Margin dynamics Margin multiple4060.48x Margin funds2043.5100M TradeGo forecast multiple5238.02x
Rank Broker Margin funds
1 富途证券富途 1310.1100M
2 辉立证券辉立 296.0100M
3 老虎国际老虎 221.8100M
4 华泰国际华泰 70.4100M
5 华盛证券华盛 32.5100M
6 盈立证券盈立 30.1100M
7 致富证券致富 26.3100M
8 复星国际复星 15.6100M
9 熊猫证券熊猫 14.0100M
Margin multiple
TimeMultiple
2026-05-18T06:00:00+08:000
2026-05-18T10:09:17+08:000.006358036956089807
2026-05-18T10:09:29+08:000.4065169878799921
2026-05-18T10:09:36+08:001.0423206834889729
2026-05-18T11:10:42+08:001.0425193721438506
2026-05-18T11:11:02+08:002.4452612755811645
2026-05-18T11:11:30+08:004.928869461553745
2026-05-18T11:53:14+08:004.9845022849195315
2026-05-18T11:53:44+08:005.143453208821776
2026-05-18T12:08:20+08:005.235644744685079
2026-05-18T12:09:33+08:005.945559308563481
2026-05-18T12:10:13+08:007.018478044903636
2026-05-18T12:10:35+08:007.034174448638983
2026-05-18T13:44:33+08:007.146632227299821
2026-05-18T13:44:45+08:007.146830915954699
2026-05-18T13:45:53+08:007.431750447049473
2026-05-18T13:46:05+08:007.432743890323862
2026-05-18T13:46:27+08:008.58513808861514
2026-05-18T13:47:49+08:008.654480429167494
2026-05-18T13:48:08+08:008.664216173256508
2026-05-18T14:29:45+08:009.146036161335187
2026-05-18T14:30:38+08:009.58156169282734
2026-05-18T14:30:58+08:0010.276971984899662
2026-05-18T14:31:29+08:0010.286509040333797
2026-05-18T14:31:51+08:0010.50268229684085
2026-05-18T14:33:11+08:0011.068944963242599
2026-05-18T15:07:45+08:0011.07868070733161
2026-05-18T15:08:08+08:0011.255314921517982
2026-05-18T15:08:53+08:0011.292271011325253
2026-05-18T15:09:20+08:0011.928074706934234
2026-05-18T15:42:16+08:0011.929068150208623
2026-05-18T15:42:30+08:0012.16749453606199
2026-05-18T16:09:29+08:0012.300218557520365
2026-05-18T16:10:20+08:0013.194317504470495
2026-05-18T16:10:49+08:0013.196900456983906
2026-05-18T16:11:01+08:0013.2282932644546
2026-05-18T16:11:30+08:0013.790979535068548
2026-05-18T16:34:46+08:0013.88396582555136
2026-05-18T17:16:25+08:0013.892310749056229
2026-05-18T17:16:58+08:0014.120007947546195
2026-05-18T17:18:03+08:0015.073713490959666
2026-05-18T17:35:41+08:0015.07868070733161
2026-05-18T18:09:38+08:0015.763759189350289
2026-05-18T18:09:54+08:0019.141466322272997
2026-05-18T18:10:06+08:0019.16570633816809
2026-05-18T18:10:28+08:0020.91297436916352
2026-05-18T18:11:08+08:0020.99483409497318
2026-05-18T18:11:25+08:0030.432545201668983
2026-05-18T18:12:35+08:0030.411484204251938
2026-05-18T20:13:08+08:0030.82773693622094
2026-05-18T20:14:07+08:0031.350089409894697
2026-05-18T20:14:37+08:0031.657063381680906
2026-05-18T20:15:17+08:0034.2104112855156
2026-05-18T20:15:37+08:0041.899662229286704
2026-05-18T20:15:59+08:0046.33041923306179
2026-05-18T22:04:06+08:0046.338565467911785
2026-05-18T22:04:40+08:0046.36856745479833
2026-05-18T22:05:17+08:0048.12418040929863
2026-05-18T22:05:36+08:0050.46870653685674
2026-05-18T22:05:55+08:0055.873037949533085
2026-05-19T08:37:48+08:0057.1011325253328
