Margin dynamics Margin multiple12.65x Margin funds20.8100M TradeGo forecast multiple18.34x
Rank Broker Margin funds
1 富途证券富途 7.4100M
2 老虎国际老虎 4.2100M
3 辉立证券辉立 3.6100M
4 华泰国际华泰 1.7100M
5 信诚证券信诚 1.0100M
6 盈立证券盈立 824510K
7 长桥证券长桥 752810K
8 致富证券致富 467010K
9 华盛证券华盛 355010K
Margin multiple
TimeMultiple
2026-02-27T06:00:00+08:000
2026-02-27T10:22:24+08:000.0025527259466358717
2026-02-27T10:22:54+08:000.08417917704977816
2026-02-27T10:22:58+08:000.09074332948398468
2026-02-27T10:23:13+08:000.1454445997690391
2026-02-27T11:15:40+08:000.17583419437184708
2026-02-27T11:15:54+08:000.21418586276059076
2026-02-27T11:17:11+08:000.910897708624567
2026-02-27T11:17:15+08:001.0587734759618306
2026-02-27T11:17:29+08:001.4538382057983346
2026-02-27T12:06:01+08:001.5386859539293747
2026-02-27T12:06:49+08:001.5476204947426002
2026-02-27T12:07:23+08:001.6597580988269616
2026-02-27T12:07:41+08:001.7080775542454263
2026-02-27T12:07:54+08:001.9147267975445208
2026-02-27T13:43:55+08:001.9526530116088252
2026-02-27T13:44:25+08:001.9590956056646205
2026-02-27T13:45:24+08:002.0053485686500943
2026-02-27T13:45:43+08:002.0113049291922445
2026-02-27T13:46:22+08:002.430681334710995
2026-02-27T13:46:41+08:002.461070929313803
2026-02-27T14:31:09+08:002.643408496930651
2026-02-27T14:31:49+08:002.6516744666626146
2026-02-27T14:32:29+08:002.656536801799064
2026-02-27T14:32:48+08:002.706071841001641
2026-02-27T14:33:05+08:002.752932595879171
2026-02-27T14:33:24+08:002.8623351364492797
2026-02-27T15:23:15+08:002.898255637269799
2026-02-27T15:24:07+08:002.9000790129459673
2026-02-27T15:24:31+08:003.043639457849632
2026-02-27T15:24:44+08:003.0731781438035615
2026-02-27T15:24:54+08:003.2555157114204096
2026-02-27T16:08:04+08:003.266030511152981
2026-02-27T16:08:28+08:003.288701148726676
2026-02-27T16:08:58+08:003.317510484410138
2026-02-27T16:09:05+08:003.356591503069349
2026-02-27T16:09:18+08:003.490305719321704
2026-02-27T17:19:48+08:003.5170485625721755
2026-02-27T17:20:16+08:003.519297392572783
2026-02-27T17:20:41+08:003.5390506290646084
2026-02-27T17:21:01+08:003.5185680423023156
2026-02-27T17:21:22+08:003.682671853157479
2026-02-27T17:21:44+08:006.04090439433538
2026-02-27T18:01:55+08:006.066917887315383
2026-02-27T18:02:27+08:006.070807755424543
2026-02-27T18:03:26+08:006.733300917765757
2026-02-27T18:06:16+08:006.735306631009542
2026-02-27T18:06:28+08:006.762292591016836
2026-02-27T18:07:07+08:006.792682185619644
2026-02-27T21:57:34+08:006.794262444538989
2026-02-27T21:58:36+08:006.794748678052635
2026-02-27T21:58:55+08:006.795356469944691
2026-02-27T21:59:10+08:006.798638546161794
2026-02-27T22:00:58+08:006.864523187260682
2026-02-27T22:02:02+08:006.884580319698535
2026-02-27T22:03:07+08:007.097307481918191
2026-02-27T22:03:25+08:007.194554184647177
2026-02-27T22:04:10+08:007.197410806539841
2026-02-27T22:04:15+08:007.235519358171762
2026-02-27T22:06:57+08:007.241597277092324
2026-02-28T09:55:44+08:007.266152069531392
2026-02-28T09:56:09+08:007.266152069531392
2026-02-28T09:56:28+08:007.690208472618975
2026-02-28T09:56:40+08:008.00626025648818
2026-02-28T09:56:51+08:008.07293502704674
2026-02-28T09:57:07+08:008.080106971373002
2026-02-28T09:57:24+08:008.10855163192123
2026-02-28T09:57:31+08:008.109220203002492
2026-02-28T09:57:38+08:008.145687716525861
2026-02-28T09:57:53+08:008.236856500334286
2026-02-28T10:12:20+08:008.248769221418586
2026-02-28T10:12:27+08:008.306327113596305
2026-02-28T10:12:37+08:008.308272047650885
