Margin dynamics Margin multiple1134.38x Margin funds775.9100M TradeGo forecast multiple1463.35x
Rank Broker Margin funds
1 富途证券富途 448.5100M
2 辉立证券辉立 161.0100M
3 老虎国际老虎 74.6100M
4 华泰国际华泰 28.4100M
5 盈立证券盈立 15.7100M
6 华盛证券华盛 12.1100M
7 致富证券致富 11.8100M
8 复星国际复星 11.1100M
9 熊猫证券熊猫 5.0100M
Margin multiple
TimeMultiple
2026-05-26T06:00:00+08:000
2026-05-26T09:10:01+08:000.04736842105263158
2026-05-26T10:05:18+08:000.11345029239766082
2026-05-26T10:05:45+08:000.1280701754385965
2026-05-26T10:59:48+08:000.20116959064327486
2026-05-26T11:15:46+08:000.1554093567251462
2026-05-26T11:15:53+08:000.3912280701754386
2026-05-26T11:16:06+08:000.39956140350877195
2026-05-26T11:16:12+08:001.4814327485380117
2026-05-26T12:03:29+08:001.7141812865497077
2026-05-26T12:03:40+08:001.7662280701754387
2026-05-26T12:04:05+08:001.8447368421052632
2026-05-26T12:04:15+08:001.938157894736842
2026-05-26T12:04:28+08:001.9652046783625732
2026-05-26T12:08:28+08:002.2576023391812865
2026-05-26T13:39:10+08:002.3323099415204678
2026-05-26T13:39:13+08:002.389473684210526
2026-05-26T13:39:16+08:002.4046783625730996
2026-05-26T13:39:19+08:002.464619883040936
2026-05-26T13:39:22+08:002.4681286549707604
2026-05-26T13:39:25+08:002.965204678362573
2026-05-26T14:32:37+08:003.121637426900585
2026-05-26T14:32:42+08:003.2239766081871344
2026-05-26T14:32:48+08:003.300877192982456
2026-05-26T14:32:51+08:003.377485380116959
2026-05-26T14:32:53+08:003.4096491228070174
2026-05-26T14:32:56+08:003.482748538011696
2026-05-26T15:16:06+08:003.560672514619883
2026-05-26T15:16:13+08:003.5584795321637426
2026-05-26T15:16:21+08:003.5830409356725146
2026-05-26T15:16:23+08:003.672514619883041
2026-05-26T15:16:26+08:003.674122807017544
2026-05-26T15:16:29+08:003.8495614035087717
2026-05-26T16:07:51+08:003.8464912280701755
2026-05-26T16:08:03+08:003.8890350877192983
2026-05-26T16:08:06+08:003.982894736842105
2026-05-26T16:08:09+08:004.112573099415204
2026-05-26T16:08:12+08:004.129824561403509
2026-05-26T16:08:15+08:004.276023391812865
2026-05-26T17:16:48+08:004.304093567251462
2026-05-26T17:16:51+08:004.364766081871345
2026-05-26T17:16:54+08:004.715058479532164
2026-05-26T17:16:56+08:004.988157894736842
2026-05-26T17:17:02+08:004.98859649122807
2026-05-26T17:17:05+08:006.786842105263158
2026-05-26T18:01:01+08:006.802923976608187
2026-05-26T18:01:17+08:006.7292397660818715
2026-05-26T18:02:08+08:006.868567251461989
2026-05-26T18:07:07+08:007.397076023391813
2026-05-26T18:07:16+08:007.394883040935673
2026-05-26T18:07:26+08:007.39546783625731
2026-05-26T18:07:31+08:007.483187134502924
2026-05-26T20:00:03+08:0010.407163742690058
2026-05-26T20:00:08+08:0010.420029239766082
2026-05-26T20:00:13+08:0010.430847953216375
2026-05-26T20:00:18+08:0010.56374269005848
2026-05-26T20:00:23+08:0010.726754385964913
2026-05-26T20:00:28+08:0011.340789473684211
2026-05-26T20:00:33+08:0011.34356725146199
2026-05-26T20:23:20+08:0011.467397660818714
2026-05-26T20:23:25+08:0011.506432748538012
2026-05-26T20:23:32+08:0011.556432748538011
2026-05-26T20:23:37+08:0011.606871345029239
2026-05-26T20:23:44+08:0012.030847953216375
2026-05-26T21:38:11+08:0012.039912280701754
