Margin dynamics Margin multiple1337.49x Margin funds910.1100M TradeGo forecast multiple1604.98x
Rank Broker Margin funds
1 富途证券富途 444.5100M
2 辉立证券辉立 292.0100M
3 老虎国际老虎 94.6100M
4 华泰国际华泰 39.5100M
5 华盛证券华盛 16.5100M
6 卓锐证券 5.8100M
8 信诚证券信诚 5.0100M
9 长桥证券长桥 3.8100M
10 盈立证券盈立 3.3100M
11 TradeGo MarketsTradeGo 3.1100M
12 盈宝证券盈宝 900010K
13 FunderstoneFunderstone 627910K
14 艾德证券艾德 400510K
Margin multiple
TimeMultiple
2025-12-08T06:00:00+08:000
2025-12-08T10:19:37+08:000.008671369782480894
2025-12-08T10:20:04+08:000.2588183421516755
2025-12-08T10:20:13+08:000.32598471487360375
2025-12-08T10:20:19+08:000.5317460317460317
2025-12-08T10:20:22+08:000.6052322163433275
2025-12-08T11:11:01+08:000.6527042915931804
2025-12-08T11:11:04+08:000.9343033509700176
2025-12-08T11:11:07+08:001.010435038212816
2025-12-08T11:11:10+08:002.127425044091711
2025-12-08T12:03:22+08:002.2009112286890065
2025-12-08T12:03:51+08:002.2088477366255144
2025-12-08T12:03:56+08:002.6328630217519104
2025-12-08T12:03:59+08:003.2494121105232217
2025-12-08T13:48:54+08:004.704438565549677
2025-12-08T13:48:58+08:004.741769547325103
2025-12-08T13:49:04+08:004.523221634332746
2025-12-08T13:49:07+08:004.659905937683716
2025-12-08T13:49:10+08:004.76278659611993
2025-12-08T14:01:03+08:004.750293944738389
2025-12-08T14:01:34+08:006.412992357436802
2025-12-08T15:22:15+08:006.4641387419165195
2025-12-08T15:22:17+08:006.513521457965902
2025-12-08T15:22:34+08:006.602145796590241
2025-12-08T15:22:41+08:006.701058201058201
2025-12-08T15:23:03+08:007.053791887125221
2025-12-08T15:23:05+08:007.23015873015873
2025-12-08T15:23:13+08:007.296590241034686
2025-12-08T16:12:01+08:007.364491475602587
2025-12-08T16:12:04+08:007.500440917107584
2025-12-08T16:12:06+08:007.571134626690182
2025-12-08T16:12:09+08:008.688124632569076
2025-12-08T16:13:00+08:008.98206937095826
2025-12-08T17:29:04+08:009.129041740152852
2025-12-08T17:29:18+08:009.175338036449148
2025-12-08T17:29:21+08:0013.46222810111699
2025-12-08T17:29:24+08:0014.065696649029983
2025-12-08T17:29:27+08:0018.88639035861258
2025-12-08T18:07:25+08:0019.76822457378013
2025-12-08T18:07:30+08:0019.77278071722516
2025-12-08T18:07:35+08:0020.234567901234566
2025-12-08T18:07:40+08:0021.11463844797178
2025-12-08T18:07:45+08:0026.185185185185187
2025-12-08T18:08:33+08:0027.27087007642563
2025-12-08T21:26:08+08:0027.594209288653733
2025-12-08T21:26:13+08:0027.598471487360378
2025-12-08T21:26:19+08:0028.03938859494415
2025-12-08T21:26:24+08:0028.52910052910053
2025-12-08T21:26:29+08:0028.82995296884186
2025-12-08T21:26:34+08:0030.31437389770723
2025-12-08T21:26:41+08:0030.248236331569665
2025-12-08T21:26:46+08:0030.762345679012345
2025-12-08T21:26:51+08:0033.59891240446796
2025-12-08T21:26:57+08:0033.613462669018226
2025-12-08T21:27:02+08:0034.428718400940625
2025-12-08T21:27:11+08:0036.133597883597886
2025-12-08T22:04:11+08:0037.24294532627866
2025-12-08T22:04:15+08:0037.380805408583186
2025-12-09T08:36:42+08:0037.32010582010582
2025-12-09T08:36:45+08:0039.41813639035861
2025-12-09T08:38:02+08:0038.96649029982363
2025-12-09T08:38:05+08:0038.85670194003527
2025-12-09T08:38:26+08:0040.532186948853614