2026-02-28T10:12:46+08:008.314349966571445
2026-02-28T11:07:18+08:008.320002431167568
2026-02-28T11:07:45+08:008.321461131708503
2026-02-28T11:08:07+08:008.331307360359812
2026-02-28T11:08:19+08:008.336230474685468
2026-02-28T11:08:38+08:008.548957636905124
2026-02-28T14:21:44+08:008.573451650154986
2026-02-28T14:22:40+08:008.574728013128304
2026-02-28T14:24:52+08:008.620920196924573
2026-02-28T14:25:13+08:008.630827204765088
2026-02-28T14:25:22+08:008.632042788549201
2026-02-28T14:26:18+08:008.729289491278186
2026-02-28T14:26:36+08:008.796146599404365
2026-02-28T18:05:00+08:008.79426244453899
2026-02-28T18:06:10+08:008.80994347535404
2026-02-28T18:07:12+08:009.331003464413785
2026-02-28T18:07:47+08:009.316051783869204
2026-02-28T18:11:29+08:009.364675135233696
2026-02-28T18:11:46+08:009.370753054154257
2026-02-28T20:37:53+08:009.372333313073604
2026-02-28T20:40:19+08:009.382726554427764
2026-02-28T20:40:41+08:009.378046556858932
2026-02-28T20:40:46+08:009.383212787941408
2026-02-28T20:41:20+08:009.401446544703093
2026-02-28T20:41:44+08:009.42575822038534
2026-02-28T22:03:17+08:009.416398225247676
2026-02-28T22:03:23+08:009.417492250653376
2026-02-28T22:04:02+08:009.394943171458094
2026-02-28T22:04:16+08:009.406612775785572
2026-03-01T08:53:39+08:009.408253813894122
2026-03-01T08:53:59+08:009.410259527137908
2026-03-01T08:54:31+08:009.392025770376224
2026-03-01T09:00:08+08:009.393545250106364
2026-03-01T09:02:50+08:009.393606029295569
2026-03-01T09:04:07+08:009.353734881176685
2026-03-01T09:05:13+08:009.354585789825563
2026-03-01T09:05:43+08:009.403209141190057
2026-03-01T12:01:09+08:009.426366012277397
2026-03-01T12:01:44+08:009.443323406065764
2026-03-01T12:02:31+08:009.461557162827448
2026-03-01T12:02:36+08:009.441378472011184
2026-03-01T12:02:41+08:009.453655868230717
2026-03-01T12:17:15+08:009.453959764176746
2026-03-01T12:18:05+08:009.456087035798943
2026-03-01T12:19:04+08:009.352762414149396
2026-03-01T12:19:08+08:009.29198322494378
2026-03-01T12:19:12+08:009.377074089831641
2026-03-01T12:21:32+08:009.397799793350757
2026-03-01T12:21:41+08:009.392268887133046
2026-03-01T18:05:49+08:009.392512003889868
2026-03-01T18:05:52+08:009.393606029295569
2026-03-01T18:05:56+08:009.393484470917159
2026-03-01T18:06:00+08:009.362183188476266
2026-03-01T18:06:04+08:009.372637209019631
2026-03-01T18:06:07+08:009.372697988208838
2026-03-01T18:08:29+08:009.373123442533277
2026-03-01T18:08:33+08:009.360906825502948
2026-03-01T18:08:37+08:009.344982677931077
2026-03-01T18:10:23+08:009.347656962256124
2026-03-01T18:10:27+08:009.347960858202152
2026-03-01T18:10:31+08:009.348203974958974
2026-03-01T18:10:35+08:009.408132255515712
2026-03-01T18:10:38+08:009.409043943353796
2026-03-01T18:10:43+08:009.411049656597582
2026-03-01T18:14:11+08:009.411596669300431
2026-03-01T18:14:15+08:009.412933811462954
2026-03-01T18:14:19+08:009.4134200449766
2026-03-01T18:14:23+08:009.420713547681274
2026-03-01T18:14:26+08:009.422354585789826
2026-03-01T18:14:31+08:009.423691727952349
2026-03-01T18:17:52+08:009.435847565793472
2026-03-01T18:17:58+08:009.448003403634596
2026-03-01T18:18:02+08:009.429769646872911
2026-03-01T20:16:19+08:009.431653801738285
2026-03-01T20:17:20+08:009.442047043092446
2026-03-01T20:17:35+08:009.442472497416885
2026-03-01T20:19:04+08:009.442776393362912
2026-03-01T20:20:09+08:009.43700237038838
2026-03-01T22:37:51+08:009.412690694706132
2026-03-01T22:38:02+08:009.40053485686501
2026-03-01T22:39:05+08:009.400838752811037
