Margin dynamics Margin multiple4583.284482076442x Margin funds5791.9100M
Rank Broker Margin funds
1 富途证券富途 3674.0100M
2 辉立证券辉立 995.0100M
3 老虎国际老虎 549.1100M
4 华泰国际华泰 200.4100M
5 华盛证券华盛 102.2100M
6 招银国际招银 100.0100M
7 信诚证券信诚 70.0100M
8 盈立证券盈立 67.7100M
9 致富证券致富 53.5100M
Margin multiple
TimeMultiple
2026-04-20T06:00:00+08:000
2026-04-20T10:00:24+08:000.10152726121706102
2026-04-20T10:03:24+08:001.976576719158028
2026-04-20T10:05:31+08:007.048983144733718
2026-04-20T10:32:50+08:007.286381261375326
2026-04-20T11:16:07+08:007.444646672469732
2026-04-20T11:16:33+08:007.543562554403735
2026-04-20T11:17:00+08:0010.700482709503838
2026-04-20T11:17:27+08:0041.07161509852022
2026-04-20T11:49:23+08:0041.86294215399224
2026-04-20T12:11:50+08:0042.325710216032284
2026-04-20T12:12:00+08:0045.11529635198227
2026-04-20T12:12:30+08:0049.006647147265966
2026-04-20T12:13:14+08:0073.78309725409511
2026-04-20T13:45:43+08:0073.82274273957427
2026-04-20T13:46:29+08:0074.10398037508902
2026-04-20T13:46:43+08:0077.36234865870064
2026-04-20T13:47:13+08:0093.20471630925061
2026-04-20T13:47:22+08:0096.37002453113872
2026-04-20T14:01:13+08:0096.42375563820526
2026-04-20T14:01:28+08:0097.0070428107937
2026-04-20T14:02:09+08:00101.07541346838649
2026-04-20T14:04:17+08:00104.64453588668196
2026-04-20T14:05:32+08:00122.9716704914141
2026-04-20T14:08:06+08:00123.0508031969613
2026-04-20T15:19:44+08:00126.19870222362903
2026-04-20T15:20:28+08:00130.17963124159215
2026-04-20T15:21:08+08:00130.78729128748913
2026-04-20T15:21:20+08:00152.95236211126058
2026-04-20T15:21:54+08:00156.90899738862072
2026-04-20T16:51:23+08:00157.41236052860648
2026-04-20T16:51:45+08:00161.59705626335364
2026-04-20T16:52:00+08:00162.67104534304028
2026-04-20T16:52:47+08:00185.23969296510248
2026-04-20T17:18:40+08:00185.31194112526708
2026-04-20T17:19:13+08:00194.3463638521801
2026-04-20T17:19:42+08:00195.18160955923082
2026-04-20T17:20:22+08:00246.6811743293503
2026-04-20T17:31:29+08:00294.16079765767194
2026-04-20T18:06:45+08:00297.32610587956003
2026-04-20T18:06:57+08:00297.32396929651026
2026-04-20T18:07:23+08:00297.89886840231065
2026-04-20T18:07:35+08:00303.95885099311545
2026-04-20T18:08:23+08:00330.4920471630925
2026-04-20T18:10:00+08:00339.1175120677376
2026-04-20T18:11:11+08:00350.79654981403814
2026-04-20T20:08:26+08:00355.0110785787766
2026-04-20T20:08:42+08:00355.50367967080797
2026-04-20T20:08:54+08:00358.59761019229245
2026-04-20T20:09:19+08:00380.77059428661863
2026-04-20T20:09:24+08:00380.9230038775026
2026-04-20T20:09:34+08:00383.1077787449553
2026-04-20T20:10:09+08:00401.4982195141252
2026-04-20T22:08:28+08:00401.83010208119015
2026-04-20T22:08:33+08:00405.6087679037746
2026-04-20T22:08:58+08:00423.2078816174725
2026-04-20T22:09:07+08:00427.1790773126533
2026-04-20T22:09:33+08:00442.73656722323335
2026-04-21T08:32:41+08:00446.5026509456358
2026-04-21T08:33:39+08:00446.5026509456358
2026-04-21T08:33:55+08:00458.7664793859302
2026-04-21T08:34:12+08:00544.7837303157395
2026-04-21T09:03:01+08:00544.8110310991533
2026-04-21T09:03:46+08:00546.883437524729
2026-04-21T09:03:54+08:00548.9488011395109
2026-04-21T09:04:44+08:00556.9407296035452
2026-04-21T09:05:17+08:00579.7151222600301
2026-04-21T09:16:20+08:00585.2544116483342
2026-04-21T10:12:40+08:00585.5172113634566
