Margin dynamics Margin multiple824.09x Margin funds2724.8100M TradeGo forecast multiple1054.83x
Rank Broker Margin funds
1 富途证券富途 1555.6100M
2 辉立证券辉立 610.0100M
3 老虎国际老虎 284.7100M
4 华泰国际华泰 98.1100M
5 招银国际招银 50.0100M
6 华盛证券华盛 34.0100M
7 信诚证券信诚 30.0100M
8 熊猫证券熊猫 18.4100M
9 盈立证券盈立 16.5100M
Margin multiple
TimeMultiple
2026-03-12T06:00:00+08:000
2026-03-12T10:21:14+08:000.030243459851807045
2026-03-12T10:21:25+08:000.048903674580371995
2026-03-12T10:21:28+08:000.7335853621654317
2026-03-12T10:21:31+08:001.97054287010434
2026-03-12T11:07:17+08:001.9987600181460758
2026-03-12T11:07:23+08:003.2075003780432483
2026-03-12T11:07:28+08:006.298381974897929
2026-03-12T11:27:23+08:006.437713594435204
2026-03-12T11:50:46+08:006.4982005141388175
2026-03-12T12:03:27+08:006.510388628459096
2026-03-12T12:03:35+08:007.007833056101618
2026-03-12T12:09:15+08:009.645062755179193
2026-03-12T13:48:57+08:009.73488583093906
2026-03-12T13:49:01+08:009.75883865114169
2026-03-12T13:49:20+08:0011.395009829124453
2026-03-12T13:49:28+08:0012.702132163919552
2026-03-12T13:49:34+08:0012.71029789807954
2026-03-12T14:14:49+08:0012.717526084984122
2026-03-12T14:15:06+08:0012.755179192499622
2026-03-12T14:15:08+08:0014.137305307727203
2026-03-12T14:15:12+08:0014.310055950400725
2026-03-12T14:16:06+08:0014.461212762740058
2026-03-12T15:33:45+08:0015.095327385452896
2026-03-12T15:34:11+08:0016.62564645395433
2026-03-12T15:34:14+08:0016.80048389535763
2026-03-12T15:35:28+08:0017.1029184938757
2026-03-12T16:20:06+08:0017.163405413579312
2026-03-12T16:20:34+08:0018.028368365340995
2026-03-12T16:20:40+08:0018.484107061847876
2026-03-12T16:20:47+08:0018.53186148495388
2026-03-12T17:23:49+08:0018.53691214274913
2026-03-12T17:24:17+08:0018.81303493119613
2026-03-12T17:24:37+08:0019.741509148646607
2026-03-12T17:24:49+08:0024.671193104491152
2026-03-12T17:24:52+08:0025.7297141993044
2026-03-12T17:44:11+08:0025.85322848933918
2026-03-12T18:14:03+08:0025.85873279903221
2026-03-12T18:14:16+08:0026.38992892786935
2026-03-12T18:14:21+08:0027.2911840314532
2026-03-12T18:14:26+08:0027.306033570240434
2026-03-12T18:14:31+08:0027.396763949795858
2026-03-12T18:15:23+08:0028.833388779676394
2026-03-12T21:03:20+08:0029.05991229396643
2026-03-12T21:03:30+08:0029.278753969454105
2026-03-12T21:03:36+08:0030.84838953576289
2026-03-12T21:03:41+08:0030.87751398760018
2026-03-12T21:03:54+08:0031.20789354302132
2026-03-12T21:04:00+08:0032.29363375170119
2026-03-12T21:04:04+08:0032.31498563435657
2026-03-12T21:04:15+08:0032.566974141841825
2026-03-12T22:08:43+08:0033.02969907757448
2026-03-12T22:08:50+08:0033.615333434144866
2026-03-12T22:08:56+08:0033.65223045516407
2026-03-12T22:09:01+08:0034.819628005443825
2026-03-13T08:34:41+08:0039.98521094813247
2026-03-13T08:34:55+08:0040.21633146831998
2026-03-13T08:34:58+08:0040.6920006048692
2026-03-13T08:35:06+08:0040.6920006048692
2026-03-13T08:35:18+08:0040.744110086193864
2026-03-13T08:35:21+08:0040.793648873431124
2026-03-13T08:35:24+08:0040.85356116739755
2026-03-13T09:23:03+08:0041.00359897172237
2026-03-13T09:23:40+08:0041.020051413881745
2026-03-13T09:23:43+08:0041.59467715106608
2026-03-13T09:23:46+08:0041.611855436261905
2026-03-13T09:24:00+08:0041.82355965522456
2026-03-13T09:25:38+08:0042.94580371994556
2026-03-13T10:01:49+08:0042.948071979434445
2026-03-13T10:03:08+08:0043.42806593074248
2026-03-13T10:05:32+08:0045.1489187963103