2026-05-19T08:37:50+08:0058.08404530101331
2026-05-19T08:38:22+08:0058.099940393403536
2026-05-19T08:38:25+08:0058.03437313729386
2026-05-19T08:39:14+08:0058.03437313729386
2026-05-19T08:39:35+08:0076.2739916550765
2026-05-19T09:00:39+08:0079.75124180409298
2026-05-19T09:02:10+08:0082.68348897277966
2026-05-19T09:13:48+08:0083.12278958871448
2026-05-19T09:14:19+08:0083.3500894098947
2026-05-19T09:14:46+08:0083.36777270017882
2026-05-19T09:15:28+08:0087.85813630041724
2026-05-19T09:16:08+08:0088.25551361017286
2026-05-19T10:02:14+08:0089.02900854361216
2026-05-19T10:03:07+08:0090.17464732763759
2026-05-19T10:03:52+08:0090.39062189548977
2026-05-19T10:04:16+08:0090.85595072521359
2026-05-19T10:04:34+08:0090.88217762765746
2026-05-19T10:05:36+08:00100.39936419630439
2026-05-19T10:30:59+08:00100.53685674547984
2026-05-19T11:05:09+08:00101.59308563481025
2026-05-19T11:05:23+08:00101.86846811047089
2026-05-19T11:06:17+08:00103.16570633816809
2026-05-19T11:06:46+08:00103.18835684482416
2026-05-19T11:07:05+08:00113.54003576395787
2026-05-19T11:36:52+08:00113.7152791575601
2026-05-19T11:50:36+08:00114.47029604609577
2026-05-19T12:08:08+08:00115.48480031790184
2026-05-19T12:09:06+08:00115.49692032584939
2026-05-19T12:09:33+08:00116.27319690045698
2026-05-19T12:10:17+08:00116.37730975561296
2026-05-19T12:10:32+08:00125.29843035962647
2026-05-19T13:43:45+08:00125.37373335982515
2026-05-19T13:43:54+08:00125.41366977945559
2026-05-19T13:44:23+08:00125.96999801311345
2026-05-19T13:44:46+08:00125.92012716073913
2026-05-19T13:45:21+08:00125.92092191535863
2026-05-19T13:45:39+08:00134.66322272998212
2026-05-19T13:46:01+08:00135.40830518577388
2026-05-19T14:16:05+08:00136.13570435128153
2026-05-19T14:16:18+08:00136.46671965030797
2026-05-19T14:16:36+08:00138.41386846811048
2026-05-19T14:16:53+08:00138.4512219352275
2026-05-19T14:18:00+08:00145.40532485595074
2026-05-19T14:18:39+08:00147.27856149413867
2026-05-19T15:03:00+08:00147.28054838068746
2026-05-19T15:03:29+08:00148.34134710908006
2026-05-19T15:04:18+08:00150.6264653288297
2026-05-19T15:04:40+08:00150.655275183787
2026-05-19T15:05:20+08:00151.39082058414465
2026-05-19T15:05:46+08:00161.7027617723028
2026-05-19T15:31:42+08:00162.20882177627658
2026-05-19T16:01:58+08:00163.15895092390224
2026-05-19T16:02:14+08:00163.41506060003974
2026-05-19T17:14:16+08:00171.64077091198092
2026-05-19T17:14:25+08:00183.04549970196703
2026-05-19T17:15:20+08:00185.93582356447448
2026-05-19T17:15:23+08:00188.64573812835286
2026-05-19T17:16:29+08:00188.65746075899065
2026-05-19T17:16:44+08:00188.67355454003575
2026-05-19T17:17:57+08:00188.88356844824162
2026-05-19T17:18:28+08:00191.06914365189746
2026-05-19T17:18:48+08:00192.25650705344725
2026-05-19T17:19:23+08:00192.40532485595074
2026-05-19T17:39:35+08:00192.61653089608583
2026-05-19T18:00:10+08:00193.1531889529108
2026-05-19T18:00:39+08:00195.73614146632227
2026-05-19T18:01:10+08:00195.91714683091595
