Margin dynamics Margin multiple2085.3928571428573x Margin funds659.8100M
Rank Broker Margin funds
1 富途证券富途 475.6100M
2 老虎国际老虎 81.0100M
3 辉立证券辉立 56.0100M
4 华泰国际华泰 18.7100M
5 华盛证券华盛 10.1100M
6 招银国际招银 6.8100M
7 盈立证券盈立 5.8100M
8 致富证券致富 3.3100M
9 长桥证券长桥 3.1100M
Margin multiple
TimeMultiple
2026-01-29T06:00:00+08:000
2026-01-29T10:31:23+08:000.0003160556257901391
2026-01-29T10:31:30+08:000.13369152970922882
2026-01-29T10:31:35+08:000.2917193426042984
2026-01-29T11:08:06+08:000.4548040455120101
2026-01-29T11:08:59+08:001.2790771175726927
2026-01-29T11:10:59+08:001.6197850821744626
2026-01-29T11:11:29+08:007.498419721871049
2026-01-29T12:09:30+08:007.513906447534766
2026-01-29T12:09:39+08:007.515170670037927
2026-01-29T12:10:06+08:007.578381795195955
2026-01-29T12:10:27+08:007.643173198482933
2026-01-29T12:10:45+08:008.495259165613147
2026-01-29T12:10:58+08:009.476611883691529
2026-01-29T12:11:18+08:0011.309734513274336
2026-01-29T12:36:13+08:0011.310366624525917
2026-01-29T13:41:33+08:0011.369469026548673
2026-01-29T13:42:14+08:0011.374525916561314
2026-01-29T13:42:28+08:0012.243678887484197
2026-01-29T13:42:48+08:0012.603666245259166
2026-01-29T13:43:16+08:0015.38495575221239
2026-01-29T14:17:32+08:0016.25474083438685
2026-01-29T14:18:17+08:0016.68457648546144
2026-01-29T14:18:34+08:0017.919089759797725
2026-01-29T14:18:53+08:0019.436156763590393
2026-01-29T14:35:43+08:0019.50031605562579
2026-01-29T15:11:01+08:0019.580278128950695
2026-01-29T15:11:17+08:0019.58407079646018
2026-01-29T15:11:52+08:0019.81668773704172
2026-01-29T15:12:09+08:0020.02528445006321
2026-01-29T15:12:34+08:0023.944374209860936
2026-01-29T16:26:27+08:0023.95385587863464
2026-01-29T16:27:06+08:0023.895069532237674
2026-01-29T16:27:43+08:0024.580910240202275
2026-01-29T16:28:11+08:0025.153603034134008
2026-01-29T16:28:28+08:0028.440581542351453
2026-01-29T16:30:35+08:0029.43046776232617
2026-01-29T17:17:34+08:0029.441529709228824
2026-01-29T17:18:05+08:0029.529077117572694
2026-01-29T17:18:30+08:0029.831542351453855
2026-01-29T17:18:54+08:0029.918457648546145
2026-01-29T17:19:12+08:0032.25726927939317
2026-01-29T17:45:45+08:0035.7338811630847
2026-01-29T18:00:21+08:0035.738621997471554
2026-01-29T18:01:11+08:0035.8334386852086
2026-01-29T18:03:31+08:0036.59039190897598
2026-01-29T18:05:31+08:0037.5031605562579
2026-01-29T18:05:58+08:0037.7051201011378
2026-01-29T18:06:28+08:0040.8972819216182
2026-01-29T19:47:06+08:0040.991150442477874
2026-01-29T19:47:20+08:0041.66403286978508
2026-01-29T19:47:39+08:0042.07206068268015
2026-01-29T19:48:01+08:0042.67256637168141
2026-01-29T20:03:02+08:0042.67920353982301
2026-01-29T20:03:17+08:0042.627370417193426
2026-01-29T20:03:37+08:0042.664664981036665
2026-01-29T20:13:43+08:0043.423198482932996
2026-01-29T21:35:30+08:0044.73767383059418
2026-01-29T21:35:49+08:0044.821744627054365
2026-01-29T21:36:13+08:0045.26422250316055
2026-01-29T22:05:57+08:0045.39886219974716
2026-01-29T22:06:18+08:0045.813527180783815
2026-01-29T22:06:43+08:0046.41403286978508
2026-01-30T08:56:14+08:0046.669721871049305
2026-01-30T08:56:48+08:0046.669721871049305
2026-01-30T08:56:57+08:0049.486093552465235
2026-01-30T08:57:06+08:0060.326801517067004
2026-01-30T08:57:17+08:0060.82395701643489
2026-01-30T09:00:06+08:0061.73103666245259
2026-01-30T09:01:38+08:0062.04424778761062
2026-01-30T09:03:35+08:0062.41182048040455
2026-01-30T09:03:42+08:0063.0224399494311
2026-01-30T09:07:53+08:0065.80372945638432
2026-01-30T10:13:47+08:0066.11978508217446
2026-01-30T10:13:54+08:0066.14791403286978
2026-01-30T10:14:00+08:0066.17825537294564
