Margin dynamics Margin multiple4068.44x Margin funds3193.3100M TradeGo forecast multiple5207.61x
Rank Broker Margin funds
1 富途证券富途 2071.0100M
2 辉立证券辉立 512.0100M
3 老虎国际老虎 327.8100M
4 华泰国际华泰 110.3100M
5 华盛证券华盛 44.0100M
6 招银国际招银 40.0100M
7 盈立证券盈立 23.0100M
8 熊猫证券熊猫 15.4100M
9 信诚证券信诚 15.0100M
Margin multiple
TimeMultiple
2026-02-05T06:00:00+08:000
2026-02-05T10:06:17+08:000.022295833864186522
2026-02-05T10:07:04+08:000.11708497897821378
2026-02-05T10:07:32+08:000.6904064212001528
2026-02-05T11:13:45+08:000.7025098738692828
2026-02-05T11:14:33+08:001.5179003694738182
2026-02-05T11:14:54+08:001.5821123710026754
2026-02-05T12:06:14+08:001.9069945215951076
2026-02-05T12:07:06+08:002.245636386800866
2026-02-05T12:07:35+08:002.6915530640845966
2026-02-05T13:46:42+08:002.6991973499808894
2026-02-05T13:47:22+08:002.7060772072875525
2026-02-05T13:47:47+08:002.833481972225761
2026-02-05T14:05:35+08:002.858962925213403
2026-02-05T14:06:00+08:002.8305516626321823
2026-02-05T14:06:50+08:003.442094534335584
2026-02-05T14:08:02+08:003.545164989170595
2026-02-05T15:17:19+08:003.619059752834756
2026-02-05T15:17:28+08:003.6651802777423876
2026-02-05T15:18:25+08:003.8690279016435216
2026-02-05T15:19:34+08:003.9964326665817302
2026-02-05T16:03:38+08:004.071474073130335
2026-02-05T16:04:07+08:004.134157217479934
2026-02-05T16:05:42+08:006.28729774493566
2026-02-05T17:01:34+08:006.440183462861511
2026-02-05T17:02:21+08:006.484010702000255
2026-02-05T17:06:55+08:0010.841253662886992
2026-02-05T17:07:06+08:0011.793349471270226
2026-02-05T18:11:10+08:0011.81934004331762
2026-02-05T18:11:14+08:0013.603006752452542
2026-02-05T18:11:46+08:0014.038603643776277
2026-02-05T18:12:19+08:0015.41457510510893
2026-02-05T18:13:53+08:0015.959103070454836
2026-02-05T20:42:45+08:0015.967129570645943
2026-02-05T20:43:08+08:0016.55497515607084
2026-02-05T20:43:35+08:0017.255701363230983
2026-02-05T20:44:09+08:0017.484010702000255
2026-02-05T20:44:41+08:0018.796279780863806
2026-02-05T21:44:58+08:0018.915912855140782
2026-02-05T21:45:28+08:0021.209198624028538
2026-02-06T09:00:32+08:0021.263600458657155
2026-02-06T09:00:50+08:0021.334055293667983
2026-02-06T09:00:59+08:0022.38259650910944
2026-02-06T09:02:44+08:0022.38259650910944
2026-02-06T09:03:06+08:0022.98917059498025
2026-02-06T09:03:33+08:0023.333163460313415
2026-02-06T09:04:06+08:0027.537520703274303
2026-02-06T09:06:13+08:0028.163969932475474
2026-02-06T09:07:18+08:0028.294559816537138
2026-02-06T09:07:45+08:0029.35201936552427
2026-02-06T10:04:30+08:0030.027264619696776
2026-02-06T10:04:51+08:0030.046757548732323
2026-02-06T10:05:09+08:0030.2404127914384
2026-02-06T10:05:42+08:0031.590903299783413
2026-02-06T11:13:17+08:0032.942667855777806
2026-02-06T11:14:03+08:0033.479678939992354
2026-02-06T11:14:23+08:0035.110459931201426
2026-02-06T12:03:46+08:0035.19824181424385
2026-02-06T12:04:14+08:0035.941266403363485
2026-02-06T12:08:31+08:0039.80163078099121
2026-02-06T13:42:49+08:0039.86597018728501
2026-02-06T13:43:08+08:0040.510128678812585
2026-02-06T13:43:41+08:0043.8736144731813
2026-02-06T14:11:19+08:0044.01847369091604
2026-02-06T14:12:12+08:0044.528092750668876
2026-02-06T14:12:18+08:0045.61561982418142
2026-02-06T14:12:38+08:0048.96636514205631
2026-02-06T14:13:25+08:0049.930691807873615
2026-02-06T15:03:30+08:0050.04828640591158
2026-02-06T15:04:00+08:0050.30487960249713
2026-02-06T15:05:30+08:0053.00586061918716
2026-02-06T16:07:21+08:0053.037202191361956
2026-02-06T16:07:41+08:0053.74404382723914
2026-02-06T16:08:10+08:0058.61090584787871
2026-02-06T17:17:29+08:0058.99362976175309
2026-02-06T17:18:52+08:0065.98611288062173
2026-02-06T17:19:08+08:0089.91272773601733
2026-02-06T17:27:46+08:0092.07860873996688
2026-02-06T17:47:44+08:00101.76137087527073