2025-12-09T08:38:30+08:0046.719723691945916
2025-12-09T08:39:04+08:0046.719723691945916
2025-12-09T09:03:07+08:0047.16710758377425
2025-12-09T09:03:24+08:0047.14564961787184
2025-12-09T09:03:27+08:0047.2473544973545
2025-12-09T09:24:08+08:0049.055114638447975
2025-12-09T09:44:44+08:0049.789976484420926
2025-12-09T10:08:16+08:0049.828630217519105
2025-12-09T10:08:36+08:0050.509406231628454
2025-12-09T10:08:46+08:0054.13962375073486
2025-12-09T10:08:56+08:0054.2120811287478
2025-12-09T10:09:41+08:0056.834362139917694
2025-12-09T11:00:36+08:0057.40432098765432
2025-12-09T11:05:43+08:0057.62477954144621
2025-12-09T11:05:53+08:0057.931804820693706
2025-12-09T11:06:07+08:0060.753674309229865
2025-12-09T12:06:17+08:0060.9591416813639
2025-12-09T12:06:28+08:0061.06878306878307
2025-12-09T12:06:30+08:0061.50396825396825
2025-12-09T12:06:39+08:0064.38462669018224
2025-12-09T13:44:43+08:0064.51234567901234
2025-12-09T13:44:54+08:0064.43048206937095
2025-12-09T13:45:07+08:0065.5327748383304
2025-12-09T13:45:32+08:0065.58054085831864
2025-12-09T14:00:35+08:0065.62257495590829
2025-12-09T14:01:04+08:0066.34847148736037
2025-12-09T14:06:17+08:0066.40079365079364
2025-12-09T14:06:23+08:0066.48030570252793
2025-12-09T14:06:34+08:0069.41975308641975
2025-12-09T15:01:14+08:0069.4620811287478
2025-12-09T15:04:00+08:0069.3775720164609
2025-12-09T15:04:08+08:0069.84141681363903
2025-12-09T15:06:44+08:0073.0160199882422
2025-12-09T16:14:10+08:0073.12360376249265
2025-12-09T16:14:33+08:0074.53982951205174
2025-12-09T16:14:48+08:0078.62566137566138
2025-12-09T16:14:59+08:0078.72751322751323
2025-12-09T16:41:54+08:0079.90329218106996
2025-12-09T17:02:07+08:0079.99559082892416
2025-12-09T17:03:24+08:0082.06966490299824
2025-12-09T17:03:36+08:0082.34611992945327
2025-12-09T17:36:40+08:0089.98868312757202
2025-12-09T17:37:24+08:00102.77527924750147
2025-12-09T18:06:17+08:00103.8040858318636
2025-12-09T18:06:39+08:00103.93547912992358
2025-12-09T18:07:00+08:00105.18841857730746
2025-12-09T18:07:05+08:00105.78880070546737
2025-12-09T18:07:21+08:00113.4754556143445
2025-12-09T18:08:27+08:00115.47707231040565
2025-12-09T21:48:39+08:00115.6524103468548
2025-12-09T21:48:49+08:00115.78057025279247
2025-12-09T21:48:54+08:00116.25338036449148
2025-12-09T21:49:09+08:00121.47089947089947
2025-12-09T21:49:19+08:00121.53689006466784
2025-12-09T21:49:23+08:00122.06452087007642
2025-12-09T21:49:38+08:00124.16622574955909
2025-12-09T21:50:11+08:00124.18283362727807
2025-12-09T21:50:16+08:00125.17842445620224
2025-12-09T21:50:31+08:00127.22134038800705
2025-12-09T22:05:42+08:00128.79570840681953
2025-12-09T22:05:47+08:00128.87566137566137
2025-12-09T22:06:11+08:00132.47648442092887
2025-12-10T08:36:52+08:00132.5163139329806
2025-12-10T08:36:55+08:00132.80776014109347
2025-12-10T08:38:03+08:00133.50146972369194
2025-12-10T08:38:06+08:00135.06084656084656
2025-12-10T08:39:06+08:00150.77219282774837
2025-12-10T08:39:24+08:00150.77219282774837
2025-12-10T09:05:25+08:00150.83274544385657
2025-12-10T09:05:46+08:00151.0299823633157
2025-12-10T09:05:56+08:00153.35214579659024
2025-12-10T09:06:12+08:00153.413139329806
2025-12-10T09:07:09+08:00154.46693121693121