2026-05-19T18:02:01+08:00198.45440095370554
2026-05-19T18:03:28+08:00199.12855155970595
2026-05-19T18:03:48+08:00199.12000794754618
2026-05-19T18:26:57+08:00205.35883171070932
2026-05-19T20:21:54+08:00205.46433538644942
2026-05-19T20:22:49+08:00205.50983508841645
2026-05-19T20:23:17+08:00207.18199880786807
2026-05-19T20:23:32+08:00211.19550963639975
2026-05-19T20:23:46+08:00214.29505265249355
2026-05-19T21:52:35+08:00214.3107490562289
2026-05-19T21:52:51+08:00216.27816411682892
2026-05-19T21:53:04+08:00216.31651102722034
2026-05-19T21:53:13+08:00218.3232664414862
2026-05-19T22:08:41+08:00219.84025432147826
2026-05-19T22:08:55+08:00219.92012716073913
2026-05-19T22:09:04+08:00224.4700973574409
2026-05-20T08:10:09+08:00225.7099145638784
2026-05-20T08:10:19+08:00230.43532684283727
2026-05-20T08:10:35+08:00230.48460162924698
2026-05-20T08:10:44+08:00230.60679515199683
2026-05-20T08:11:01+08:00230.60679515199683
2026-05-20T08:11:14+08:00256.5356646135506
2026-05-20T09:11:50+08:00260.9582753824757
2026-05-20T09:12:01+08:00261.4085038744288
2026-05-20T09:12:07+08:00263.2928670772899
2026-05-20T09:12:14+08:00263.57063381680905
2026-05-20T09:12:21+08:00271.5579177428969
2026-05-20T10:07:36+08:00272.32783628054835
2026-05-20T10:07:49+08:00273.1225909000596
2026-05-20T10:07:55+08:00273.96562686270613
2026-05-20T10:08:01+08:00274.24577786608387
2026-05-20T10:08:11+08:00277.37432942578977
2026-05-20T10:08:26+08:00290.2890919928472
2026-05-20T11:04:23+08:00290.5002980329823
2026-05-20T11:05:12+08:00291.05304987085236
2026-05-20T11:05:42+08:00291.50248360818597
2026-05-20T11:06:05+08:00293.85515597059407
2026-05-20T11:06:50+08:00293.87542221339163
2026-05-20T11:06:59+08:00306.47228293264453
2026-05-20T12:11:32+08:00306.78640969600633
2026-05-20T12:11:58+08:00307.2594873832704
2026-05-20T12:12:43+08:00307.4816212994238
2026-05-20T12:13:06+08:00308.9149612557123
2026-05-20T12:13:35+08:00309.06556725610966
2026-05-20T12:13:42+08:00319.55632823365784
2026-05-20T12:39:19+08:00320.3312139876813
2026-05-20T13:40:30+08:00320.9632425988476
2026-05-20T13:41:12+08:00321.1120604013511
2026-05-20T13:41:37+08:00323.45281144446653
2026-05-20T13:42:19+08:00323.5318895291079
2026-05-20T13:42:30+08:00333.1682892906815
2026-05-20T13:43:02+08:00333.36717663421416
2026-05-20T14:10:08+08:00333.59407907808463
2026-05-20T14:10:26+08:00333.81402741903435
2026-05-20T14:11:18+08:00336.0913967812438
2026-05-20T14:12:11+08:00336.1710709318498
2026-05-20T14:12:20+08:00350.05940790780846
2026-05-20T14:52:26+08:00354.4901649115836
2026-05-20T14:54:54+08:00354.8460162924697
2026-05-20T15:05:55+08:00355.3634015497715
2026-05-20T15:06:24+08:00355.5175839459567
2026-05-20T15:06:58+08:00357.3016093781045
2026-05-20T15:07:29+08:00357.33955891118615
2026-05-20T15:07:34+08:00371.84383071726603
2026-05-20T16:09:56+08:00372.59407907808463
2026-05-20T16:10:22+08:00374.3822769719849
2026-05-20T16:10:40+08:00378.39181402741906
