Margin dynamics Margin multiple17.82x Margin funds70.2100M TradeGo forecast multiple21.74x
Rank Broker Margin funds
1 富途证券富途 37.3100M
2 辉立证券辉立 10.0100M
3 老虎国际老虎 9.4100M
4 华泰国际华泰 3.3100M
5 信诚证券信诚 2.2100M
6 盈立证券盈立 2.1100M
7 长桥证券长桥 2.1100M
8 招银国际招银 1.8100M
10 华盛证券华盛 950010K
11 卓锐证券 768410K
12 艾德证券艾德 186510K
13 盈宝证券盈宝 70510K
14 FunderstoneFunderstone 34410K
15 TradeGo MarketsTradeGo 6010K
Margin multiple
TimeMultiple
2025-11-07T06:00:00+08:000
2025-11-07T10:00:44+08:000.010254587912785237
2025-11-07T10:15:59+08:000.14432571007944767
2025-11-07T10:16:04+08:000.15955529608853466
2025-11-07T10:47:38+08:000.17173896489580426
2025-11-07T11:30:47+08:000.18036906363428687
2025-11-07T11:30:59+08:000.19831459248166103
2025-11-07T11:31:20+08:000.3659669517983603
2025-11-07T11:31:33+08:000.4694012234434094
2025-11-07T11:31:52+08:000.6572327842221489
2025-11-07T12:04:25+08:000.6674619894915856
2025-11-07T12:04:30+08:000.7061451379546666
2025-11-07T12:04:37+08:000.8300885854252862
2025-11-07T12:07:51+08:001.058532375561591
2025-11-07T13:36:32+08:001.0647003578952712
2025-11-07T13:36:50+08:001.1090946011117597
2025-11-07T13:37:23+08:001.160900576186004
2025-11-07T13:37:34+08:001.2598928852450695
2025-11-07T13:41:37+08:001.2903520572632434
2025-11-07T14:08:58+08:001.294362514912303
2025-11-07T14:09:17+08:001.4388405208518416
2025-11-07T14:09:36+08:001.6671827804147523
2025-11-07T14:09:50+08:001.8194786405056222
2025-11-07T14:10:27+08:001.9403761707744245
2025-11-07T15:07:03+08:001.964921186892403
2025-11-07T15:07:34+08:001.989060080716806
2025-11-07T15:07:53+08:001.8364088636190572
2025-11-07T15:08:12+08:001.976013402035688
2025-11-07T16:03:11+08:001.9849988577810493
2025-11-07T16:03:36+08:002.01401121912836
2025-11-07T16:03:52+08:001.9711399345127802
2025-11-07T16:17:06+08:001.9508338198339976
2025-11-07T17:02:50+08:001.9680686346676144
2025-11-07T17:03:12+08:002.7295479351219636
2025-11-07T17:03:42+08:002.7658958803969846
2025-11-07T17:04:15+08:002.7954920425413103
2025-11-07T17:10:33+08:002.9909383963245935
2025-11-07T17:24:55+08:003.0290123613473106
2025-11-07T18:02:52+08:003.033073584283067
2025-11-07T18:03:12+08:003.053125872528365
2025-11-07T18:03:24+08:003.0738381095007234
2025-11-07T18:05:15+08:003.100870624666853
2025-11-07T18:05:31+08:003.1516359113638095
2025-11-07T20:11:20+08:003.153641140188339
2025-11-07T20:11:31+08:003.1634642231642003
2025-11-07T20:11:42+08:003.1824250577455135
2025-11-07T20:11:52+08:003.2408051374470137
2025-11-07T20:12:03+08:003.244104881082316
2025-11-07T20:12:14+08:003.245932431403406
2025-11-07T20:12:24+08:003.263700281747341
2025-11-07T21:41:28+08:003.3248470695738255
2025-11-07T21:41:39+08:003.3271315074751886
2025-11-07T21:41:49+08:003.3575906794933625
2025-11-07T22:05:25+08:003.368606746706602
2025-11-07T22:05:36+08:003.370078940020814
2025-11-07T22:05:47+08:003.4233824910526183
2025-11-08T09:37:57+08:003.4272152701982384
2025-11-08T09:38:12+08:003.4272152701982384
2025-11-08T09:38:21+08:003.366525369952027
2025-11-08T09:38:25+08:003.366956874888951
2025-11-08T09:38:33+08:003.395030078432368
2025-11-08T09:38:40+08:003.394141685915171
2025-11-08T09:38:44+08:003.5388227530014977
2025-11-08T09:38:52+08:003.5563875421986446
2025-11-08T09:39:08+08:003.623499251212021
2025-11-08T09:39:17+08:003.6243114957991724
2025-11-08T10:01:02+08:003.6283981013782776
2025-11-08T10:07:40+08:003.63786582734726
2025-11-08T10:07:58+08:003.6784780567048254
