Margin dynamics Margin multiple595.49x Margin funds536.0100M TradeGo forecast multiple702.68x
Rank Broker Margin funds
1 富途证券富途 342.2100M
2 辉立证券辉立 80.0100M
3 老虎国际老虎 63.3100M
4 华泰国际华泰 23.0100M
5 华盛证券华盛 7.9100M
6 长桥证券长桥 6.7100M
7 盈立证券盈立 4.2100M
8 信诚证券信诚 4.0100M
9 卓锐证券 3.3100M
11 盈宝证券盈宝 626110K
12 艾德证券艾德 581510K
13 TradeGo MarketsTradeGo 228810K
Margin multiple
TimeMultiple
2025-12-12T06:00:00+08:000
2025-12-12T10:19:25+08:000.0009997778271495224
2025-12-12T10:19:31+08:000.42979337924905575
2025-12-12T10:19:38+08:001.5073317040657632
2025-12-12T11:12:27+08:001.807153965785381
2025-12-12T11:13:25+08:001.8649189069095757
2025-12-12T11:13:58+08:002.911130859808931
2025-12-12T11:15:31+08:006.932459453454788
2025-12-12T12:04:54+08:007.105754276827372
2025-12-12T12:05:28+08:007.323039324594535
2025-12-12T12:06:00+08:007.785492112863808
2025-12-12T12:06:51+08:009.062986003110419
2025-12-12T13:44:29+08:009.398355920906464
2025-12-12T13:45:07+08:0011.58675849811153
2025-12-12T13:45:33+08:0011.766607420573205
2025-12-12T13:46:11+08:0011.810264385692069
2025-12-12T14:01:42+08:0011.83492557209509
2025-12-12T14:03:56+08:0012.26905132192846
2025-12-12T14:07:08+08:0012.47600533214841
2025-12-12T14:07:45+08:0014.986558542546101
2025-12-12T14:08:05+08:0015.107309486780716
2025-12-12T15:22:52+08:0015.390468784714509
2025-12-12T15:23:24+08:0015.557431681848477
2025-12-12T15:24:11+08:0015.56398578093757
2025-12-12T15:24:57+08:0019.496445234392358
2025-12-12T16:11:39+08:0019.513885803154853
2025-12-12T16:12:12+08:0019.629860031104197
2025-12-12T16:12:58+08:0021.451677405021105
2025-12-12T16:13:32+08:0022.530993112641635
2025-12-12T16:16:30+08:0022.64207953788047
2025-12-12T17:19:47+08:0022.795600977560543
2025-12-12T17:20:27+08:0022.800822039546766
2025-12-12T17:21:20+08:0023.274494556765163
2025-12-12T17:22:09+08:0025.540657631637416
2025-12-12T17:34:58+08:0027.54021328593646
2025-12-12T18:00:50+08:0027.602532770495447
2025-12-12T18:10:48+08:0027.710175516551878
2025-12-12T18:11:09+08:0029.43779160186625
2025-12-12T18:12:19+08:0033.99233503665852
2025-12-12T18:14:28+08:0035.368918018218174
2025-12-12T20:20:52+08:0035.41090868695845
2025-12-12T20:21:14+08:0035.81393023772495
2025-12-12T20:21:24+08:0037.60853143745834
2025-12-12T20:22:22+08:0041.618751388580314
2025-12-12T20:22:33+08:0041.95889802266163
2025-12-12T20:22:48+08:0042.684403465896466
2025-12-12T20:23:47+08:0045.5726505221062
2025-12-12T21:10:42+08:0045.67251721839591
2025-12-12T21:10:54+08:0046.07931570762053
2025-12-12T21:11:32+08:0049.878471450788716
2025-12-12T22:19:00+08:0049.868362586091976
2025-12-12T22:19:11+08:0050.251388580315485
2025-12-12T22:20:14+08:0052.81748500333259
2025-12-13T10:36:32+08:0052.81748500333259
2025-12-13T10:39:10+08:0052.9050211064208
2025-12-13T10:39:34+08:0052.92568318151522
2025-12-13T10:40:39+08:0052.8970228838036
2025-12-13T10:41:07+08:0055.05187736058654
2025-12-13T10:41:28+08:0055.14241279715619
2025-12-13T10:42:15+08:0062.81848478115974
2025-12-13T10:42:27+08:0065.05132192846034
2025-12-13T11:35:24+08:0065.0557653854699
2025-12-13T11:35:42+08:0065.07520550988669
2025-12-13T11:35:46+08:0065.16751832926016
2025-12-13T11:36:26+08:0066.17840479893357
2025-12-13T14:45:31+08:0066.18273716951788
