Margin dynamics Margin multiple3768.77x Margin funds1912.1100M TradeGo forecast multiple4522.53x
Rank Broker Margin funds
1 富途证券富途 1150.4100M
2 辉立证券辉立 381.0100M
3 老虎国际老虎 223.1100M
4 华泰国际华泰 93.6100M
5 华盛证券华盛 35.0100M
6 卓锐证券 8.9100M
7 盈立证券盈立 6.3100M
8 信诚证券信诚 5.0100M
9 长桥证券长桥 4.5100M
11 TradeGo MarketsTradeGo 2.8100M
12 盈宝证券盈宝 951910K
13 艾德证券艾德 626710K
Margin multiple
TimeMultiple
2025-11-28T06:00:00+08:000
2025-11-28T10:00:49+08:000.005124162396531336
2025-11-28T10:07:28+08:000.033307055577453684
2025-11-28T11:12:02+08:000.053212455656286954
2025-11-28T11:13:04+08:000.06937327552227039
2025-11-28T11:13:31+08:000.0890815924320063
2025-11-28T11:13:56+08:000.1927473393772172
2025-11-28T11:50:02+08:000.21639731966890027
2025-11-28T12:06:27+08:000.22664564446196295
2025-11-28T12:06:56+08:000.6442648797792668
2025-11-28T12:07:28+08:000.658651951123374
2025-11-28T13:45:04+08:000.6919590067008278
2025-11-28T13:45:35+08:000.693732755222704
2025-11-28T13:46:04+08:000.6978715017737486
2025-11-28T14:01:50+08:000.7055577453685455
2025-11-28T14:02:57+08:000.895151754040205
2025-11-28T14:04:44+08:000.915451320457233
2025-11-28T14:05:08+08:001.0
2025-11-28T14:05:45+08:001.0197083169097358
2025-11-28T15:20:03+08:001.035672053606622
2025-11-28T15:20:36+08:001.1324398896334253
2025-11-28T15:21:24+08:001.152542372881356
2025-11-28T15:21:53+08:001.1722506897910918
2025-11-28T15:30:11+08:001.369333858888451
2025-11-28T16:09:27+08:001.378793851005124
2025-11-28T16:09:56+08:001.4333858888450925
2025-11-28T16:10:39+08:001.4473787938510052
2025-11-28T16:11:06+08:001.467087110760741
2025-11-28T17:08:44+08:001.4858100118249902
2025-11-28T17:09:06+08:001.4860070949940876
2025-11-28T17:09:36+08:001.4897516752069373
2025-11-28T17:43:28+08:003.4605833661805283
2025-11-28T18:03:15+08:003.4613716988569174
2025-11-28T18:03:39+08:003.3904217579818683
2025-11-28T18:03:45+08:003.394954670871108
2025-11-28T18:05:08+08:003.8283405597162004
2025-11-28T21:04:13+08:003.8301143082380764
2025-11-28T21:05:08+08:003.8334647221127316
2025-11-28T21:05:26+08:003.841348048876626
2025-11-28T21:06:12+08:003.8415451320457232
2025-11-28T21:06:31+08:003.844698462751281
2025-11-28T21:07:04+08:003.8460780449349627
2025-11-28T21:07:20+08:003.8462751281040597
2025-11-28T22:08:32+08:003.8839180134016553
2025-11-29T07:20:40+08:004.429641308632243
2025-11-29T07:21:23+08:004.429641308632243
2025-11-29T07:21:34+08:004.467284193929839
2025-11-29T09:23:43+08:004.754631454473788
2025-11-29T09:24:05+08:004.774339771383524
2025-11-29T09:24:22+08:004.797989751675207
2025-11-29T09:25:26+08:004.799566417027986
2025-11-29T10:44:47+08:004.800551832873473
2025-11-29T10:45:15+08:004.815727236893969
2025-11-29T10:45:24+08:004.969057942451714
2025-11-29T10:45:43+08:004.988766259361451
2025-11-29T11:16:53+08:004.9897516752069375
2025-11-29T11:17:25+08:004.99034292471423
2025-11-29T12:23:33+08:004.994284588096177
2025-11-29T12:23:57+08:005.004335829720142
2025-11-29T12:24:09+08:005.509459992116673
2025-11-29T15:56:42+08:005.516357903035081
2025-11-29T15:56:53+08:005.51793456838786
2025-11-29T15:57:30+08:005.5193141505715415
2025-11-29T15:57:57+08:005.521482065431612
2025-11-29T15:58:24+08:005.5248324793062675
2025-11-29T19:02:40+08:005.56346078044935
2025-11-29T19:03:21+08:005.564840362633031
2025-11-29T19:03:43+08:005.781631848640126
2025-11-29T19:04:19+08:005.788529759558534
2025-11-29T19:05:01+08:005.790106424911313
2025-11-29T19:05:12+08:005.791683090264091
2025-11-29T19:05:49+08:005.80074891604257
2025-11-29T20:21:51+08:005.801143082380765
2025-11-29T21:26:04+08:005.806464327946394
2025-11-29T22:10:43+08:005.808238076468269
2025-11-30T10:36:32+08:005.823216397319669
2025-11-30T10:36:55+08:005.83208513992905