2025-11-08T13:05:48+08:003.6792903012919767
2025-11-08T13:05:56+08:003.6614716856613447
2025-11-08T13:06:02+08:003.6589080386831485
2025-11-08T13:06:22+08:003.666522831687692
2025-11-08T13:06:32+08:003.667258928344798
2025-11-08T13:06:44+08:003.71142472777115
2025-11-08T13:06:56+08:003.720054826509633
2025-11-08T13:07:12+08:003.720232505013072
2025-11-08T13:07:23+08:003.706906617255121
2025-11-08T13:07:34+08:003.7071858263319544
2025-11-08T13:07:45+08:003.722415412341041
2025-11-08T17:09:18+08:003.7228215346346167
2025-11-08T17:09:29+08:003.733558392771023
2025-11-08T17:09:39+08:003.7352844125187197
2025-11-08T17:09:43+08:003.773358377541437
2025-11-08T17:09:52+08:003.773612203974922
2025-11-08T17:10:00+08:003.7798563342386475
2025-11-08T17:10:05+08:003.7795263598751174
2025-11-08T17:10:13+08:003.8328299109069217
2025-11-08T17:10:20+08:003.8329822067670127
2025-11-08T17:10:28+08:003.8332867984871943
2025-11-08T17:10:37+08:003.841053887351829
2025-11-08T17:10:45+08:003.853745209026068
2025-11-08T17:10:52+08:003.8541005660329466
2025-11-08T17:11:08+08:003.86171535903749
2025-11-08T18:06:14+08:003.861918420184278
2025-11-08T18:06:26+08:003.8624768383379444
2025-11-08T18:06:38+08:003.865954260476686
2025-11-08T18:06:49+08:003.8710307891463818
2025-11-08T20:04:01+08:003.8711577023631243
2025-11-08T20:04:06+08:003.871360763509912
2025-11-08T20:04:15+08:003.8722999213138056
2025-11-08T20:08:07+08:003.8799147143183492
2025-11-08T20:08:28+08:003.8928090971393763
2025-11-08T20:08:45+08:003.9918014061984417
2025-11-08T21:37:24+08:003.9920552326319263
2025-11-08T21:37:40+08:003.9971317613016217
2025-11-08T22:10:37+08:003.9904053608142753
2025-11-09T10:08:10+08:003.99266441607229
2025-11-09T10:08:19+08:003.9926897987156384
2025-11-09T10:10:17+08:004.0124121125974055
2025-11-09T10:10:27+08:004.0237835368175245
2025-11-09T10:11:05+08:004.024570398761327
2025-11-09T10:11:48+08:004.024240424397797
2025-11-09T10:13:18+08:004.024392720257888
2025-11-09T10:13:23+08:004.026144122648932
2025-11-09T10:13:31+08:004.03137294717872
2025-11-09T10:13:36+08:004.0270071325227805
2025-11-09T10:13:42+08:004.029113891920705
2025-11-09T10:14:16+08:004.049420006599488
2025-11-09T10:14:25+08:004.054496535269183
2025-11-09T10:14:35+08:004.082417442952509
2025-11-09T13:59:22+08:004.085641038657766
2025-11-09T13:59:30+08:004.085996395664645
2025-11-09T13:59:35+08:004.084295758560296
2025-11-09T14:00:05+08:004.0849303246440085
2025-11-09T14:00:18+08:004.085158768434145
2025-11-09T14:01:33+08:004.085514125441024
2025-11-09T14:01:45+08:004.086250222098129
2025-11-09T14:04:00+08:004.083610427189887
2025-11-09T14:04:10+08:004.085818717161205
2025-11-09T14:04:19+08:004.076477904408965
2025-11-09T14:05:04+08:004.082722034672691
2025-11-09T14:05:41+08:004.092875092012082
2025-11-09T14:05:55+08:004.105566413686321
2025-11-09T14:06:14+08:004.1030281493514735
2025-11-09T17:27:04+08:004.101378277533822
2025-11-09T17:27:12+08:004.101733634540701
2025-11-09T17:27:38+08:004.119171510521106
2025-11-09T17:27:46+08:004.116557098256212
2025-11-09T17:28:11+08:004.117547021346803
2025-11-09T17:28:16+08:004.118511561794045
2025-11-09T17:28:28+08:004.120389877401832
2025-11-09T17:28:51+08:004.112775084397289
2025-11-09T17:28:55+08:004.115313348732137
2025-11-09T22:17:36+08:004.122293575652969
2025-11-09T22:17:45+08:004.12277584587659
2025-11-09T22:17:55+08:004.113054293474122
2025-11-09T22:17:59+08:004.113358885194304
2025-11-09T22:18:10+08:004.114678782648425
