-01-20T17:20:38+08:0055.27609770717818
2026-01-20T17:20:54+08:0059.56724112093511
2026-01-20T17:21:15+08:0071.79262700434587
2026-01-20T17:31:42+08:0071.83728457964934
2026-01-20T17:33:54+08:00103.30738798141765
2026-01-20T18:05:45+08:00104.6860782256856
2026-01-20T18:05:50+08:00104.90520005994306
2026-01-20T18:05:55+08:00104.95570208302112
2026-01-20T18:06:05+08:00106.07948448973475
2026-01-20T18:06:15+08:00113.08682751386183
2026-01-20T18:07:49+08:00118.34281432638993
2026-01-20T20:36:29+08:00118.4343473699985
2026-01-20T20:36:38+08:00118.96265547729656
2026-01-20T20:36:42+08:00119.0405514760977
2026-01-20T20:36:52+08:00120.857755132624
2026-01-20T20:37:01+08:00127.04088116289525
2026-01-20T20:37:11+08:00127.12207402967181
2026-01-20T20:37:15+08:00127.18003896298517
2026-01-20T20:37:20+08:00127.90825715570209
2026-01-20T20:37:29+08:00133.48296118687247
2026-01-20T20:37:33+08:00133.54032668964484
2026-01-20T22:09:49+08:00133.60434587142214
2026-01-20T22:09:54+08:00134.49069384085118
2026-01-20T22:09:59+08:00138.87852540086917
2026-01-20T22:10:04+08:00138.91760827214148
2026-01-20T22:10:08+08:00139.04642589539938
2026-01-20T22:10:12+08:00139.75195564213996
2026-01-20T22:10:21+08:00154.90855687097257
2026-01-21T08:37:25+08:00155.27426944402816
2026-01-21T08:37:31+08:00156.8084519706279
2026-01-21T08:37:35+08:00160.32989659823167
2026-01-21T08:37:41+08:00179.29887606773565
2026-01-21T08:37:49+08:00179.29887606773565
2026-01-21T09:00:40+08:00179.36478345571706
2026-01-21T09:00:44+08:00179.4276637194665
2026-01-21T09:01:46+08:00182.14476247564812
2026-01-21T09:12:07+08:00182.7705080173835
2026-01-21T09:12:19+08:00188.5729956541286
2026-01-21T09:31:38+08:00188.6652180428593
2026-01-21T09:31:48+08:00191.6623707477896
2026-01-21T09:58:19+08:00194.35980818222689
2026-01-21T10:02:20+08:00196.99214745991307
2026-01-21T10:02:25+08:00197.08598831110444
2026-01-21T10:08:38+08:00198.47103251910684
2026-01-21T10:08:53+08:00210.87924471751836
2026-01-21T10:36:16+08:00211.02682451670913
2026-01-21T11:04:43+08:00211.37236625206054
2026-01-21T11:04:54+08:00211.70184324891352
2026-01-21T11:05:00+08:00214.3235126629702
2026-01-21T11:05:08+08:00215.49240221789302
2026-01-21T11:05:26+08:00226.79766222089015
2026-01-21T11:43:53+08:00226.93759928068334
2026-01-21T12:01:42+08:00227.0965982316799
2026-01-21T12:01:48+08:00227.16031769818673
2026-01-21T12:04:51+08:00228.28793646036266
2026-01-21T12:07:01+08:00235.62496628203206
2026-01-21T13:41:41+08:00235.68230181327738
2026-01-21T13:41:46+08:00235.90214296418404
2026-01-21T13:41:50+08:00235.97740146860482
2026-01-21T13:41:56+08:00236.0475348419002
2026-01-21T13:42:06+08:00236.71116439382587
2026-01-21T13:42:15+08:00242.67250112393228
2026-01-21T14:02:47+08:00242.69384085119137
2026-01-21T14:02:57+08:00242.78819121834258
2026-01-21T14:03:35+08:00248.22895249512962
2026-01-21T14:03:57+08:00250.40701333732954
2026-01-21T14:08:01+08:00258.51431140416605
2026-01-21T14:43:12+08:00258.55054698036867
2026-01-21T15:01:28+08:00258.56514311404163
2026-01-21T15:01:34+08:00258.6252959688296