2026-05-26T21:38:16+08:0012.044298245614035
2026-05-26T21:38:20+08:0012.071783625730994
2026-05-26T21:38:25+08:0012.217982456140351
2026-05-26T22:03:09+08:0012.237865497076024
2026-05-26T22:03:15+08:0012.235380116959064
2026-05-26T22:05:43+08:0012.254970760233919
2026-05-26T22:05:48+08:0013.336842105263157
2026-05-27T08:36:14+08:0013.533625730994151
2026-05-27T08:36:34+08:0013.533625730994151
2026-05-27T08:36:43+08:0013.697222222222223
2026-05-27T08:36:53+08:0013.698830409356725
2026-05-27T08:36:59+08:0013.700438596491228
2026-05-27T08:37:06+08:0018.13026315789474
2026-05-27T09:19:51+08:0018.230701754385965
2026-05-27T09:20:23+08:0018.406432748538013
2026-05-27T09:20:46+08:0018.409649122807018
2026-05-27T09:20:55+08:0018.75482456140351
2026-05-27T09:21:02+08:0018.756140350877192
2026-05-27T09:21:07+08:0019.03391812865497
2026-05-27T09:21:13+08:0019.297076023391813
2026-05-27T09:21:52+08:0019.965350877192982
2026-05-27T10:12:18+08:0020.033333333333335
2026-05-27T10:12:41+08:0020.05950292397661
2026-05-27T10:12:45+08:0020.19751461988304
2026-05-27T10:12:47+08:0020.19795321637427
2026-05-27T10:12:54+08:0021.572222222222223
2026-05-27T10:12:57+08:0021.59809941520468
2026-05-27T11:06:29+08:0021.603947368421053
2026-05-27T11:06:35+08:0021.653508771929825
2026-05-27T11:06:38+08:0021.8390350877193
2026-05-27T11:06:44+08:0022.54108187134503
2026-05-27T11:06:47+08:0024.222368421052632
2026-05-27T12:01:14+08:0024.27529239766082
2026-05-27T12:01:22+08:0024.393421052631577
2026-05-27T12:03:39+08:0024.47529239766082
2026-05-27T12:10:54+08:0025.001608187134504
2026-05-27T12:10:58+08:0025.105994152046783
2026-05-27T13:45:25+08:0025.123684210526317
2026-05-27T13:45:32+08:0025.136549707602338
2026-05-27T13:45:37+08:0025.148830409356727
2026-05-27T13:45:40+08:0025.276169590643274
2026-05-27T13:45:46+08:0026.6796783625731
2026-05-27T13:45:50+08:0026.751315789473683
2026-05-27T14:07:16+08:0026.773245614035087
2026-05-27T14:07:19+08:0026.811988304093568
2026-05-27T14:07:22+08:0026.905555555555555
2026-05-27T14:07:24+08:0026.905847953216373
2026-05-27T14:07:30+08:0026.907309941520467
2026-05-27T14:07:33+08:0027.141228070175437
2026-05-27T14:08:02+08:0028.249122807017542
2026-05-27T15:13:25+08:0029.42719298245614
2026-05-27T15:13:37+08:0029.48172514619883
2026-05-27T15:13:40+08:0029.85409356725146
2026-05-27T15:13:42+08:0029.92923976608187
2026-05-27T15:13:47+08:0029.93786549707602
2026-05-27T15:13:50+08:0032.291666666666664
2026-05-27T16:17:28+08:0032.577777777777776
2026-05-27T16:17:37+08:0032.60014619883041
2026-05-27T16:17:40+08:0032.953216374269005
2026-05-27T16:17:45+08:0032.95497076023392
2026-05-27T16:17:50+08:0033.00921052631579
2026-05-27T16:17:53+08:0034.25190058479532
2026-05-27T17:07:10+08:0037.57426900584795
2026-05-27T17:07:13+08:0039.7672514619883
2026-05-27T17:07:22+08:0040.79634502923977
2026-05-27T17:07:51+08:0048.09692982456141
2026-05-27T17:07:54+08:0048.11608187134503
2026-05-27T17:07:59+08:0073.40847953216374
2026-05-27T17:08:02+08:0073.49195906432749
2026-05-27T17:23:07+08:0075.24634502923976
2026-05-27T17:23:20+08:0087.67324561403508
2026-05-27T18:04:23+08:0091.1529239766082