2025-12-13T14:46:25+08:0066.21761830704288
2025-12-13T14:47:26+08:0066.41835147744946
2025-12-13T14:48:25+08:0067.51810708731394
2025-12-13T14:48:36+08:0067.90690957564986
2025-12-13T14:48:47+08:0068.07353921350811
2025-12-13T15:59:18+08:0068.07420573205954
2025-12-13T15:59:37+08:0068.17207287269495
2025-12-13T16:00:21+08:0068.60530993112641
2025-12-13T16:00:32+08:0068.60597644967785
2025-12-13T16:45:09+08:0069.12352810486558
2025-12-13T16:46:00+08:0069.75672072872695
2025-12-13T17:57:06+08:0069.75938680293268
2025-12-13T17:57:17+08:0069.86391912908243
2025-12-13T17:57:53+08:0070.76371917351699
2025-12-13T18:28:40+08:0070.80504332370585
2025-12-13T18:28:55+08:0070.84347922683848
2025-12-13T18:29:35+08:0071.01010886469673
2025-12-13T19:22:32+08:0071.01210842035103
2025-12-13T19:22:40+08:0071.04643412574984
2025-12-13T19:23:19+08:0071.32415018884693
2025-12-13T20:14:16+08:0071.06231948455898
2025-12-13T20:14:54+08:0071.75105532103977
2025-12-13T22:15:38+08:0072.29626749611198
2025-12-13T22:16:16+08:0072.48511441901799
2025-12-13T22:16:19+08:0072.42668295934237
2025-12-13T22:16:23+08:0072.49322372806043
2025-12-13T22:16:52+08:0073.72628304821151
2025-12-14T10:08:52+08:0073.78293712508332
2025-12-14T10:08:56+08:0073.78393690291047
2025-12-14T10:12:03+08:0075.06143079315707
2025-12-14T10:12:07+08:0075.01699622306154
2025-12-14T10:12:11+08:0075.9945567651633
2025-12-14T10:17:13+08:0076.27016218618085
2025-12-14T10:21:28+08:0076.29926682959342
2025-12-14T12:45:37+08:0078.38769162408353
2025-12-14T12:45:59+08:0079.18751388580316
2025-12-14T12:46:25+08:0079.18440346589647
2025-12-14T12:49:28+08:0079.19284603421463
2025-12-14T12:49:33+08:0079.23328149300156
2025-12-14T12:50:39+08:0079.23561430793157
2025-12-14T12:51:00+08:0079.23750277716063
2025-12-14T15:48:41+08:0079.23761386358586
2025-12-14T15:48:50+08:0079.24127971561875
2025-12-14T15:48:55+08:0079.24161297489447
2025-12-14T15:53:10+08:0079.5526549655632
2025-12-14T15:53:25+08:0079.84147967118417
2025-12-14T15:53:53+08:0080.48578093756943
2025-12-14T16:01:43+08:0080.47389469006887
2025-12-14T16:01:47+08:0080.62408353699178
2025-12-14T16:01:51+08:0080.64341257498333
2025-12-14T16:04:57+08:0080.64518995778715
2025-12-14T16:05:01+08:0080.64618973561431
2025-12-14T16:05:08+08:0080.6467451677405
2025-12-14T16:05:11+08:0080.6473005998667
2025-12-14T16:09:37+08:0080.62908242612752
2025-12-14T16:10:55+08:0081.08453676960676
2025-12-14T16:11:14+08:0081.08464785603199
2025-12-14T21:03:37+08:0081.02854921128637
2025-12-14T21:03:41+08:0081.08575872028437
2025-12-14T21:03:44+08:0081.44490113308154
2025-12-14T21:03:48+08:0081.63119306820707
2025-12-14T21:03:52+08:0081.63463674738946
2025-12-14T21:06:35+08:0081.63208175960898
2025-12-14T21:07:58+08:0082.88735836480782
2025-12-14T21:08:02+08:0083.0984225727616
2025-12-14T21:08:06+08:0083.26505221061986
2025-12-14T21:08:11+08:0083.18729171295267
2025-12-14T21:08:15+08:0083.74272383914686
2025-12-14T21:11:52+08:0083.74661186403021
2025-12-14T21:12:18+08:0083.74872250610976
2025-12-14T21:12:40+08:0083.75061097533882
2025-12-15T08:43:10+08:0083.72228393690291
2025-12-15T08:43:13+08:0083.75272161741835
2025-12-15T08:43:16+08:0083.7528327038436
2025-12-15T08:45:15+08:0084.42223950233281