2026-01-21T15:03:54+08:00259.81345721564514
2026-01-21T15:05:25+08:00267.75291473100555
2026-01-21T15:36:57+08:00267.81381687396976
2026-01-21T16:09:04+08:00267.8285029222239
2026-01-21T16:09:21+08:00267.91847744642587
2026-01-21T16:09:46+08:00270.3303461711374
2026-01-21T16:09:59+08:00278.1379289674809
2026-01-21T16:46:39+08:00278.29977521354715
2026-01-21T16:47:08+08:00281.2969279184774
2026-01-21T17:01:55+08:00281.30561966132177
2026-01-21T17:02:02+08:00281.3842949198262
2026-01-21T17:08:30+08:00283.91260302712425
2026-01-21T17:08:40+08:00298.9942754383336
2026-01-21T17:08:47+08:00301.39199760227785
2026-01-21T17:31:54+08:00301.4807133223438
2026-01-21T18:02:45+08:00371.9138018882062
2026-01-21T18:03:03+08:00371.9259703281882
2026-01-21T18:03:13+08:00371.9739547429942
2026-01-21T18:03:23+08:00373.5989809680803
2026-01-21T18:04:22+08:00377.73843848344075
2026-01-21T18:08:26+08:00386.1214745991308
2026-01-21T20:15:44+08:00386.16079724261954
2026-01-21T20:15:49+08:00388.0007792597033
2026-01-21T20:15:55+08:00388.0658174734003
2026-01-21T20:16:00+08:00389.3023227933463
2026-01-21T20:16:09+08:00397.18783156001797
2026-01-21T20:16:14+08:00397.25182077026824
2026-01-21T20:16:33+08:00397.30343173984716
2026-01-21T20:16:38+08:00398.52962685448824
2026-01-21T20:16:49+08:00404.2721714371347
2026-01-21T22:02:04+08:00404.3187771616964
2026-01-21T22:02:13+08:00404.44720515510267
2026-01-21T22:02:24+08:00405.7138618312603
2026-01-21T22:02:33+08:00412.7301963135022
2026-01-21T22:02:43+08:00412.8232878765173
2026-01-21T22:02:49+08:00412.9325940356661
2026-01-21T22:09:04+08:00414.65110145361905
2026-01-21T22:09:22+08:00420.9810879664319
2026-01-22T08:33:07+08:00421.2943503671512
2026-01-22T08:33:12+08:00425.1350217293571
2026-01-22T08:33:16+08:00431.46872471152403
2026-01-22T08:33:41+08:00469.54455267495877
2026-01-22T08:33:52+08:00469.54455267495877
2026-01-22T09:03:29+08:00471.942274838903
2026-01-22T09:03:35+08:00471.9754832908737
2026-01-22T09:03:48+08:00472.1019631350217
2026-01-22T09:04:25+08:00473.2373145511764
2026-01-22T09:04:50+08:00477.4248763674509
2026-01-22T09:05:18+08:00488.33151506069237
2026-01-22T09:36:38+08:00488.7976622208902
2026-01-22T10:15:22+08:00488.8356361456616
2026-01-22T10:15:36+08:00489.10636894949795
2026-01-22T10:15:45+08:00492.05400869174287
2026-01-22T10:15:58+08:00513.9482092012588
2026-01-22T10:44:07+08:00514.0335980818222
2026-01-22T11:15:45+08:00514.04255956841
2026-01-22T11:15:49+08:00514.1270792746891
2026-01-22T11:15:58+08:00516.3417353514161
2026-01-22T11:16:08+08:00536.0749887606773
2026-01-22T11:50:52+08:00536.1261801288775
2026-01-22T12:00:52+08:00536.1462310804735
2026-01-22T12:00:57+08:00536.2833508167241
2026-01-22T12:02:58+08:00537.7819271691893
2026-01-22T12:03:26+08:00541.1777311554024
2026-01-22T12:08:52+08:00559.855986812528
2026-01-22T13:42:20+08:00559.9494680053949
2026-01-22T13:42:42+08:00559.9843548628803
2026-01-22T13:42:47+08:00560.1525550726809
2026-01-22T13:42:58+08:00560.1593586093211
2026-01-22T13:43:13+08:00562.0762475648135
2026-01-22T13:43:23+08:00572.0088116289525