2026-03-13T10:27:42+08:0045.178285195826405
2026-03-13T11:07:37+08:0045.86345077876909
2026-03-13T11:08:39+08:0046.15306215030999
2026-03-13T11:08:59+08:0048.06747315892938
2026-03-13T11:28:43+08:0048.10691063057614
2026-03-13T11:53:02+08:0048.560562528353245
2026-03-13T12:05:50+08:0048.58584606078936
2026-03-13T12:07:08+08:0048.60474822319674
2026-03-13T12:07:32+08:0049.77517011946166
2026-03-13T13:50:15+08:0049.74807197943445
2026-03-13T13:50:26+08:0049.76972629668834
2026-03-13T13:50:51+08:0049.733373657946466
2026-03-13T13:51:34+08:0049.866807802812644
2026-03-13T13:51:58+08:0050.4384091940118
2026-03-13T14:20:08+08:0050.463329804929685
2026-03-13T14:20:59+08:0050.65622259186451
2026-03-13T14:21:17+08:0052.5071223347951
2026-03-13T14:21:39+08:0052.52847421745047
2026-03-13T14:22:26+08:0052.822047482231966
2026-03-13T15:04:17+08:0052.97931347346137
2026-03-13T15:05:08+08:0053.215847572962346
2026-03-13T15:05:31+08:0055.06674731589294
2026-03-13T15:11:13+08:0055.10403750189022
2026-03-13T15:57:53+08:0057.82594888855285
2026-03-13T16:01:25+08:0057.887615303190685
2026-03-13T16:51:24+08:0058.12877665204899
2026-03-13T16:51:38+08:0058.4735520943596
2026-03-13T16:52:02+08:0058.49354302132164
2026-03-13T17:05:34+08:0058.52484500226826
2026-03-13T17:07:48+08:0058.67778617873885
2026-03-13T17:08:28+08:0059.712112505670646
2026-03-13T17:11:12+08:0059.72910933010736
2026-03-13T17:18:21+08:0068.86263420535309
2026-03-13T17:31:09+08:0069.16506880387116
2026-03-13T18:19:45+08:0069.16933313171027
2026-03-13T18:21:51+08:0069.41155300166339
2026-03-13T18:22:28+08:0070.11924996219568
2026-03-13T18:23:23+08:0070.18605776500831
2026-03-13T18:24:53+08:0070.59392106456978
2026-03-13T20:09:58+08:0070.69172841373053
2026-03-13T20:15:31+08:0070.81944654468471
2026-03-13T20:16:15+08:0070.86345077876909
2026-03-13T20:16:27+08:0070.90730379555421
2026-03-13T20:16:56+08:0071.17042189626493
2026-03-13T20:17:11+08:0071.53334341448662
2026-03-14T08:22:50+08:0073.91326175714502
2026-03-14T08:24:28+08:0074.07382428549826
2026-03-14T08:25:15+08:0074.07382428549826
2026-03-14T08:25:38+08:0074.57284137305308
2026-03-14T08:25:50+08:0074.92668985331922
2026-03-14T08:26:01+08:0078.30790866475125
2026-03-14T09:37:39+08:0078.39733857553304
2026-03-14T09:38:18+08:0078.4670799939513
2026-03-14T09:38:34+08:0078.82092847421745
2026-03-14T09:38:45+08:0078.83284439739906
2026-03-14T10:05:05+08:0078.83989112354453
2026-03-14T10:06:03+08:0078.9582035384848
2026-03-14T10:06:30+08:0079.75058218660214
2026-03-14T12:47:44+08:0079.86850143656434
2026-03-14T12:48:16+08:0079.87134432179042
2026-03-14T12:49:23+08:0080.28846212006654
2026-03-14T12:49:49+08:0080.86913654922122
2026-03-14T12:49:59+08:0081.30161802510207
2026-03-14T16:09:47+08:0081.30536821412369
2026-03-14T16:12:03+08:0081.36394979585664
2026-03-14T16:12:35+08:0081.89432935127779
2026-03-14T16:13:31+08:0083.12221382126116
2026-03-14T16:13:42+08:0083.55469529714199
2026-03-14T18:33:05+08:0083.5548162709814
2026-03-14T18:35:25+08:0083.621019204597
2026-03-14T18:36:02+08:0083.72584303644337
2026-03-14T18:37:07+08:0084.37002873128687
2026-03-14T18:37:19+08:0084.6150007560865
2026-03-14T20:07:01+08:0084.61608952064117
2026-03-14T20:08:03+08:0084.62918493875699
2026-03-14T20:08:35+08:0084.71156812339332
2026-03-14T20:09:05+08:0084.67225162558597
2026-03-14T20:09:14+08:0085.10775744745199
2026-03-14T22:05:36+08:0085.11265688794798