2026-03-01T22:40:18+08:009.401264207135476
2026-03-01T22:40:35+08:009.408861605786178
2026-03-01T22:41:56+08:009.399683948216131
2026-03-01T22:42:04+08:009.399744727405336
2026-03-02T08:41:29+08:009.452744180392633
2026-03-02T08:43:16+08:009.47705585607488
2026-03-02T08:44:13+08:009.486111955266518
2026-03-02T08:44:16+08:009.548957636905124
2026-03-02T08:44:53+08:009.548957636905124
2026-03-02T09:04:12+08:009.585485929617699
2026-03-02T09:05:31+08:009.600498389351486
2026-03-02T09:05:56+08:009.636236552604387
2026-03-02T09:06:21+08:009.64231447152495
2026-03-02T09:06:55+08:009.644441743147146
2026-03-02T09:08:00+08:009.719139366680848
2026-03-02T09:29:44+08:009.752567920743937
2026-03-02T10:15:59+08:009.738892603172674
2026-03-02T10:16:19+08:009.92487692214186
2026-03-02T10:16:48+08:0010.113292408679268
2026-03-02T10:17:58+08:0010.124536558682307
2026-03-02T10:18:47+08:0010.133774995441561
2026-03-02T11:08:34+08:0010.147571871391236
2026-03-02T11:09:00+08:0010.149638363824227
2026-03-02T11:09:18+08:0010.12866954354829
2026-03-02T11:09:47+08:0010.031422840819303
2026-03-02T11:10:39+08:0010.035920500820518
2026-03-02T12:05:05+08:0010.04047894001094
2026-03-02T12:05:36+08:0010.041816082173463
2026-03-02T12:06:35+08:009.57533580502036
2026-03-02T12:06:51+08:009.540144654470309
2026-03-02T12:07:19+08:009.661703032881542
2026-03-02T13:47:50+08:009.663222512611682
2026-03-02T13:48:16+08:009.664377317206588
2026-03-02T13:48:49+08:009.666261472071962
2026-03-02T13:49:11+08:009.667902510180514
2026-03-02T13:49:42+08:009.813772564273993
2026-03-02T14:03:43+08:009.814805810490489
2026-03-02T14:04:05+08:009.81991126238376
2026-03-02T14:04:55+08:009.831216191576004
2026-03-02T14:05:24+08:009.873761624019936
2026-03-02T14:06:09+08:009.880751230778582
2026-03-02T14:10:32+08:009.931319516197654
2026-03-02T14:42:37+08:0010.356773840636967
2026-03-02T15:10:43+08:0010.385826293077251
2026-03-02T15:10:58+08:0010.414757187139124
2026-03-02T15:11:24+08:0010.487692214185863
2026-03-02T15:11:56+08:0010.439433537956603
2026-03-02T15:12:45+08:0010.442411718227678
2026-03-02T16:15:14+08:0010.438035616604875
2026-03-02T16:16:25+08:0010.438461070929314
2026-03-02T16:16:50+08:0010.449279766607914
2026-03-02T16:17:37+08:0010.450191454445998
2026-03-02T16:18:30+08:0010.517048562572175
2026-03-02T17:03:54+08:0010.498450130675257
2026-03-02T17:04:39+08:0010.505682854190725
2026-03-02T17:05:08+08:0010.510666747705585
2026-03-02T17:05:36+08:0010.44988755849997
2026-03-02T17:55:40+08:0010.82671853157479
2026-03-02T18:12:12+08:0010.827873336169695
2026-03-02T18:12:49+08:0010.84805202698596
2026-03-02T18:13:38+08:0010.848355922931988
2026-03-02T18:13:48+08:0010.810125812921656
2026-03-02T18:14:06+08:0010.797969975080532
2026-03-02T18:16:21+08:0010.83072995806236
2026-03-02T20:20:51+08:0010.831337749954416
2026-03-02T20:21:41+08:0010.832614112927734
2026-03-02T20:22:23+08:0010.826232298061145
2026-03-02T20:23:02+08:0010.826353856439555
2026-03-02T20:24:11+08:0010.820275937518993
2026-03-02T22:04:52+08:0010.82045827508661
2026-03-02T22:05:14+08:0010.80909256670516
2026-03-02T22:06:10+08:0010.822220871573574
2026-03-02T22:07:06+08:0010.889077979699751
2026-03-02T22:07:23+08:0010.883000060779189
2026-03-03T08:38:43+08:0010.891083692943536
2026-03-03T08:38:49+08:0010.898681091594238
2026-03-03T08:38:52+08:0010.947000547012703
2026-03-03T08:40:00+08:0011.335987357928646
2026-03-03T08:41:41+08:0011.335987357928646
2026-03-03T09:00:37+08:0011.399258493891692