2026-02-06T18:09:54+08:00101.77614982800357
2026-02-06T18:10:11+08:00106.55892470378392
2026-02-06T18:10:40+08:00128.96942285641484
2026-02-06T18:13:03+08:00132.20945343355842
2026-02-06T20:16:25+08:00132.29264874506308
2026-02-06T20:16:39+08:00134.44107529621607
2026-02-06T20:16:58+08:00147.85679704420946
2026-02-06T20:17:41+08:00149.82672951968402
2026-02-06T20:18:05+08:00158.09529876417378
2026-02-06T21:31:46+08:00159.92521340298129
2026-02-06T21:32:05+08:00168.57599694228566
2026-02-07T09:46:42+08:00180.80787361447318
2026-02-07T09:46:49+08:00181.53573703656517
2026-02-07T09:48:06+08:00181.53573703656517
2026-02-07T09:48:29+08:00181.7185628742515
2026-02-07T09:49:05+08:00188.6111606574086
2026-02-07T09:49:12+08:00231.7886354949675
2026-02-07T09:49:19+08:00237.15237609886609
2026-02-07T10:01:27+08:00237.18257102815645
2026-02-07T10:17:16+08:00238.45445279653458
2026-02-07T10:17:42+08:00242.50592432156964
2026-02-07T11:11:25+08:00242.513441202701
2026-02-07T11:11:37+08:00243.62925213402983
2026-02-07T11:11:58+08:00249.4771308446936
2026-02-07T13:59:16+08:00249.414447700344
2026-02-07T13:59:29+08:00251.83016944833736
2026-02-07T13:59:52+08:00257.99656007134666
2026-02-07T14:00:01+08:00258.0072620716015
2026-02-07T14:00:18+08:00261.2358262199006
2026-02-07T14:00:35+08:00265.98802395209583
2026-02-07T14:00:47+08:00265.99974519047015
2026-02-07T14:43:34+08:00267.05784176328194
2026-02-07T14:44:10+08:00271.6316728245636
2026-02-07T15:02:40+08:00271.64071856287427
2026-02-07T15:54:01+08:00271.8776914256593
2026-02-07T15:54:19+08:00276.3750796279781
2026-02-07T16:02:20+08:00276.3868008663524
2026-02-07T16:25:18+08:00277.5909032997834
2026-02-07T16:25:40+08:00279.6548604917824
2026-02-07T18:32:20+08:00279.6595744680851
2026-02-07T18:32:28+08:00280.942285641483
2026-02-07T18:32:50+08:00283.6305261816792
2026-02-07T18:32:58+08:00283.6334564912728
2026-02-07T18:33:16+08:00284.24601860109567
2026-02-07T18:33:34+08:00289.4441330105746
2026-02-07T19:29:49+08:00289.44935660593706
2026-02-07T19:30:00+08:00290.17594598037965
2026-02-07T19:30:20+08:00292.4564912727736
2026-02-07T20:22:21+08:00293.1002675500064
2026-02-07T20:22:35+08:00297.4447700343993
2026-02-07T21:37:23+08:00298.70200025480955
2026-02-07T21:37:40+08:00300.6385526818703
2026-02-08T11:03:10+08:00306.7135940884189
2026-02-08T11:03:16+08:00307.02458911963305
2026-02-08T11:03:23+08:00309.1570900751688
2026-02-08T11:06:36+08:00340.49866224996816
2026-02-08T11:06:40+08:00346.0789909542617
2026-02-08T11:07:16+08:00346.1228181934004
2026-02-08T11:07:21+08:00346.1270225506434
2026-02-08T11:07:25+08:00346.13619569371895
2026-02-08T15:23:14+08:00346.5445279653459
2026-02-08T15:23:22+08:00347.4358517008536
2026-02-08T15:23:31+08:00348.5214677028921
2026-02-08T15:23:39+08:00349.4745827493948
2026-02-08T15:24:14+08:00349.4888520830679
2026-02-08T15:24:23+08:00349.4901261307173
2026-02-08T15:24:31+08:00349.4954771308447
2026-02-08T15:24:41+08:00349.50095553573703
2026-02-08T15:26:03+08:00355.31061281691933
2026-02-08T15:26:11+08:00359.75703911326286
2026-02-08T15:26:19+08:00364.5984201809148
2026-02-08T15:26:27+08:00367.1210345266913
2026-02-08T19:55:57+08:00371.3890941521213
2026-02-08T19:56:06+08:00376.90572047394573
2026-02-08T19:56:16+08:00384.5372658937444
2026-02-08T19:56:28+08:00391.0476493820869
2026-02-08T19:57:10+08:00391.04981526309086
2026-02-08T19:57:19+08:00391.0607720728755
2026-02-08T19:57:29+08:00391.0684163587718
2026-02-08T19:57:41+08:00391.07886354949676
2026-02-08T20:01:33+08:00393.26716779207544
2026-02-08T20:01:41+08:00394.8608739966875
2026-02-08T20:01:52+08:00395.79041916167665
2026-02-08T20:02:03+08:00396.53382596509107
2026-02-08T20:04:52+08:00398.11759459803795
2026-02-08T20:06:10+08:00403.0991209071219
2026-02-08T22:37:58+08:00417.6105236335839