2026-03-14T22:06:01+08:0085.16630878572509
2026-03-14T22:06:18+08:0085.34776954483593
2026-03-14T22:06:27+08:0085.37553304097989
2026-03-14T22:06:37+08:0085.55254801149252
2026-03-14T22:06:53+08:0086.03341902313625
2026-03-15T10:26:24+08:0088.12324209889611
2026-03-15T10:26:38+08:0088.41357931347346
2026-03-15T10:26:53+08:0089.09103281415393
2026-03-15T10:27:26+08:0089.3806744291547
2026-03-15T10:27:31+08:0089.66314834417058
2026-03-15T10:27:35+08:0089.68964161500075
2026-03-15T10:27:39+08:0089.74392862543475
2026-03-15T10:30:48+08:0089.7346741267201
2026-03-15T10:30:53+08:0089.77017994858612
2026-03-15T10:31:26+08:0089.78956600635112
2026-03-15T10:31:29+08:0089.83139271132617
2026-03-15T10:31:33+08:0089.96107666717073
2026-03-15T10:31:36+08:0090.01729925903523
2026-03-15T10:31:40+08:0090.05909572055043
2026-03-15T12:52:43+08:0090.1064267352185
2026-03-15T12:52:55+08:0090.13630727355209
2026-03-15T12:54:23+08:0090.28864358082565
2026-03-15T12:54:36+08:0090.61367004385302
2026-03-15T12:55:09+08:0091.40907303795554
2026-03-15T12:55:18+08:0091.9171631634659
2026-03-15T12:56:30+08:0091.9272039921367
2026-03-15T12:56:40+08:0091.9288976258884
2026-03-15T15:27:43+08:0091.93149856343565
2026-03-15T15:27:48+08:0091.95596552245577
2026-03-15T15:27:53+08:0091.97631937093604
2026-03-15T15:31:17+08:0092.82616059277181
2026-03-15T15:31:21+08:0093.23142295478603
2026-03-15T15:31:25+08:0093.98448510509603
2026-03-15T15:33:16+08:0093.98518070467262
2026-03-15T15:33:20+08:0093.98687433842431
2026-03-15T15:33:24+08:0093.98793285951913
2026-03-15T15:33:50+08:0094.13382730984425
2026-03-15T15:33:55+08:0094.196733706336
2026-03-15T15:33:59+08:0094.33902918493875
2026-03-15T19:27:27+08:0094.35342507182821
2026-03-15T19:27:31+08:0094.37737789203085
2026-03-15T19:27:34+08:0094.45921669438984
2026-03-15T19:27:38+08:0094.54489641615001
2026-03-15T19:33:23+08:0094.66995312263722
2026-03-15T19:33:26+08:0094.78714652956299
2026-03-15T19:33:30+08:0094.98254952366551
2026-03-15T19:33:34+08:0095.05806744291547
2026-03-15T19:35:39+08:0095.05915620747014
2026-03-15T19:35:43+08:0095.05988205050657
2026-03-15T19:35:47+08:0095.06178738847724
2026-03-15T19:35:51+08:0095.0635717526085
2026-03-15T19:38:33+08:0095.88014516860729
2026-03-15T19:38:37+08:0096.80559504007259
2026-03-15T19:38:41+08:0098.15445334946318
2026-03-15T19:38:44+08:0099.70896718584606
2026-03-15T22:47:15+08:0099.76878874943293
2026-03-15T22:47:25+08:0099.8752457281113
2026-03-15T22:47:43+08:00100.01206714048087
2026-03-15T22:49:01+08:00100.96473612581279
2026-03-15T22:49:16+08:00102.09886587025555
2026-03-15T22:49:55+08:00103.74713443217904
2026-03-15T22:51:29+08:00103.82365038560411
2026-03-15T22:51:44+08:00104.45371238469681
2026-03-15T22:52:08+08:00104.6796310297898
2026-03-16T08:38:56+08:00105.11253591410858
2026-03-16T08:39:01+08:00106.37265991229397
2026-03-16T08:39:56+08:00115.55759866928777
2026-03-16T08:40:41+08:00115.69747467110237
2026-03-16T08:40:49+08:00116.23813700287313
2026-03-16T08:42:06+08:00116.23813700287313
2026-03-16T09:23:03+08:00116.26556782095872
2026-03-16T09:24:55+08:00119.28991380613942
2026-03-16T09:25:15+08:00119.48682897323454
2026-03-16T09:25:39+08:00122.9103886284591
2026-03-16T09:26:02+08:00123.87654619688492
2026-03-16T09:28:54+08:00127.08017541206713
2026-03-16T10:01:47+08:00127.10412823226977
2026-03-16T10:04:23+08:00129.11029789807955