2025-11-09T22:18:58+08:004.115287966088789
2025-11-09T22:19:07+08:004.115668705739016
2025-11-09T22:22:23+08:004.115491027235576
2025-11-09T22:22:28+08:004.117572403990152
2025-11-09T22:22:37+08:004.120186816255045
2025-11-09T22:25:26+08:004.224255653983806
2025-11-09T22:25:30+08:004.242023504327741
2025-11-09T22:25:34+08:004.287712262355002
2025-11-09T22:25:37+08:004.295327055359545
2025-11-09T22:25:42+08:004.318171434373175
2025-11-10T08:42:13+08:004.298576033708151
2025-11-10T08:42:37+08:004.302332664923725
2025-11-10T08:43:53+08:004.304337893748255
2025-11-10T08:43:56+08:004.304363276391603
2025-11-10T08:43:59+08:004.304439424321649
2025-11-10T08:44:02+08:004.3053024341954975
2025-11-10T08:44:18+08:004.526131431327259
2025-11-10T08:44:43+08:004.526131431327259
2025-11-10T09:01:00+08:004.549077340914283
2025-11-10T09:02:14+08:004.554179252227327
2025-11-10T09:02:42+08:004.604436886057314
2025-11-10T09:03:54+08:004.607355890042389
2025-11-10T09:04:09+08:004.615224509480417
2025-11-10T09:12:52+08:004.638068888494048
2025-11-10T10:00:36+08:004.643018503947001
2025-11-10T10:03:13+08:004.641470162702744
2025-11-10T10:03:30+08:004.64136863212935
2025-11-10T10:05:20+08:005.060182247379242
2025-11-10T11:10:08+08:005.0669340305099375
2025-11-10T11:10:31+08:005.536512932456786
2025-11-10T11:10:48+08:005.557199786785796
2025-11-10T11:10:59+08:005.874330532781684
2025-11-10T12:05:37+08:005.872376069243851
2025-11-10T12:06:04+08:005.973932025281113
2025-11-10T12:06:10+08:005.989212376576897
2025-11-10T12:06:17+08:006.235424017057136
2025-11-10T13:47:28+08:006.240272101936696
2025-11-10T13:47:47+08:006.248343782521512
2025-11-10T13:51:41+08:006.349874355915425
2025-11-10T13:52:00+08:006.372997944005888
2025-11-10T14:04:33+08:006.562758585679113
2025-11-10T14:05:05+08:006.569358072949717
2025-11-10T14:06:05+08:006.647079726882757
2025-11-10T14:09:22+08:007.158362311851156
2025-11-10T14:09:51+08:007.3233494936162655
2025-11-10T15:05:38+08:007.331852679138006
2025-11-10T15:05:50+08:007.363885575043785
2025-11-10T15:06:05+08:007.372667969642358
2025-11-10T15:06:13+08:007.598573495443816
2025-11-10T15:26:34+08:007.623956138792294
2025-11-10T16:04:00+08:007.63454070106861
2025-11-10T16:04:23+08:007.685686727415793
2025-11-10T16:04:31+08:007.690306368505216
2025-11-10T16:08:08+08:008.032972053709674
2025-11-10T17:10:45+08:008.035459552757825
2025-11-10T17:10:59+08:008.116684011472955
2025-11-10T17:11:16+08:008.125897911008453
2025-11-10T17:11:31+08:008.157829276340838
2025-11-10T17:45:42+08:008.792395360052796
2025-11-10T18:11:06+08:008.795288981394522
2025-11-10T18:11:18+08:008.804198289209838
2025-11-10T18:11:44+08:008.805898926314187
2025-11-10T18:11:59+08:008.927735614386883
2025-11-10T18:14:09+08:008.947534076198695
2025-11-10T18:39:34+08:009.48056958651674
2025-11-10T19:32:56+08:009.504124679544129
2025-11-10T19:33:10+08:009.48056958651674
2025-11-10T19:33:21+08:009.498032845140493
2025-11-10T19:33:32+08:009.47772673046171
2025-11-10T20:04:45+08:009.490849557072874
2025-11-10T20:05:04+08:009.495037693225372
2025-11-10T20:05:19+08:009.538188186917786
2025-11-10T22:07:34+08:009.259689824098281
2025-11-10T22:07:45+08:009.26923369799731
2025-11-10T22:07:56+08:009.248927583318526
2025-11-10T22:08:06+08:009.25773536056045
2025-11-10T22:08:17+08:009.274208696093611
2025-11-10T22:08:27+08:009.390968855496611
2025-11-11T08:44:59+08:009.41267101555956
2025-11-11T08:45:02+08:009.400233520318807