2025-12-15T08:45:44+08:0085.25538769162408
2025-12-15T08:45:46+08:0085.97744945567652
2025-12-15T08:47:39+08:0085.97744945567652
2025-12-15T09:17:56+08:0085.84236836258609
2025-12-15T09:18:17+08:0085.84259053543657
2025-12-15T09:18:54+08:0087.63108198178183
2025-12-15T09:19:37+08:0089.29737836036436
2025-12-15T09:21:18+08:0089.32415018884693
2025-12-15T09:22:27+08:0091.12075094423462
2025-12-15T10:16:22+08:0091.30759831148633
2025-12-15T10:17:11+08:0091.26682959342368
2025-12-15T10:18:07+08:0092.18284825594313
2025-12-15T10:18:52+08:0095.48211508553655
2025-12-15T11:15:39+08:0096.0039991113086
2025-12-15T11:16:31+08:0096.1741835147745
2025-12-15T11:17:38+08:0096.26505221061986
2025-12-15T11:18:54+08:00101.20839813374806
2025-12-15T12:05:12+08:00101.2302821595201
2025-12-15T12:06:00+08:00101.35236614085758
2025-12-15T12:07:18+08:00102.06965118862475
2025-12-15T12:08:09+08:00107.43512552766052
2025-12-15T13:44:53+08:00107.54343479226839
2025-12-15T13:46:29+08:00107.84992223950233
2025-12-15T13:47:44+08:00109.69395689846701
2025-12-15T13:50:40+08:00109.9342368362586
2025-12-15T13:51:38+08:00110.32303932459453
2025-12-15T14:01:42+08:00110.39713397022884
2025-12-15T14:03:40+08:00113.37969340146634
2025-12-15T14:07:53+08:00113.98678071539658
2025-12-15T14:08:40+08:00118.40802043990224
2025-12-15T14:09:28+08:00118.46067540546545
2025-12-15T15:09:53+08:00118.4865585425461
2025-12-15T15:11:05+08:00118.40579871139747
2025-12-15T15:12:05+08:00119.09564541213064
2025-12-15T15:12:55+08:00123.09475672072872
2025-12-15T15:32:51+08:00125.20539880026661
2025-12-15T16:07:58+08:00125.21872917129527
2025-12-15T16:08:44+08:00125.1965118862475
2025-12-15T16:09:38+08:00125.45412130637636
2025-12-15T16:10:28+08:00127.1204176849589
2025-12-15T17:11:21+08:00127.24783381470785
2025-12-15T17:12:30+08:00129.19062430570983
2025-12-15T17:13:06+08:00129.45467673850254
2025-12-15T17:14:41+08:00139.00810930904242
2025-12-15T17:19:58+08:00153.67151744056875
2025-12-15T18:05:46+08:00154.81570762052877
2025-12-15T18:06:06+08:00154.93368140413241
2025-12-15T18:07:49+08:00155.3792490557654
2025-12-15T18:08:37+08:00156.62108420351032
2025-12-15T18:09:41+08:00166.385580982004
2025-12-15T18:12:05+08:00167.92723839146856
2025-12-15T20:10:06+08:00167.94456787380582
2025-12-15T20:14:22+08:00169.26794045767608
2025-12-15T20:14:50+08:00169.65463230393246
2025-12-15T20:15:51+08:00170.84958898022663
2025-12-15T20:16:53+08:00174.54876694067985
2025-12-15T20:17:30+08:00179.23661408575873
2025-12-15T22:13:28+08:00179.82359475672072
2025-12-15T22:13:51+08:00179.71473005998666
2025-12-15T22:15:02+08:00184.0492112863808
2025-12-15T22:15:56+08:00190.51444123528105
2025-12-15T22:16:30+08:00197.45734281270828
2025-12-16T08:55:21+08:00198.16974005776495
2025-12-16T08:56:32+08:00198.16974005776495
2025-12-16T08:57:40+08:00207.81737391690734
2025-12-16T08:58:35+08:00236.91090868695846
2025-12-16T09:00:20+08:00237.91035325483227
2025-12-16T09:03:13+08:00237.9299044656743
2025-12-16T09:03:45+08:00239.45301044212397
2025-12-16T09:05:43+08:00246.11819595645412
2025-12-16T09:54:32+08:00248.5620973117085
2025-12-16T10:04:54+08:00249.56765163297044
2025-12-16T10:06:09+08:00249.60964230171072