2025-12-10T09:50:15+08:00155.8337742504409
2025-12-10T10:06:01+08:00156.96061140505586
2025-12-10T10:06:30+08:00157.18356848912404
2025-12-10T10:06:44+08:00157.9134332745444
2025-12-10T10:07:04+08:00173.13977072310405
2025-12-10T11:04:49+08:00173.43121693121694
2025-12-10T11:04:58+08:00173.54188712522046
2025-12-10T11:05:10+08:00177.22721928277483
2025-12-10T11:05:26+08:00196.02498530276307
2025-12-10T11:38:57+08:00197.6416813639036
2025-12-10T12:03:38+08:00197.7743974132863
2025-12-10T12:04:03+08:00200.34376837154616
2025-12-10T12:04:32+08:00200.52792475014698
2025-12-10T12:09:14+08:00210.50734861845973
2025-12-10T13:50:04+08:00210.5983245149912
2025-12-10T13:50:19+08:00211.3641975308642
2025-12-10T13:50:32+08:00219.2713109935332
2025-12-10T13:50:46+08:00220.15314520870078
2025-12-10T13:51:03+08:00220.385949441505
2025-12-10T14:05:04+08:00222.42871840094062
2025-12-10T14:05:31+08:00222.55349794238683
2025-12-10T14:05:43+08:00222.84038800705468
2025-12-10T14:05:56+08:00233.27542621987067
2025-12-10T14:09:23+08:00238.95032333921222
2025-12-10T15:11:14+08:00239.78453850676073
2025-12-10T15:11:24+08:00242.2633744855967
2025-12-10T15:11:36+08:00254.05055849500295
2025-12-10T15:11:54+08:00254.09347442680777
2025-12-10T15:53:12+08:00259.9723691945914
2025-12-10T16:07:50+08:00262.4545855379189
2025-12-10T16:08:02+08:00273.5950911228689
2025-12-10T17:16:02+08:00278.6377131099353
2025-12-10T17:16:13+08:00300.81584362139915
2025-12-10T17:50:04+08:00403.69650205761315
2025-12-10T18:03:26+08:00406.9298941798942
2025-12-10T18:04:01+08:00410.4110817166373
2025-12-10T18:04:51+08:00415.71310993533217
2025-12-10T18:05:45+08:00428.9700176366843
2025-12-10T20:04:57+08:00434.114785420341
2025-12-10T20:05:12+08:00457.79203409758964
2025-12-10T20:05:41+08:00461.05085243974133
2025-12-10T20:05:51+08:00486.65343915343914
2025-12-10T21:34:24+08:00492.09950029394474
2025-12-10T21:34:34+08:00519.6274250440918
2025-12-10T22:12:57+08:00530.3556731334509
2025-12-10T22:13:10+08:00570.4056437389771
2025-12-11T08:44:26+08:00790.9082892416226
2025-12-11T08:44:47+08:00799.9582598471487
2025-12-11T08:44:53+08:00830.2214873603763
2025-12-11T08:45:09+08:00830.2214873603763
2025-12-11T09:21:57+08:00845.7751322751323
2025-12-11T09:22:07+08:00943.879188712522
2025-12-11T09:23:32+08:001199.611111111111
2025-12-11T09:23:41+08:001213.5
2025-12-11T09:26:14+08:001251.4579659024103
2025-12-11T10:00:16+08:001260.0121987066432
2025-12-11T10:08:46+08:001272.852733686067
2025-12-11T17:15:06+08:001337.49
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
-0.2%
→
Participants
9,783
→
Avg lots
147.7
→
Oversubscription
43x
43x = 9,783 × 147.7 ÷ 33,853 margin-weighted 100% → 1605.0x
1x14696.0x
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
0.36
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
0.40
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 1890.73x and current allocation strategy (Pool A α=0.359, Pool B α=0.400) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoGuoxia Tech 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 Guoxia Tech (02655): 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