2025-11-11T08:45:12+08:009.400233520318807
2025-11-11T08:45:37+08:009.447140645226794
2025-11-11T08:45:42+08:009.314338655227555
2025-11-11T08:46:13+08:009.59100946772597
2025-11-11T09:18:14+08:009.598370434297028
2025-11-11T09:19:26+08:009.598979617737392
2025-11-11T09:19:56+08:009.756352006497957
2025-11-11T09:20:08+08:009.758560296469275
2025-11-11T09:21:37+08:009.80049242328096
2025-11-11T10:28:53+08:009.819427875218926
2025-11-11T10:29:21+08:009.859507069066172
2025-11-11T10:29:34+08:009.872959870040866
2025-11-11T10:29:50+08:0010.220702083915018
2025-11-11T11:01:50+08:0010.237962281391985
2025-11-11T11:04:18+08:0010.29324567860497
2025-11-11T11:04:27+08:0010.284717110439882
2025-11-11T11:06:23+08:0010.64768891032312
2025-11-11T11:29:07+08:0011.104576490595731
2025-11-11T12:04:37+08:0011.114704165291773
2025-11-11T12:04:59+08:0011.118384648577303
2025-11-11T12:05:28+08:0011.103637332791838
2025-11-11T12:05:54+08:0011.172170469832729
2025-11-11T13:42:07+08:0011.174201081300607
2025-11-11T13:42:20+08:0011.241465086174074
2025-11-11T13:42:27+08:0011.243521080285301
2025-11-11T13:42:36+08:0011.347589918014062
2025-11-11T14:03:07+08:0011.349062111328275
2025-11-11T14:03:23+08:0011.409904307434577
2025-11-11T14:03:41+08:0011.427418331345025
2025-11-11T14:10:34+08:0011.584790720105591
2025-11-11T14:56:41+08:0011.63370307383811
2025-11-11T15:01:01+08:0011.726857374927025
2025-11-11T15:11:10+08:0011.761783892174531
2025-11-11T15:11:21+08:0011.77163235779374
2025-11-11T15:11:40+08:0012.048303170292154
2025-11-11T15:19:05+08:0012.073685813640633
2025-11-11T16:06:33+08:0012.09625098357743
2025-11-11T16:06:43+08:0012.471914105134909
2025-11-11T17:04:59+08:0012.525217656166713
2025-11-11T17:07:08+08:0013.12678630352565
2025-11-11T17:21:53+08:0013.177551590222606
2025-11-11T18:13:14+08:0013.964413534025434
2025-11-11T18:13:41+08:0013.928547858974033
2025-11-11T18:13:53+08:0014.10876462674823
2025-11-11T18:15:22+08:0014.297789171764348
2025-11-11T22:04:58+08:0014.315277813031448
2025-11-11T22:05:15+08:0014.406655329085972
2025-11-11T22:05:25+08:0014.415767698048075
2025-11-11T22:05:36+08:0014.593446201487422
2025-11-11T22:05:46+08:0014.731502398659796
2025-11-11T22:05:57+08:0014.90410437342945
2025-11-11T22:06:02+08:0014.971901413813235
2025-11-11T22:06:11+08:0015.045511079523822
2025-11-12T08:33:56+08:0015.0767571134858
2025-11-12T08:34:04+08:0015.158565372997945
2025-11-12T08:34:31+08:0016.694215295580882
2025-11-12T08:34:44+08:0016.694215295580882
2025-11-12T09:04:42+08:0016.7439652765439
2025-11-12T09:09:06+08:0016.807421884915094
2025-11-12T09:10:58+08:0017.09292585729878
2025-11-12T10:03:25+08:0017.118308500647256
2025-11-12T10:04:09+08:0017.201385892326826
2025-11-12T10:46:00+08:0017.556742899205524
2025-11-12T18:07:59+08:0017.82
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
13,656
→
Avg lots
35.4
→
Oversubscription
9x
9x = 13,656 × 35.4 ÷ 52,113 A+H secondary · participants ×0.44 H-share discount 37.3% margin-weighted 100% → 21.7x
1x2821.0x
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
0.63
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
0.73
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 27.9x and current allocation strategy (Pool A α=0.633, Pool B α=0.733) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoCNGR 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 CNGR (02579): 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