2026-03-16T10:11:38+08:00139.86184787539693
2026-03-16T10:12:08+08:00140.1147739301376
2026-03-16T11:05:35+08:00141.14655980644184
2026-03-16T11:06:45+08:00143.01412369575078
2026-03-16T11:07:26+08:00151.77262966883413
2026-03-16T11:16:15+08:00152.12414940269167
2026-03-16T12:20:56+08:00153.6409194011795
2026-03-16T12:21:24+08:00154.9772871616513
2026-03-16T12:23:29+08:00155.73337365794646
2026-03-16T12:24:49+08:00163.10672916981702
2026-03-16T12:25:20+08:00163.14834417057313
2026-03-16T13:45:17+08:00163.19156207470135
2026-03-16T13:45:54+08:00164.14770905791622
2026-03-16T13:46:55+08:00168.8203236050204
2026-03-16T13:47:17+08:00168.87594132768788
2026-03-16T13:48:46+08:00169.7832451232421
2026-03-16T14:01:08+08:00169.7966732194163
2026-03-16T14:02:54+08:00173.5381823680629
2026-03-16T14:05:19+08:00176.02464841977923
2026-03-16T14:05:53+08:00184.62286405564797
2026-03-16T14:29:18+08:00184.6928776652049
2026-03-16T15:15:57+08:00184.86992287917738
2026-03-16T15:16:46+08:00186.8333282927567
2026-03-16T15:18:57+08:00186.90403750189023
2026-03-16T15:19:29+08:00195.26937849690003
2026-03-16T15:34:07+08:00201.31807046726146
2026-03-16T16:09:09+08:00203.85005292605473
2026-03-16T16:09:38+08:00215.9595342507183
2026-03-16T16:10:25+08:00216.04790564040528
2026-03-16T17:06:15+08:00218.21536367760473
2026-03-16T17:06:45+08:00232.98324512324209
2026-03-16T17:13:35+08:00233.08979283230002
2026-03-16T18:06:35+08:00314.74713443217905
2026-03-16T18:06:58+08:00315.65443822773324
2026-03-16T18:08:30+08:00318.34456373809167
2026-03-16T18:09:03+08:00327.5446242250113
2026-03-16T18:10:42+08:00331.3510358384999
2026-03-16T18:12:41+08:00331.47648570996523
2026-03-16T20:58:54+08:00331.707545743233
2026-03-16T20:59:31+08:00336.3606532587328
2026-03-16T21:00:07+08:00345.4488129442008
2026-03-16T21:00:27+08:00356.5330409798881
2026-03-16T21:48:21+08:00361.3680024194768
2026-03-16T21:49:16+08:00376.9615303190685
2026-03-16T21:49:49+08:00377.0939664297596
2026-03-16T22:04:58+08:00383.0564645395433
2026-03-16T22:05:30+08:00406.0354453349463
2026-03-17T08:49:03+08:00413.8414032965371
2026-03-17T08:49:08+08:00429.9151368516558
2026-03-17T08:50:15+08:00546.4794798124906
2026-03-17T08:51:27+08:00546.6623922576742
2026-03-17T08:51:30+08:00546.7812792983517
2026-03-17T08:51:33+08:00547.2351429003478
2026-03-17T08:53:41+08:00547.2351429003478
2026-03-17T09:05:18+08:00553.3458339634054
2026-03-17T09:06:32+08:00595.5384848026614
2026-03-17T09:07:26+08:00611.0294571298956
2026-03-17T09:28:43+08:00626.1511870557991
2026-03-17T09:30:21+08:00629.629184938757
2026-03-17T10:11:21+08:00633.0497504914562
2026-03-17T10:12:13+08:00728.0323605020415
2026-03-17T11:45:50+08:00815.7383940722818
2026-03-17T18:08:49+08:00824.09
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
15,634
→
Avg lots
34.6
→
Oversubscription
12x
12x = 15,634 × 34.6 ÷ 46,000 A+H secondary · participants ×0.44 H-share discount 39.5% margin-weighted 100% → 1054.8x
1x3024.0x
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
0.50
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
0.60
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 1070.72x and current allocation strategy (Pool A α=0.498, Pool B α=0.598) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoDelton 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 Delton (01989): 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