2026-01-30T10:14:20+08:0066.55246523388116
2026-01-30T10:14:28+08:0066.90360303413401
2026-01-30T10:14:37+08:0070.94911504424779
2026-01-30T11:07:20+08:0071.44342604298356
2026-01-30T11:07:51+08:0071.46207332490518
2026-01-30T11:08:15+08:0072.26390644753477
2026-01-30T11:08:54+08:0071.81890012642225
2026-01-30T11:09:12+08:0074.6634007585335
2026-01-30T11:10:40+08:0075.27149178255372
2026-01-30T11:12:37+08:0078.43204804045511
2026-01-30T12:14:34+08:0078.67983565107458
2026-01-30T12:14:58+08:0078.71207332490518
2026-01-30T12:15:24+08:0078.9614412136536
2026-01-30T12:15:38+08:0079.93173198482933
2026-01-30T12:15:53+08:0082.17572692793932
2026-01-30T13:42:54+08:0082.34292035398231
2026-01-30T13:43:46+08:0082.20606826801517
2026-01-30T13:44:24+08:0087.67383059418458
2026-01-30T13:45:14+08:0087.89823008849558
2026-01-30T13:45:33+08:0087.9067635903919
2026-01-30T14:03:19+08:0087.98957016434892
2026-01-30T14:04:04+08:0088.19121365360303
2026-01-30T14:04:50+08:0088.53792667509482
2026-01-30T14:05:36+08:0088.66561314791403
2026-01-30T14:06:04+08:0095.84007585335019
2026-01-30T14:08:51+08:0097.10208596713022
2026-01-30T15:10:01+08:0097.81163084702908
2026-01-30T15:10:51+08:0097.69943109987358
2026-01-30T15:11:18+08:0097.73672566371681
2026-01-30T15:12:04+08:0097.88938053097345
2026-01-30T15:12:27+08:00103.0094816687737
2026-01-30T15:47:57+08:00104.3685208596713
2026-01-30T16:06:50+08:00104.96049304677624
2026-01-30T16:07:27+08:00105.63400758533501
2026-01-30T16:08:19+08:00105.75916561314791
2026-01-30T16:09:04+08:00105.79140328697851
2026-01-30T16:09:24+08:00108.66750948166877
2026-01-30T17:10:53+08:00108.77085967130215
2026-01-30T17:11:35+08:00111.14159292035399
2026-01-30T17:12:06+08:00111.18204804045511
2026-01-30T17:12:54+08:00111.03097345132744
2026-01-30T17:13:25+08:00117.38369152970922
2026-01-30T18:10:27+08:00118.01580278128951
2026-01-30T18:10:31+08:00123.54677623261693
2026-01-30T18:12:20+08:00123.45670037926675
2026-01-30T18:12:57+08:00123.45764854614413
2026-01-30T18:13:35+08:00124.45101137800253
2026-01-30T18:14:08+08:00124.47692793931732
2026-01-30T18:15:08+08:00128.93331226295828
2026-01-30T18:20:42+08:00129.61472819216183
2026-01-30T19:58:03+08:00131.19500632111252
2026-01-30T19:58:30+08:00131.27370417193427
2026-01-30T19:59:16+08:00131.28697850821746
2026-01-30T19:59:32+08:00131.05910240202275
2026-01-30T19:59:54+08:00131.01485461441214
2026-01-30T20:00:27+08:00132.24747155499367
2026-01-30T20:03:30+08:00132.2594816687737
2026-01-30T20:04:00+08:00132.80056890012642
2026-01-30T20:04:14+08:00132.92825537294564
2026-01-30T20:05:24+08:00135.51991150442478
2026-01-30T21:21:06+08:00135.66434892541088
2026-01-30T21:21:35+08:00136.3618836915297
2026-01-30T21:21:49+08:00136.39538558786347
2026-01-30T21:22:16+08:00139.1766750948167
2026-01-30T22:03:30+08:00139.42414664981035
2026-01-30T22:03:50+08:00139.45290771175726
2026-01-30T22:05:46+08:00141.25442477876106
2026-01-31T10:24:16+08:00141.92541087231353
2026-01-31T10:24:42+08:00141.92541087231353
2026-01-31T10:25:10+08:00142.78666245259166
2026-01-31T10:25:24+08:00153.88021491782553
2026-01-31T10:25:43+08:00154.289190897598
2026-01-31T10:26:11+08:00154.3362831858407
2026-01-31T10:26:26+08:00154.5028445006321
2026-01-31T10:26:34+08:00154.81321112515803
2026-01-31T10:26:45+08:00156.5515170670038
2026-01-31T10:26:53+08:00156.57079646017698
2026-01-31T10:27:04+08:00156.58280657395701
2026-01-31T10:27:16+08:00156.59102402022756
2026-01-31T10:27:24+08:00156.80720606826802
2026-01-31T10:27:33+08:00159.36725663716814
2026-01-31T11:08:49+08:00159.37231352718078
2026-01-31T11:09:14+08:00159.46618204804045