2026-02-08T22:38:07+08:00432.1346668365397
2026-02-08T22:38:54+08:00434.87922028283856
2026-02-08T22:39:03+08:00440.3851446044082
2026-02-09T08:44:56+08:00442.12613071728885
2026-02-09T08:45:22+08:00449.9156580456109
2026-02-09T08:45:32+08:00449.9156580456109
2026-02-09T08:46:54+08:00517.5803287042935
2026-02-09T09:01:00+08:00517.6777933494712
2026-02-09T09:02:02+08:00536.218499171869
2026-02-09T09:03:18+08:00540.6951203975028
2026-02-09T09:14:00+08:00573.8458402344247
2026-02-09T09:14:13+08:00586.6500191107148
2026-02-09T10:07:10+08:00600.1251114791693
2026-02-09T10:07:30+08:00617.0272646196968
2026-02-09T10:07:46+08:00715.2308574340681
2026-02-09T10:09:56+08:00725.2958338641865
2026-02-09T11:00:43+08:00726.1723786469614
2026-02-09T11:04:03+08:00736.7370365651675
2026-02-09T11:13:01+08:00824.3405529366798
2026-02-09T11:51:12+08:00833.7685055421073
2026-02-09T12:02:03+08:00835.035163715123
2026-02-09T12:04:27+08:00848.2672951968403
2026-02-09T12:06:37+08:00915.6389348961651
2026-02-09T13:44:14+08:00916.5455472034654
2026-02-09T13:44:25+08:00927.6744808255829
2026-02-09T13:44:59+08:00982.0380940247165
2026-02-09T14:05:25+08:00982.90712192636
2026-02-09T14:05:39+08:00994.7137214931838
2026-02-09T14:08:18+08:001082.3936807236591
2026-02-09T14:09:02+08:001108.6363868008664
2026-02-09T14:14:24+08:001120.1932730284113
2026-02-09T14:15:54+08:001129.111606574086
2026-02-09T15:01:01+08:001130.5640208943814
2026-02-09T15:04:28+08:001144.5363740603898
2026-02-09T15:05:42+08:001232.3564785322972
2026-02-09T16:09:06+08:001232.7042935405784
2026-02-09T16:10:45+08:001254.1573448846987
2026-02-09T16:11:01+08:001359.8523378774366
2026-02-09T17:06:36+08:001359.9241941648618
2026-02-09T17:06:44+08:001391.5475856797045
2026-02-09T17:07:03+08:001532.7375461842273
2026-02-09T17:16:54+08:001548.0261179768124
2026-02-09T18:17:05+08:001549.3456491272773
2026-02-09T18:19:21+08:001833.4582749394826
2026-02-09T18:19:48+08:001833.5026117976813
2026-02-09T18:20:09+08:001852.626704038731
2026-02-09T18:20:28+08:001963.6217352528984
2026-02-09T18:25:04+08:002001.014396738438
2026-02-09T20:05:18+08:002001.049560453561
2026-02-09T20:05:43+08:002012.56707860874
2026-02-09T20:06:03+08:002090.9719709517135
2026-02-09T20:06:41+08:002100.7310485412154
2026-02-09T20:06:56+08:002164.764683399159
2026-02-09T21:24:11+08:002179.215059243216
2026-02-09T21:24:25+08:002260.5757421327557
2026-02-10T08:49:33+08:002273.0425531914893
2026-02-10T08:49:39+08:002293.5645305134412
2026-02-10T08:49:46+08:002364.3432284367436
2026-02-10T08:50:07+08:002364.3432284367436
2026-02-10T08:50:28+08:002446.5575232513697
2026-02-10T08:51:43+08:002453.3002930309594
2026-02-10T08:51:59+08:002972.755000637024
2026-02-10T09:23:11+08:002978.7909287807365
2026-02-10T09:23:32+08:002997.0586061918716
2026-02-10T09:23:46+08:003176.0240795005734
2026-02-10T09:24:27+08:003191.057841763282
2026-02-10T09:33:23+08:003243.9053382596508
2026-02-10T09:34:16+08:003294.8672442349343
2026-02-10T10:04:40+08:003309.6279780863806
2026-02-10T10:07:33+08:003667.3041151739076
2026-02-10T10:31:28+08:004024.0374570008917
2026-02-10T10:34:39+08:004068.44
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
20,832
→
Avg lots
68.4
→
Oversubscription
102x
102x = 20,832 × 68.4 ÷ 14,016 margin-weighted 100% → 5207.6x
1x13183.0x
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
0.59
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
0.69
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 5065.06x and current allocation strategy (Pool A α=0.588, Pool B α=0.688) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoHaizhi Tech GP 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 Haizhi Tech GP (02706): 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