2025-12-16T10:06:54+08:00252.47756054210174
2025-12-16T10:07:18+08:00262.4531215285492
2025-12-16T11:07:32+08:00262.67240613197066
2025-12-16T11:08:15+08:00263.29304598978007
2025-12-16T11:10:05+08:00263.57531659631195
2025-12-16T11:10:54+08:00267.2967118418129
2025-12-16T12:05:48+08:00267.4431237502777
2025-12-16T12:06:32+08:00267.64185736503
2025-12-16T12:07:42+08:00268.0628749166852
2025-12-16T12:08:23+08:00272.7062874916685
2025-12-16T13:45:17+08:00272.82448344812263
2025-12-16T13:45:54+08:00273.37991557431684
2025-12-16T13:46:28+08:00273.4952232837147
2025-12-16T13:47:18+08:00273.9754499000222
2025-12-16T13:47:53+08:00278.2967118418129
2025-12-16T14:00:58+08:00278.5047767162853
2025-12-16T14:02:22+08:00286.3966896245279
2025-12-16T14:08:21+08:00288.0068873583648
2025-12-16T14:08:49+08:00293.11686291935126
2025-12-16T14:09:29+08:00293.25727616085317
2025-12-16T15:09:03+08:00293.2998222617196
2025-12-16T15:09:36+08:00293.3836925127749
2025-12-16T15:10:24+08:00294.6586314152411
2025-12-16T15:10:56+08:00299.49089091313044
2025-12-16T15:47:59+08:00301.71261941790715
2025-12-16T16:04:07+08:00302.1015329926683
2025-12-16T16:07:15+08:00307.0115529882248
2025-12-16T17:03:49+08:00307.21239724505665
2025-12-16T17:04:27+08:00308.9885580982004
2025-12-16T17:05:30+08:00319.48622528327036
2025-12-16T17:23:38+08:00361.699066874028
2025-12-16T18:12:08+08:00361.70128860253277
2025-12-16T18:12:38+08:00362.8407020662075
2025-12-16T18:13:04+08:00371.07220617640525
2025-12-16T18:14:47+08:00373.544656742946
2025-12-16T19:10:56+08:00373.54643412574984
2025-12-16T19:11:22+08:00374.447900466563
2025-12-16T19:11:47+08:00383.0237724950011
2025-12-16T20:22:01+08:00383.03410353254833
2025-12-16T20:22:25+08:00385.440013330371
2025-12-16T20:22:48+08:00389.7057320595423
2025-12-16T21:31:05+08:00389.75261053099314
2025-12-16T21:31:34+08:00389.94701177516106
2025-12-16T21:31:58+08:00398.6228615863142
2025-12-16T22:17:07+08:00398.62952677182847
2025-12-16T22:17:26+08:00400.5923128193735
2025-12-16T22:17:45+08:00413.4116862919351
2025-12-17T08:38:46+08:00497.4818929126861
2025-12-17T08:40:02+08:00497.56876249722285
2025-12-17T08:40:15+08:00499.6772939346812
2025-12-17T08:40:18+08:00511.2056209731171
2025-12-17T08:41:44+08:00511.2056209731171
2025-12-17T09:08:19+08:00513.0453232614974
2025-12-17T09:10:08+08:00549.8371473005999
2025-12-17T09:16:51+08:00556.9110197733837
2025-12-17T09:20:08+08:00579.1283048211509
2025-12-17T09:22:04+08:00581.6832926016441
2025-12-17T10:01:48+08:00589.4593423683626
2025-12-17T10:02:27+08:00593.0994223505887
2025-12-17T10:04:08+08:00593.8636969562319
2025-12-17T10:21:54+08:00595.49
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
18,523
→
Avg lots
59.1
→
Oversubscription
124x
124x = 18,523 × 59.1 ÷ 8,825 margin-weighted 100% → 702.7x
1x14831.0x
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
0.54
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
0.64
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 791.95x and current allocation strategy (Pool A α=0.535, Pool B α=0.635) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoB&K Corp-B 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 B&K Corp-B (02396): 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