2026-05-27T18:04:32+08:0092.64561403508772
2026-05-27T18:04:42+08:0094.02412280701755
2026-05-27T18:04:46+08:0093.95570175438597
2026-05-27T18:05:55+08:0097.8296783625731
2026-05-27T18:06:03+08:00108.42909356725146
2026-05-27T19:58:16+08:00109.51593567251462
2026-05-27T19:58:28+08:00110.11535087719298
2026-05-27T19:58:32+08:00110.70336257309941
2026-05-27T19:58:44+08:00111.18640350877193
2026-05-27T19:58:48+08:00112.54502923976608
2026-05-27T19:58:53+08:00113.125
2026-05-27T19:58:58+08:00120.94663742690058
2026-05-27T20:14:10+08:00121.42631578947369
2026-05-27T20:14:16+08:00123.07675438596492
2026-05-27T20:14:21+08:00123.69766081871344
2026-05-27T20:14:30+08:00124.36885964912281
2026-05-27T20:14:45+08:00131.89809941520468
2026-05-27T21:35:37+08:00132.40804093567252
2026-05-27T21:35:42+08:00133.48859649122807
2026-05-27T21:35:46+08:00133.8858187134503
2026-05-27T21:35:51+08:00141.98523391812864
2026-05-27T21:35:56+08:00142.44283625730995
2026-05-27T22:05:37+08:00143.6576023391813
2026-05-27T22:05:43+08:00143.73347953216376
2026-05-27T22:05:47+08:00144.1187134502924
2026-05-27T22:05:52+08:00149.08947368421053
2026-05-28T08:06:03+08:00149.97704678362572
2026-05-28T08:06:07+08:00150.3843567251462
2026-05-28T08:06:24+08:00150.70497076023392
2026-05-28T08:06:30+08:00153.4299707602339
2026-05-28T08:06:37+08:00153.4299707602339
2026-05-28T08:06:48+08:00177.26038011695906
2026-05-28T09:26:37+08:00180.38377192982455
2026-05-28T09:26:52+08:00181.7095029239766
2026-05-28T09:26:59+08:00181.91681286549706
2026-05-28T09:27:06+08:00183.6266081871345
2026-05-28T09:27:13+08:00183.74415204678363
2026-05-28T09:27:20+08:00185.2061403508772
2026-05-28T09:27:27+08:00191.94590643274853
2026-05-28T10:06:17+08:00192.50497076023393
2026-05-28T10:06:30+08:00192.984649122807
2026-05-28T10:06:36+08:00195.20526315789473
2026-05-28T10:06:42+08:00195.20540935672514
2026-05-28T10:06:57+08:00196.06608187134503
2026-05-28T10:07:06+08:00208.9608187134503
2026-05-28T11:14:05+08:00209.55672514619883
2026-05-28T11:18:39+08:00212.81447368421053
2026-05-28T11:19:14+08:00212.86213450292396
2026-05-28T11:19:46+08:00224.61652046783627
2026-05-28T11:20:55+08:00225.56593567251463
2026-05-28T11:21:19+08:00225.71666666666667
2026-05-28T12:00:15+08:00226.26988304093567
2026-05-28T12:01:45+08:00226.55511695906432
2026-05-28T12:10:05+08:00226.58040935672514
2026-05-28T12:10:48+08:00227.643567251462
2026-05-28T12:11:37+08:00236.6201754385965
2026-05-28T12:13:01+08:00237.4796783625731
2026-05-28T13:42:35+08:00237.68815789473683
2026-05-28T13:43:36+08:00239.39342105263157
2026-05-28T13:43:57+08:00239.43976608187134
2026-05-28T13:44:21+08:00246.5011695906433
2026-05-28T13:45:22+08:00246.7437134502924
2026-05-28T13:45:41+08:00247.2672514619883
2026-05-28T13:49:32+08:00249.16783625730994
2026-05-28T14:09:45+08:00249.58786549707602
2026-05-28T14:10:51+08:00250.48815789473684
2026-05-28T14:11:12+08:00250.47733918128654
2026-05-28T14:11:39+08:00257.43640350877195
2026-05-28T14:12:06+08:00257.8156432748538
2026-05-28T14:12:55+08:00258.12295321637424
2026-05-28T14:14:48+08:00266.3877192982456
2026-05-28T15:14:54+08:00269.14152046783624