2026-01-31T11:09:19+08:00159.47092288242732
2026-01-31T11:09:39+08:00159.94532237673832
2026-01-31T11:09:57+08:00162.50537294563844
2026-01-31T13:32:13+08:00162.54013906447534
2026-01-31T13:32:45+08:00162.69374209860936
2026-01-31T13:32:54+08:00162.71523388116307
2026-01-31T13:33:47+08:00163.14570164348925
2026-01-31T13:35:02+08:00163.29235145385587
2026-01-31T13:35:45+08:00164.0824905183312
2026-01-31T13:36:21+08:00165.852402022756
2026-01-31T16:28:09+08:00165.8618836915297
2026-01-31T16:29:18+08:00165.86472819216183
2026-01-31T16:30:17+08:00165.95954487989886
2026-01-31T16:31:14+08:00166.85113780025284
2026-01-31T16:33:30+08:00170.8334386852086
2026-01-31T16:33:52+08:00171.40233881163084
2026-01-31T18:30:52+08:00171.4070796460177
2026-01-31T18:32:13+08:00171.4175094816688
2026-01-31T18:32:55+08:00171.74873577749685
2026-01-31T18:34:40+08:00171.72060682680151
2026-01-31T18:35:22+08:00172.73198482932997
2026-01-31T18:35:42+08:00174.43868520859672
2026-01-31T20:25:27+08:00174.4364728192162
2026-01-31T20:26:39+08:00174.50126422250315
2026-01-31T20:27:42+08:00174.54361567635905
2026-01-31T20:28:55+08:00175.44500632111252
2026-01-31T20:29:34+08:00175.8558786346397
2026-01-31T20:29:55+08:00176.23514538558786
2026-01-31T21:25:07+08:00176.2367256637168
2026-01-31T21:25:21+08:00176.2462073324905
2026-01-31T21:25:47+08:00176.26011378002528
2026-01-31T21:26:06+08:00177.55594184576486
2026-02-01T10:26:19+08:00177.0189633375474
2026-02-01T10:28:18+08:00177.02433628318585
2026-02-01T10:30:48+08:00177.05625790139064
2026-02-01T10:31:45+08:00179.54235145385587
2026-02-01T10:34:35+08:00190.41466498103665
2026-02-01T10:34:59+08:00192.46902654867256
2026-02-01T13:28:13+08:00192.46997471554994
2026-02-01T13:28:26+08:00192.4712389380531
2026-02-01T13:28:35+08:00192.5063211125158
2026-02-01T13:28:56+08:00192.50821744627055
2026-02-01T13:29:15+08:00192.52812895069533
2026-02-01T13:30:11+08:00192.53097345132744
2026-02-01T13:30:41+08:00192.5388748419722
2026-02-01T13:31:06+08:00192.54266750948167
2026-02-01T13:31:44+08:00192.71049304677624
2026-02-01T13:32:20+08:00193.04551201011378
2026-02-01T13:32:45+08:00193.43204804045513
2026-02-01T13:36:41+08:00195.6760429835651
2026-02-01T13:36:59+08:00199.02623261694058
2026-02-01T13:37:20+08:00202.0287610619469
2026-02-01T16:32:05+08:00202.03761061946904
2026-02-01T16:37:41+08:00202.14538558786347
2026-02-01T16:37:50+08:00202.147597977244
2026-02-01T16:38:51+08:00203.4361567635904
2026-02-01T16:39:36+08:00203.22281921618205
2026-02-01T16:41:01+08:00207.74241466498103
2026-02-01T16:41:24+08:00211.3138432364096
2026-02-01T19:43:21+08:00211.34134007585334
2026-02-01T19:43:52+08:00211.35176991150442
2026-02-01T19:44:06+08:00211.35303413400757
2026-02-01T19:44:19+08:00211.3685208596713
2026-02-01T19:45:04+08:00211.52749683944373
2026-02-01T19:46:15+08:00213.06605562579014
2026-02-01T19:46:54+08:00217.99652338811632
2026-02-01T19:47:16+08:00218.6918457648546
2026-02-01T21:33:11+08:00218.6946902654867
2026-02-01T21:33:20+08:00218.72218710493047
2026-02-01T21:35:41+08:00218.82364096080912
2026-02-01T21:36:26+08:00218.96144121365361
2026-02-01T21:36:49+08:00219.0515170670038
2026-02-01T21:37:15+08:00222.9390012642225
2026-02-01T21:37:32+08:00225.78350189633375
2026-02-02T08:56:02+08:00225.9930467762326
2026-02-02T08:57:34+08:00229.25726927939317
2026-02-02T08:58:26+08:00229.25726927939317
2026-02-02T08:59:20+08:00230.58470290771174
2026-02-02T08:59:38+08:00251.98166877370417
2026-02-02T09:00:08+08:00252.0382427307206
2026-02-02T09:01:22+08:00252.34260429835652
2026-02-02T09:04:13+08:00256.2300884955752