2025-11-30T10:41:12+08:005.8358297201419
2025-11-30T10:41:16+08:005.837209302325581
2025-11-30T12:31:30+08:005.8374063854946785
2025-11-30T12:31:47+08:005.838194718171068
2025-11-30T12:32:34+08:005.838391801340165
2025-11-30T12:32:52+08:005.840362633031139
2025-11-30T12:33:46+08:005.8409538825384315
2025-11-30T17:22:45+08:005.841150965707529
2025-11-30T17:22:49+08:005.853567205360662
2025-11-30T17:22:54+08:005.870319274733938
2025-11-30T17:22:58+08:005.874063854946788
2025-11-30T17:27:33+08:005.874458021284982
2025-11-30T17:27:38+08:005.8760346866377615
2025-11-30T17:27:42+08:005.876428852975956
2025-11-30T17:27:46+08:005.87682301931415
2025-11-30T17:29:34+08:005.8965313362238865
2025-11-30T17:31:22+08:005.978320851399291
2025-11-30T22:08:03+08:005.991525423728813
2025-11-30T22:08:07+08:005.9962554197871505
2025-11-30T22:08:11+08:006.132636972802523
2025-11-30T22:08:31+08:006.13283405597162
2025-11-30T22:08:35+08:005.627906976744186
2025-11-30T22:08:39+08:006.058336618052818
2025-11-30T22:08:46+08:006.063066614111155
2025-11-30T22:12:04+08:006.06346078044935
2025-11-30T22:12:08+08:006.064249113125739
2025-11-30T22:14:22+08:006.438707134410722
2025-12-01T08:46:00+08:006.461371698856918
2025-12-01T08:46:10+08:006.970437524635396
2025-12-01T08:46:40+08:007.011233740638549
2025-12-01T08:46:43+08:007.018525817895152
2025-12-01T08:46:46+08:007.017540402049665
2025-12-01T08:48:09+08:007.037248718959401
2025-12-01T08:48:25+08:007.037248718959401
2025-12-01T09:07:08+08:007.056957035869137
2025-12-01T09:07:53+08:006.78439101300749
2025-12-01T09:08:23+08:006.785179345683878
2025-12-01T09:08:34+08:007.1951123374063854
2025-12-01T09:14:13+08:007.7238864800946
2025-12-01T10:12:16+08:007.765076862435948
2025-12-01T10:12:40+08:007.661608198659835
2025-12-01T10:13:30+08:007.7207331493890425
2025-12-01T10:13:56+08:007.761332282223099
2025-12-01T11:11:11+08:007.7912889239258964
2025-12-01T11:11:50+08:007.827749310208908
2025-12-01T11:12:12+08:007.886874260938116
2025-12-01T11:12:37+08:007.911312573906188
2025-12-01T12:03:57+08:008.020496649586125
2025-12-01T12:04:34+08:008.250295624753646
2025-12-01T12:05:11+08:008.25068979109184
2025-12-01T12:05:43+08:009.728813559322035
2025-12-01T13:45:02+08:0010.241821048482459
2025-12-01T13:45:27+08:0010.288135593220339
2025-12-01T13:45:50+08:0010.997635001970831
2025-12-01T13:47:27+08:0011.39180134016555
2025-12-01T13:47:54+08:0011.402837997635002
2025-12-01T14:02:25+08:0011.419392983839181
2025-12-01T14:03:25+08:0011.587702010248325
2025-12-01T14:04:51+08:0011.720733149389043
2025-12-01T14:05:14+08:0011.726251478123768
2025-12-01T14:05:39+08:0013.421166732361057
2025-12-01T14:21:25+08:0014.209499408750492
2025-12-01T15:15:58+08:0014.2313756405203
2025-12-01T15:16:28+08:0014.252660622782814
2025-12-01T15:16:44+08:0014.297398502167916
2025-12-01T15:17:41+08:0015.992313756405203
2025-12-01T16:30:50+08:0016.00374458021285
2025-12-01T16:31:13+08:0020.270003941663383
2025-12-01T16:31:27+08:0020.662593614505322
2025-12-01T16:32:06+08:0022.219550650374458
2025-12-01T17:22:08+08:0022.2238864800946
2025-12-01T17:23:12+08:0029.104256996452502
2025-12-01T17:23:27+08:0029.494481671265273
2025-12-01T17:24:01+08:0071.2169885691762
2025-12-01T17:59:25+08:0077.52364998029168
2025-12-01T18:04:14+08:0077.53192747339378
2025-12-01T18:05:02+08:0078.38707134410721
2025-12-01T18:06:01+08:0084.66200236499803
2025-12-01T18:06:29+08:00113.45585337012218
2025-12-01T18:07:54+08:00122.14761529365393
2025-12-01T19:44:49+08:00126.87761135199054
2025-12-01T19:45:07+08:00126.88372093023256
2025-12-01T19:45:31+08:00128.3738667717777
2025-12-01T19:45:54+08:00137.56937327552228
2025-12-01T19:46:13+08:00163.30843515963736