2026-05-20T16:11:02+08:00378.89568845618913
2026-05-20T16:11:29+08:00418.52592886946155
2026-05-20T16:11:52+08:00418.575601033181
2026-05-20T16:12:03+08:00609.6743492946553
2026-05-20T17:16:33+08:00627.7550168885357
2026-05-20T17:16:45+08:00628.8036956089808
2026-05-20T17:17:10+08:00632.3689648321081
2026-05-20T17:17:29+08:00639.9135704351281
2026-05-20T17:17:49+08:00691.198489966223
2026-05-20T17:18:06+08:00691.2388237631632
2026-05-20T17:18:12+08:00947.7458772104113
2026-05-20T17:50:16+08:00953.3091595469899
2026-05-20T17:50:25+08:00959.801708722432
2026-05-20T17:50:44+08:001079.014901649116
2026-05-20T17:50:58+08:001081.3991655076495
2026-05-20T18:01:07+08:001120.1831909397974
2026-05-20T18:02:59+08:001137.320286111663
2026-05-20T18:03:31+08:001142.1202066362011
2026-05-20T18:03:52+08:001171.9811245777867
2026-05-20T18:04:07+08:001178.6481223922115
2026-05-20T18:09:52+08:001331.3800913967812
2026-05-20T20:04:12+08:001336.8187959467514
2026-05-20T20:04:45+08:001342.0359626465329
2026-05-20T20:05:28+08:001347.7216371945162
2026-05-20T20:06:23+08:001379.5708325054638
2026-05-20T20:06:39+08:001491.988873435327
2026-05-20T20:06:57+08:001590.160937810451
2026-05-20T21:35:59+08:001594.6298430359627
2026-05-20T21:36:34+08:001612.638982714087
2026-05-20T21:36:55+08:001614.95966620306
2026-05-20T21:37:08+08:001733.1794158553546
2026-05-20T22:09:56+08:001757.3792966421618
2026-05-20T22:10:09+08:001760.2964434730777
2026-05-20T22:10:22+08:001915.4126763361812
2026-05-21T08:42:50+08:001952.755811643155
2026-05-21T08:43:01+08:002040.7878005165906
2026-05-21T08:43:42+08:002043.9908603218755
2026-05-21T08:43:53+08:002048.6671965030796
2026-05-21T08:44:50+08:002754.5682495529504
2026-05-21T08:45:28+08:002754.5682495529504
2026-05-21T08:45:49+08:002782.2257103119414
2026-05-21T09:00:34+08:002790.5082455791776
2026-05-21T09:01:46+08:002810.917146830916
2026-05-21T09:02:54+08:002899.632823365786
2026-05-21T09:07:40+08:002924.5344724816214
2026-05-21T09:08:05+08:002925.6203059805284
2026-05-21T09:08:33+08:003113.5797734949333
2026-05-21T09:40:28+08:003118.149612557123
2026-05-21T09:40:48+08:003135.678521756408
2026-05-21T10:09:52+08:003139.3163123385657
2026-05-21T10:10:21+08:003177.7601827935623
2026-05-21T10:11:04+08:003539.8106497119015
2026-05-21T11:07:29+08:003544.184780449036
2026-05-21T11:48:22+08:004007.1293463143256
2026-05-21T17:31:20+08:004060.48
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
21,056
→
Avg lots
67.7
→
Oversubscription
157x
157x = 21,056 × 67.7 ÷ 9,068 margin-weighted 100% → 5238.0x
1x19869.0x
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
0.52
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 5480.23x and current allocation strategy (Pool A α=0.522, Pool B α=0.576) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoDeepzero 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 Deepzero (02723): 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