2026-02-02T09:08:28+08:00258.6905815423515
2026-02-02T09:09:01+08:00258.64254108723134
2026-02-02T09:09:39+08:00270.49462705436156
2026-02-02T10:12:48+08:00273.655183312263
2026-02-02T10:14:33+08:00276.6640328697851
2026-02-02T10:15:19+08:00276.83375474083437
2026-02-02T10:15:51+08:00281.0221238938053
2026-02-02T10:16:16+08:00281.2275600505689
2026-02-02T10:17:28+08:00307.55499367888746
2026-02-02T11:12:17+08:00308.1709860935525
2026-02-02T11:14:01+08:00308.5344500632111
2026-02-02T11:14:25+08:00311.78350189633375
2026-02-02T11:15:11+08:00312.5139064475348
2026-02-02T11:15:45+08:00335.1118836915297
2026-02-02T12:26:10+08:00335.58438685208597
2026-02-02T12:26:44+08:00335.8631479140329
2026-02-02T12:31:02+08:00335.96238938053096
2026-02-02T12:31:39+08:00347.43520859671304
2026-02-02T13:43:35+08:00347.51201011378004
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2026-02-02T13:44:57+08:00349.98830594184574
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2026-02-02T14:08:41+08:00363.4130847029077
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2026-02-02T14:10:32+08:00365.5483565107459
2026-02-02T14:11:04+08:00378.88590391908974
2026-02-02T15:07:19+08:00381.82237673830593
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2026-02-02T15:10:35+08:00382.5455120101138
2026-02-02T15:11:28+08:00382.59386852085964
2026-02-02T15:12:40+08:00390.4636536030341
2026-02-02T16:18:11+08:00390.5875474083439
2026-02-02T16:18:45+08:00391.02022756005056
2026-02-02T16:20:48+08:00392.41814159292034
2026-02-02T16:21:57+08:00406.45101137800253
2026-02-02T17:16:26+08:00406.7746523388116
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2026-02-02T17:19:33+08:00416.2857142857143
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2026-02-02T17:22:21+08:00605.039190897598
2026-02-02T17:24:33+08:00609.1747787610619
2026-02-02T17:55:58+08:00650.1039823008849
2026-02-02T18:13:07+08:00650.1754108723135
2026-02-02T18:14:21+08:00650.5158027812895
2026-02-02T18:15:30+08:00670.439633375474
2026-02-02T18:15:51+08:00756.1223135271808
2026-02-02T18:21:59+08:00766.1776232616941
2026-02-02T20:50:14+08:00766.111567635904
2026-02-02T20:51:13+08:00769.2585335018963
2026-02-02T20:53:01+08:00796.1523388116309
2026-02-02T20:53:35+08:00875.0714285714286
2026-02-02T20:54:03+08:00935.7857142857143
2026-02-02T21:39:13+08:00936.7114412136536
2026-02-02T21:39:59+08:00944.263590391909
2026-02-02T21:40:14+08:001000.3318584070796
2026-02-03T07:53:03+08:001069.5480404551201
2026-02-03T07:53:30+08:001079.5164348925412
2026-02-03T07:53:35+08:001102.4993678887483
2026-02-03T07:55:25+08:001102.4993678887483
2026-02-03T09:13:47+08:001157.0139064475347
2026-02-03T09:14:05+08:001170.2932996207333
2026-02-03T09:16:25+08:001178.8037294563844
2026-02-03T09:17:50+08:001194.6065107458912
2026-02-03T09:18:23+08:001626.9706068268015
2026-02-03T09:18:49+08:001735.251264222503
2026-02-03T09:26:04+08:001772.0401390644754
2026-02-03T10:07:29+08:001783.4649178255372
2026-02-03T10:07:50+08:001940.6393805309735
2026-02-03T10:51:49+08:002067.061630847029
2026-02-03T13:51:57+08:002085.3928571428573
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
18,855
→
Avg lots
87.9
→
Oversubscription
174x
174x = 18,855 × 87.9 ÷ 9,500 margin-weighted 100% → 2085.4x
1x35146.0x
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 2730.73x and current allocation strategy (Pool A α=0.514, Pool B α=0.614) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoDistinct Health 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 Distinct Health (02677): 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