2026-05-28T15:15:19+08:00269.1919590643275
2026-05-28T15:16:09+08:00269.937134502924
2026-05-28T15:16:38+08:00270.33464912280704
2026-05-28T15:17:19+08:00271.1043859649123
2026-05-28T15:17:47+08:00282.3470760233918
2026-05-28T16:15:08+08:00282.65745614035086
2026-05-28T16:17:27+08:00282.83187134502924
2026-05-28T16:17:51+08:00284.67748538011693
2026-05-28T16:18:20+08:00285.2141812865497
2026-05-28T16:19:16+08:00285.3421052631579
2026-05-28T16:19:43+08:00297.1842105263158
2026-05-28T16:44:46+08:00298.5
2026-05-28T17:05:04+08:00298.8377192982456
2026-05-28T17:05:42+08:00306.7498538011696
2026-05-28T17:06:14+08:00307.25380116959064
2026-05-28T17:06:46+08:00308.1352339181287
2026-05-28T17:07:27+08:00339.10014619883043
2026-05-28T17:07:51+08:00340.2359649122807
2026-05-28T17:26:46+08:00395.06052631578945
2026-05-28T18:00:56+08:00396.37631578947367
2026-05-28T18:01:08+08:00396.75847953216373
2026-05-28T18:02:31+08:00397.27412280701753
2026-05-28T18:05:24+08:00403.83391812865494
2026-05-28T18:05:58+08:00407.26461988304095
2026-05-28T18:06:34+08:00407.403216374269
2026-05-28T18:07:06+08:00425.70730994152046
2026-05-28T20:04:23+08:00429.46769005847955
2026-05-28T20:06:07+08:00430.1437134502924
2026-05-28T20:06:41+08:00431.4849415204678
2026-05-28T20:21:05+08:00432.3286549707602
2026-05-28T20:21:44+08:00435.8255847953216
2026-05-28T20:22:04+08:00439.1906432748538
2026-05-28T20:22:41+08:00454.9654970760234
2026-05-28T20:23:01+08:00473.72280701754386
2026-05-28T21:43:05+08:00473.8695906432749
2026-05-28T21:43:10+08:00477.0862573099415
2026-05-28T21:43:37+08:00478.0048245614035
2026-05-28T21:43:57+08:00499.700730994152
2026-05-28T22:05:27+08:00500.28187134502923
2026-05-28T22:05:42+08:00513.5919590643275
2026-05-28T22:06:12+08:00514.2817251461988
2026-05-28T22:06:59+08:00540.6706140350877
2026-05-29T08:43:52+08:00545.0353801169591
2026-05-29T08:44:05+08:00560.3228070175438
2026-05-29T08:45:02+08:00560.3540935672514
2026-05-29T08:45:16+08:00561.5840643274854
2026-05-29T08:45:36+08:00714.1425438596491
2026-05-29T08:46:17+08:00714.1425438596491
2026-05-29T09:04:42+08:00716.587134502924
2026-05-29T09:10:15+08:00716.3422514619883
2026-05-29T09:10:46+08:00718.9334795321637
2026-05-29T09:11:03+08:00753.889619883041
2026-05-29T09:11:36+08:00759.9172514619883
2026-05-29T09:12:12+08:00760.3865497076023
2026-05-29T09:12:50+08:00767.6964912280702
2026-05-29T09:18:36+08:00788.5510233918129
2026-05-29T10:07:25+08:00804.8445906432748
2026-05-29T10:08:09+08:00955.5317251461988
2026-05-29T11:13:03+08:00957.7919590643274
2026-05-29T14:40:14+08:001122.9966374269006
2026-05-29T16:05:10+08:001134.38
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
17,473
→
Avg lots
83.1
→
Oversubscription
73x
73x = 17,473 × 83.1 ÷ 20,000 margin-weighted 100% → 1463.3x
1x17123.0x
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 1421.54x 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

LogoShougang Lanza 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 Shougang Lanza (02553): 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.

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