2025-12-01T20:09:03+08:00170.51103665746945
2025-12-01T20:09:31+08:00196.3289318092235
2025-12-01T21:36:08+08:00204.19057942451715
2025-12-01T21:36:27+08:00236.41367757193535
2025-12-01T22:03:57+08:00247.1554986204178
2025-12-01T22:08:33+08:00280.06838785967676
2025-12-02T08:54:52+08:00289.7335435553804
2025-12-02T08:55:04+08:00319.3734726054395
2025-12-02T08:55:26+08:00492.23512022073317
2025-12-02T08:56:17+08:00492.23512022073317
2025-12-02T09:04:45+08:00493.02818289318094
2025-12-02T09:05:25+08:00502.1180528182893
2025-12-02T09:05:55+08:00550.6596373669688
2025-12-02T09:06:39+08:00590.649783208514
2025-12-02T09:26:57+08:00610.3186834844304
2025-12-02T10:23:35+08:00627.734726054395
2025-12-02T10:23:50+08:00629.1791486007095
2025-12-02T10:23:59+08:00629.3048876625936
2025-12-02T10:24:20+08:00689.9079621600315
2025-12-02T11:15:16+08:00691.4911312573906
2025-12-02T11:15:40+08:00701.2313756405204
2025-12-02T11:16:05+08:00708.5563657863619
2025-12-02T11:16:18+08:00760.0936145053213
2025-12-02T12:01:36+08:00760.5792274339772
2025-12-02T12:07:02+08:00761.4499408750493
2025-12-02T12:07:16+08:00770.9138746551045
2025-12-02T12:07:34+08:00821.5642491131257
2025-12-02T13:48:53+08:00821.6974773354356
2025-12-02T13:49:21+08:00821.7055577453685
2025-12-02T13:49:39+08:00827.5674024438313
2025-12-02T13:49:53+08:00866.1957035869136
2025-12-02T14:06:59+08:00866.7928655892787
2025-12-02T14:07:35+08:00866.9300354749704
2025-12-02T14:07:51+08:00873.6292865589279
2025-12-02T14:08:07+08:00913.2430035474971
2025-12-02T14:08:55+08:00936.3243988963343
2025-12-02T15:03:16+08:00936.3953488372093
2025-12-02T15:03:50+08:00947.9653133622388
2025-12-02T15:04:12+08:00948.8610563657863
2025-12-02T15:05:33+08:00997.698265668112
2025-12-02T15:32:01+08:001006.5670082774931
2025-12-02T16:23:54+08:001022.7049664958613
2025-12-02T16:24:09+08:001067.9552621206149
2025-12-02T17:17:05+08:001096.8013401655498
2025-12-02T17:17:45+08:001230.443437130469
2025-12-02T17:37:11+08:001541.4406779661017
2025-12-02T18:01:57+08:001563.5139929050058
2025-12-02T18:03:15+08:001592.7142294048087
2025-12-02T18:05:07+08:001614.3433188805675
2025-12-02T18:05:18+08:001703.6022861647616
2025-12-02T20:20:08+08:001718.3827355143872
2025-12-02T20:20:17+08:001810.9132834055972
2025-12-02T20:20:58+08:001827.3431217973985
2025-12-02T20:21:07+08:001925.9832479306267
2025-12-02T21:28:54+08:001942.5268033109971
2025-12-02T21:29:03+08:002056.7562081198266
2025-12-02T22:04:44+08:002075.760741032716
2025-12-02T22:06:09+08:002182.323610563658
2025-12-03T09:48:33+08:002210.874260938116
2025-12-03T09:49:25+08:002210.874260938116
2025-12-03T09:51:31+08:002297.548285376429
2025-12-03T09:51:53+08:002934.1269215608986
2025-12-03T09:52:58+08:002954.1817106819076
2025-12-03T09:53:05+08:003198.486007094994
2025-12-03T09:53:14+08:003220.1651556957036
2025-12-03T09:53:29+08:003594.623176980686
2025-12-03T10:09:53+08:003612.0898699251084
2025-12-03T10:10:02+08:003669.2439889633424
2025-12-03T10:11:30+08:003751.4893575088686
2025-12-03T10:12:52+08:003759.916633819472
2025-12-03T10:44:36+08:003768.77
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
22,520
→
Avg lots
62.3
→
Oversubscription
210x
210x = 22,520 × 62.3 ÷ 6,667 margin-weighted 100% → 4522.5x
1x22221.0x
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
0.48
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
0.58
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 4813.4x and current allocation strategy (Pool A α=0.479, Pool B α=0.579) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoAble Digital 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 Able Digital (02687): 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