2026-03-03T09:01:32+08:0011.43712392876679
2026-03-03T09:03:54+08:0011.53582933203671
2026-03-03T09:05:41+08:0011.544399197714702
2026-03-03T09:06:09+08:0011.630097854494622
2026-03-03T09:06:33+08:0011.684799124779676
2026-03-03T09:28:07+08:0011.715188719382484
2026-03-03T10:01:34+08:0011.728438582629307
2026-03-03T10:02:34+08:0011.733361696954963
2026-03-03T10:04:49+08:0011.733969488847018
2026-03-03T10:05:29+08:0011.73506351425272
2026-03-03T10:06:54+08:0011.564881784476995
2026-03-03T11:10:15+08:0011.56482100528779
2026-03-03T11:10:45+08:0011.60292955691971
2026-03-03T11:11:13+08:0011.63939707044308
2026-03-03T11:11:49+08:0011.656536801799064
2026-03-03T11:12:21+08:0011.66462043396341
2026-03-03T12:02:19+08:0011.667477055856075
2026-03-03T12:02:40+08:0011.667598614234485
2026-03-03T12:04:01+08:0011.742478575335806
2026-03-03T12:04:32+08:0011.745639093174496
2026-03-03T12:05:34+08:0011.690937822889442
2026-03-03T13:47:10+08:0011.688263538564396
2026-03-03T13:47:31+08:0011.745031301282442
2026-03-03T13:48:02+08:0011.890901355375918
2026-03-03T13:49:32+08:0011.895338236187929
2026-03-03T13:49:55+08:0011.897040053485686
2026-03-03T14:01:01+08:0011.888895642132134
2026-03-03T14:01:46+08:0011.90323953078466
2026-03-03T14:03:27+08:0011.426548349845014
2026-03-03T14:05:31+08:0011.427520816872303
2026-03-03T14:05:54+08:0011.542393484470917
2026-03-03T14:06:24+08:0011.505925970947548
2026-03-03T15:11:30+08:0011.507080775542454
2026-03-03T15:12:06+08:0011.511943110678903
2026-03-03T15:14:17+08:0011.480581049048805
2026-03-03T15:14:42+08:0011.46234729228712
2026-03-03T16:04:06+08:0011.462468850665532
2026-03-03T16:04:42+08:0011.483620008509087
2026-03-03T16:07:18+08:0011.49577584635021
2026-03-03T17:13:50+08:0011.497477663647967
2026-03-03T17:15:14+08:0011.488786239591564
2026-03-03T17:15:31+08:0011.640734212605604
2026-03-03T17:47:51+08:0013.160213942746005
2026-03-03T18:04:23+08:0013.361940071719443
2026-03-03T18:06:59+08:0013.362487084422293
2026-03-03T18:07:36+08:0013.238375980064426
2026-03-03T18:08:02+08:0013.29307725034948
2026-03-03T20:16:26+08:0013.293745821430742
2026-03-03T20:19:57+08:0013.34188293928159
2026-03-03T20:20:25+08:0013.335805020361029
2026-03-03T22:07:42+08:0013.336108916307056
2026-03-03T22:08:32+08:0013.308636722786119
2026-03-03T22:10:22+08:0013.27824712818331
2026-03-04T08:46:20+08:0013.262019084665411
2026-03-04T08:46:23+08:0013.274904272777
2026-03-04T08:48:04+08:0013.274904272777
2026-03-04T08:48:47+08:0013.785449462104175
2026-03-04T09:10:26+08:0013.88840940861849
2026-03-04T09:11:16+08:0014.016045705950283
2026-03-04T09:13:20+08:0014.38983771956482
2026-03-04T10:14:32+08:0014.396948884701878
2026-03-04T10:15:07+08:0014.433416398225248
2026-03-04T11:04:09+08:0012.366923965234303
2026-03-04T16:55:43+08:0012.65
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
29,741
→
Avg lots
55.9
→
Oversubscription
34x
34x = 29,741 × 55.9 ÷ 48,390 A+H secondary · participants ×0.45 Robot H-share discount 35.4% margin-weighted 100% → 18.3x
1x6727.0x
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
0.61
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
0.71
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 19.67x and current allocation strategy (Pool A α=0.609, Pool B α=0.709) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoEstun 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 Estun (02715): 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