Margin dynamics Margin multiple31.25x Margin funds51.2100M TradeGo forecast multiple40.62x
Rank Broker Margin funds
1 富途证券富途 20.8100M
2 辉立证券辉立 18.0100M
3 老虎国际老虎 5.5100M
4 华泰国际华泰 1.7100M
5 招银国际招银 1.5100M
6 TradeGo MarketsTradeGo 1.1100M
7 信诚证券信诚 700010K
8 华盛证券华盛 662010K
9 盈立证券盈立 659910K
Margin multiple
TimeMultiple
2026-03-20T06:00:00+08:000
2026-03-20T10:10:01+08:000.0010982306284319707
2026-03-20T10:10:07+08:000.0038438071995118973
2026-03-20T10:10:13+08:000.27230018303843806
2026-03-20T10:49:27+08:000.2727272727272727
2026-03-20T11:10:22+08:000.2840756558877364
2026-03-20T11:11:06+08:000.3441122635753508
2026-03-20T11:11:39+08:000.39292251372788284
2026-03-20T11:12:14+08:000.4002440512507627
2026-03-20T12:06:46+08:000.4071995118974985
2026-03-20T12:07:35+08:000.4582672361195851
2026-03-20T12:10:07+08:000.4643685173886516
2026-03-20T13:40:19+08:000.47480170835875535
2026-03-20T13:40:54+08:000.5810860280658938
2026-03-20T13:41:27+08:000.6420988407565589
2026-03-20T14:16:28+08:000.6518608907870653
2026-03-20T14:16:59+08:000.6605247101891397
2026-03-20T14:17:20+08:001.2584502745576571
2026-03-20T14:19:03+08:001.2649786455155583
2026-03-20T15:16:13+08:001.2712629652226968
2026-03-20T15:16:55+08:001.2732763880414888
2026-03-20T15:20:28+08:001.3342892007321538
2026-03-20T15:24:33+08:001.3403904820012202
2026-03-20T16:26:16+08:001.3432580841976816
2026-03-20T16:27:08+08:001.3591824283099452
2026-03-20T16:27:43+08:001.3652837095790116
2026-03-20T16:28:45+08:001.3896888346552776
2026-03-20T17:06:14+08:001.390726052471019
2026-03-20T17:09:09+08:001.4055521659548504
2026-03-20T17:09:17+08:001.436058572300183
2026-03-20T18:02:00+08:001.4665649786455155
2026-03-20T18:03:33+08:003.479987797437462
2026-03-20T18:03:46+08:003.5037827943868214
2026-03-20T18:05:57+08:003.6194020744356314
2026-03-20T18:06:49+08:003.710921293471629
2026-03-20T18:09:07+08:003.7479560707748627
2026-03-20T20:28:10+08:003.748993288590604
2026-03-20T20:31:34+08:003.780658938377059
2026-03-20T20:32:02+08:003.8416717510677243
2026-03-20T20:32:27+08:003.8965832824893227
2026-03-20T22:23:47+08:003.9225137278828552
2026-03-20T22:24:16+08:003.9469188529591213
2026-03-21T10:25:22+08:003.9669310555216595
2026-03-21T10:26:07+08:003.96882245271507
2026-03-21T10:29:31+08:004.017022574740696
2026-03-21T10:30:31+08:004.017022574740696
2026-03-21T10:31:34+08:004.254972544234289
2026-03-21T10:31:57+08:004.267175106772422
2026-03-21T12:22:05+08:004.2712629652226966
2026-03-21T12:23:37+08:004.273459426479561
2026-03-21T12:25:05+08:004.269310555216595
2026-03-21T12:25:32+08:004.281513117754728
2026-03-21T12:25:45+08:004.336424649176327
2026-03-21T15:25:12+08:004.3339841366687
2026-03-21T15:27:39+08:004.843807199511898
2026-03-21T15:32:57+08:005.002440512507627
2026-03-21T15:33:28+08:005.045149481391092
2026-03-21T18:10:42+08:005.050396583282489
2026-03-21T18:13:44+08:005.079072605247102
2026-03-21T18:14:16+08:005.097376449054301
2026-03-21T18:14:41+08:005.103477730323368
2026-03-21T20:11:26+08:005.103843807199512
2026-03-21T20:13:53+08:005.141488712629652
2026-03-21T20:14:23+08:005.1658938377059185
2026-03-21T20:14:41+08:005.171995118974984
2026-03-21T22:09:24+08:005.170103721781574
2026-03-21T22:11:44+08:005.176327028676022
2026-03-21T22:12:10+08:005.237339841366687
2026-03-21T22:12:29+08:005.37156802928615
2026-03-22T09:21:45+08:005.37156802928615
2026-03-22T10:07:36+08:005.374862721171446
2026-03-22T10:09:36+08:005.49627821842587
2026-03-22T10:10:56+08:005.514582062233069
2026-03-22T10:11:41+08:005.526784624771202
2026-03-22T12:32:36+08:005.545088468578402
2026-03-22T12:32:39+08:005.697620500305064
2026-03-22T12:35:39+08:005.773520439292251
2026-03-22T12:41:12+08:005.778645515558267
2026-03-22T12:41:30+08:005.779011592434411