2026-04-21T10:13:20+08:00592.5751365039171
2026-04-21T10:13:40+08:00593.6818073909947
2026-04-21T10:14:08+08:00635.8832792593179
2026-04-21T10:14:24+08:00637.465933370262
2026-04-21T11:00:18+08:00643.8618342961146
2026-04-21T11:01:31+08:00644.3070348975232
2026-04-21T11:03:22+08:00649.4254174250218
2026-04-21T11:05:24+08:00684.354593653557
2026-04-21T11:51:09+08:00689.1025559863891
2026-04-21T11:51:52+08:00700.9724618184696
2026-04-21T12:11:15+08:00701.0354514520851
2026-04-21T12:11:41+08:00701.5791722719
2026-04-21T12:12:24+08:00728.3418532879639
2026-04-21T12:13:08+08:00732.2710295164992
2026-04-21T13:42:06+08:00732.298330299913
2026-04-21T13:43:26+08:00732.7481997309488
2026-04-21T13:43:50+08:00753.7183667009575
2026-04-21T13:44:13+08:00757.3921025559864
2026-04-21T14:00:49+08:00757.4337263591042
2026-04-21T14:01:11+08:00757.9108965735538
2026-04-21T14:01:49+08:00768.1124475745826
2026-04-21T14:03:40+08:00773.4728970483501
2026-04-21T14:14:06+08:00804.026034660125
2026-04-21T15:05:11+08:00804.0533354435388
2026-04-21T15:06:22+08:00830.8001899184933
2026-04-21T15:06:39+08:00831.4213025243333
2026-04-21T15:07:17+08:00835.3688375405555
2026-04-21T16:18:56+08:00840.068687188415
2026-04-21T16:19:11+08:00840.3854554087204
2026-04-21T16:20:14+08:00928.7054680699533
2026-04-21T16:20:33+08:00934.9709582970642
2026-04-21T16:20:46+08:00936.5536124080082
2026-04-21T16:20:50+08:00939.4815225132547
2026-04-21T16:21:54+08:00975.0912400094959
2026-04-21T16:57:07+08:00981.6592545699137
2026-04-21T17:00:36+08:00981.7096621033473
2026-04-21T17:04:53+08:00982.9273561763076
2026-04-21T17:05:35+08:001020.5728416554562
2026-04-21T17:06:21+08:001143.7508111102318
2026-04-21T17:39:14+08:001153.2467357758962
2026-04-21T18:04:17+08:001315.4687821476616
2026-04-21T18:04:47+08:001321.0080715359659
2026-04-21T18:05:03+08:001323.0565007517607
2026-04-21T18:05:50+08:001325.2790219197595
2026-04-21T18:06:13+08:001337.841497190789
2026-04-21T18:06:53+08:001388.1303315660361
2026-04-21T18:07:29+08:001412.3203291920552
2026-04-21T21:25:09+08:001412.6977921975151
2026-04-21T21:25:51+08:001415.2512463401124
2026-04-21T21:27:10+08:001431.9894753501621
2026-04-21T21:27:47+08:001505.0843554641133
2026-04-21T21:28:02+08:001535.3526153359182
2026-04-21T22:09:38+08:001541.6582258447415
2026-04-21T22:10:20+08:001575.9464271583445
2026-04-22T08:31:47+08:001729.1869114505025
2026-04-22T08:33:47+08:001734.4942628788478
2026-04-22T08:33:55+08:001750.8522592387433
2026-04-22T08:34:58+08:001750.8522592387433
2026-04-22T09:08:38+08:001759.0029279101052
2026-04-22T09:08:48+08:001760.1054838964944
2026-04-22T09:09:48+08:001764.4826303711325
2026-04-22T09:10:15+08:001770.272453905199
2026-04-22T09:11:00+08:001812.6717575373902
2026-04-22T09:11:31+08:001830.8118224262087
2026-04-22T10:18:05+08:001831.1829548152252
2026-04-22T10:18:56+08:001834.522196723906
2026-04-22T10:20:09+08:001843.1199651816096
2026-04-22T10:20:28+08:001918.7391786025164
2026-04-22T11:01:33+08:001934.3681253462055
2026-04-22T11:03:11+08:001942.5979267231146
2026-04-22T11:03:40+08:001945.4383951887314
2026-04-22T11:04:35+08:001955.093851388779
2026-04-22T11:05:51+08:002024.5248872358945
2026-04-22T12:11:53+08:002025.4679116879006
2026-04-22T12:12:36+08:002032.623011790773
2026-04-22T12:13:08+08:002033.835878768695