2026-01-22T14:03:11+08:00572.0199910085419
2026-01-22T14:03:18+08:00572.1484190019481
2026-01-22T14:03:23+08:00574.8980068934512
2026-01-22T14:04:01+08:00585.5662820320696
2026-01-22T14:05:35+08:00598.9365802487637
2026-01-22T14:24:10+08:00622.9138018882062
2026-01-22T15:10:01+08:00622.9126629701783
2026-01-22T15:10:06+08:00622.9406563764423
2026-01-22T15:10:21+08:00622.9652330286228
2026-01-22T15:10:28+08:00625.2077626255058
2026-01-22T15:10:37+08:00641.3953843848344
2026-01-22T15:36:56+08:00641.4752285328938
2026-01-22T15:37:20+08:00647.4695339427544
2026-01-22T16:03:34+08:00647.5157500374644
2026-01-22T16:03:39+08:00649.8796643188971
2026-01-22T16:05:52+08:00670.7518357560318
2026-01-22T17:04:25+08:00670.7766222089016
2026-01-22T17:04:34+08:00670.809710774764
2026-01-22T17:04:42+08:00673.8068634796942
2026-01-22T17:04:47+08:00676.1988910534992
2026-01-22T17:05:50+08:00699.4418102802338
2026-01-22T17:31:53+08:00699.4690244267946
2026-01-22T17:32:08+08:00828.3465907387981
2026-01-22T18:03:59+08:00828.5587591787802
2026-01-22T18:04:04+08:00830.8098006893451
2026-01-22T18:05:20+08:00836.742214895849
2026-01-22T18:05:31+08:00852.5462011089465
2026-01-22T20:22:57+08:00852.5797692192417
2026-01-22T20:23:12+08:00852.608511913682
2026-01-22T20:23:17+08:00856.5461711374195
2026-01-22T20:23:22+08:00871.9095759028922
2026-01-22T20:23:27+08:00871.9477895998801
2026-01-22T20:23:32+08:00871.986033268395
2026-01-22T20:23:37+08:00874.1941855237525
2026-01-22T20:23:41+08:00891.4338078825116
2026-01-22T22:18:22+08:00891.4390528997452
2026-01-22T22:18:29+08:00891.4618012887756
2026-01-22T22:18:38+08:00893.720995054698
2026-01-22T22:18:42+08:00910.8677056796043
2026-01-22T22:18:47+08:00910.8864978270643
2026-01-22T22:18:57+08:00910.9213247414956
2026-01-22T22:19:07+08:00913.7055896897947
2026-01-22T22:19:11+08:00934.167151206354
2026-01-23T08:36:31+08:00934.5724261951146
2026-01-23T08:36:36+08:00954.8235276487337
2026-01-23T08:36:39+08:00978.6099805185074
2026-01-23T08:37:23+08:001210.5746141165891
2026-01-23T08:38:00+08:001210.5746141165891
2026-01-23T09:05:35+08:001219.1970028472952
2026-01-23T09:05:40+08:001278.558609321145
2026-01-23T09:06:07+08:001289.9295669114342
2026-01-23T09:22:46+08:001294.1255806983365
2026-01-23T09:36:03+08:001294.4921025026224
2026-01-23T10:13:12+08:001297.836475348419
2026-01-23T10:13:20+08:001410.1128128278135
2026-01-23T11:16:55+08:001504.8228383036117
2026-01-23T14:47:06+08:001510.4574853888805
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
+4.6%
→
Participants
21,145
→
Avg lots
36.6
→
Oversubscription
55x
55x = 21,145 × 36.6 ÷ 14,102 margin-weighted 100% → 1510.5x
1x2997.0x
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
0.53
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
0.63
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 1899.49x and current allocation strategy (Pool A α=0.529, Pool B α=0.629) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoBusyming 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 Busyming (01768): 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