2026-04-22T12:14:10+08:002088.4770119490386
2026-04-22T13:46:11+08:002089.002057450344
2026-04-22T13:46:44+08:002094.2328875524254
2026-04-22T13:47:24+08:002094.87560338688
2026-04-22T13:47:51+08:002133.3340982828204
2026-04-22T14:07:49+08:002134.2040832476064
2026-04-22T14:08:14+08:002135.0530189127167
2026-04-22T14:09:01+08:002185.563424863496
2026-04-22T14:10:02+08:002194.4050011869904
2026-04-22T14:10:22+08:002200.893883041861
2026-04-22T14:10:59+08:002222.0838015351746
2026-04-22T15:10:53+08:002223.159215003561
2026-04-22T15:11:19+08:002224.1627759753105
2026-04-22T15:12:26+08:002277.529872596344
2026-04-22T15:12:49+08:002285.422885178444
2026-04-22T16:05:16+08:002285.9290970958295
2026-04-22T16:05:35+08:002286.977130648097
2026-04-22T16:06:35+08:002295.3760386167605
2026-04-22T16:07:10+08:002361.412281395901
2026-04-22T16:38:00+08:002377.2388225053414
2026-04-22T17:10:41+08:002378.412043997784
2026-04-22T17:11:06+08:002378.511197277835
2026-04-22T17:12:24+08:002392.315422964311
2026-04-22T17:13:11+08:002491.2075650866504
2026-04-22T17:27:19+08:002807.738387275461
2026-04-22T17:43:46+08:002816.2847194745586
2026-04-22T18:04:32+08:002817.5153121785233
2026-04-22T18:04:58+08:002830.9678721215478
2026-04-22T18:05:24+08:002831.784125979267
2026-04-22T18:05:30+08:002840.188177573791
2026-04-22T18:06:19+08:002913.599588509931
2026-04-22T18:07:45+08:002946.835324839756
2026-04-22T18:11:08+08:002969.363377383873
2026-04-22T20:57:26+08:002969.960671045343
2026-04-22T20:58:03+08:002971.4489989712747
2026-04-22T20:59:23+08:002992.9632032919208
2026-04-22T20:59:47+08:003109.494025480731
2026-04-22T21:03:53+08:003110.3177969454778
2026-04-22T21:04:13+08:003120.0834850043525
2026-04-22T21:05:16+08:003183.7457466170767
2026-04-22T22:03:57+08:003199.311545461739
2026-04-22T22:05:54+08:003266.8908759990504
2026-04-23T08:39:41+08:003279.525995093772
2026-04-23T08:39:50+08:003343.4380786579095
2026-04-23T08:40:14+08:003779.546332199098
2026-04-23T08:40:35+08:003779.546332199098
2026-04-23T09:05:13+08:003783.023581546253
2026-04-23T09:06:00+08:003795.7356176307667
2026-04-23T09:06:54+08:003801.5899343198544
2026-04-23T09:07:21+08:003958.241038221097
2026-04-23T09:09:08+08:003996.848619134288
2026-04-23T09:10:22+08:004010.3011790773126
2026-04-23T10:06:09+08:004026.087362506924
2026-04-23T10:06:44+08:004335.599113713698
2026-04-23T11:32:30+08:004552.280288043048
2026-04-23T16:57:49+08:004583.284482076442
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
20,576
→
Avg lots
136.4
→
Oversubscription
61x
61x = 20,576 × 136.4 ÷ 45,985 margin-weighted 100% → 4583.3x
1x7913.0x
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 5784.7x and current allocation strategy (Pool A α=0.512, Pool B α=0.612) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoXizhi Tech-P 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

18C

HKEX Listing Rule Chapter 18C for specialist technology companies. Mechanisms A and B do not apply. Initial allocation 5%, with clawback: 10x to below 50x → 10%, 50x or above → 20%. At least 50% of total offering shares must be taken up by independent pricing investors in the placing tranche.

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 Xizhi Tech-P (01879): 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