2026-03-22T15:26:16+08:005.833923123856009
2026-03-22T15:26:20+08:005.840024405125076
2026-03-22T15:26:24+08:005.852226967663209
2026-03-22T15:32:11+08:005.8546064673581455
2026-03-22T15:32:15+08:005.859548505186089
2026-03-22T15:32:19+08:005.863087248322148
2026-03-22T15:42:40+08:005.863514338010982
2026-03-22T15:42:45+08:005.8640024405125075
2026-03-22T15:42:49+08:005.865222696766321
2026-03-22T19:11:55+08:005.944539353264186
2026-03-22T19:12:00+08:006.457046979865772
2026-03-22T19:12:04+08:006.560768761439903
2026-03-22T19:12:08+08:006.585173886516168
2026-03-22T19:13:41+08:006.632214765100671
2026-03-22T19:13:45+08:006.656497864551556
2026-03-22T19:25:29+08:006.656680902989628
2026-03-22T19:25:33+08:006.657169005491153
2026-03-22T19:25:37+08:006.657413056741916
2026-03-22T19:25:41+08:006.658267236119585
2026-03-22T22:11:18+08:006.731482611348383
2026-03-22T22:11:46+08:006.694874923733984
2026-03-22T22:13:33+08:006.770225747406956
2026-03-22T22:13:53+08:006.770347773032337
2026-03-22T22:14:15+08:006.774679682733374
2026-03-23T08:39:56+08:006.775350823672971
2026-03-23T08:40:12+08:006.681818181818182
2026-03-23T08:41:25+08:006.657413056741916
2026-03-23T08:42:11+08:006.657413056741916
2026-03-23T09:15:11+08:006.662233068944478
2026-03-23T09:15:43+08:006.155826723611958
2026-03-23T09:16:23+08:006.1564368517388655
2026-03-23T09:16:27+08:006.175777913361806
2026-03-23T09:17:40+08:006.179926784624771
2026-03-23T09:18:23+08:006.202684563758389
2026-03-23T09:19:26+08:006.3247101891397195
2026-03-23T09:20:46+08:006.985356924954241
2026-03-23T10:04:54+08:006.986882245271507
2026-03-23T10:05:00+08:006.983709579011593
2026-03-23T10:05:44+08:007.0164124466137885
2026-03-23T10:06:40+08:007.052532031726662
2026-03-23T10:07:39+08:007.113544844417327
2026-03-23T10:43:46+08:007.114521049420378
2026-03-23T10:44:08+08:007.114582062233069
2026-03-23T11:07:08+08:007.115436241610738
2026-03-23T11:07:21+08:007.124649176327028
2026-03-23T11:08:41+08:007.129286150091519
2026-03-23T11:09:53+08:007.1392922513727886
2026-03-23T11:11:24+08:007.20640634533252
2026-03-23T11:56:48+08:007.208602806589384
2026-03-23T11:56:59+08:007.2098840756558875
2026-03-23T12:13:35+08:007.2319097010372175
2026-03-23T12:14:12+08:007.247528981086028
2026-03-23T12:15:35+08:007.290237949969494
2026-03-23T12:17:39+08:007.290298962782185
2026-03-23T13:41:11+08:007.290604026845638
2026-03-23T13:42:02+08:007.273093349603417
2026-03-23T14:06:36+08:007.278401464307505
2026-03-23T14:07:14+08:007.27614399023795
2026-03-23T14:08:28+08:007.7947528981086025
2026-03-23T14:10:05+08:007.773093349603417
2026-03-23T15:14:06+08:007.780292861500915
2026-03-23T15:14:47+08:007.82843197071385
2026-03-23T15:16:47+08:007.956558877364246
2026-03-23T15:18:01+08:007.9566809029896275
2026-03-23T15:37:46+08:007.959365466748017
2026-03-23T15:41:50+08:008.258328248932276
2026-03-23T16:16:27+08:008.265527760829775
2026-03-23T16:17:24+08:008.106894447834046
2026-03-23T16:18:09+08:008.10732153752288
2026-03-23T16:18:27+08:008.106711409395974
2026-03-23T16:19:34+08:008.107809640024405
2026-03-23T16:57:33+08:008.108907870652837
2026-03-23T17:04:05+08:008.098657718120805
2026-03-23T17:05:45+08:008.069310555216596
2026-03-23T17:07:33+08:008.069188529591214
2026-03-23T17:08:17+08:008.09359365466748
2026-03-23T17:45:41+08:008.136302623550947
2026-03-23T17:46:48+08:008.258328248932276
2026-03-23T17:48:05+08:008.868456375838926
2026-03-23T18:16:56+08:008.869615619280049
2026-03-23T18:17:50+08:008.870408785845028
2026-03-23T18:21:21+08:008.825930445393533
2026-03-23T18:21:52+08:008.8137278828554
2026-03-23T18:23:21+08:008.845027455765711
2026-03-23T20:18:14+08:008.84691885295912
2026-03-23T20:19:32+08:008.881879194630873
2026-03-23T20:22:23+08:008.88816351433801
2026-03-23T20:23:01+08:008.94307504575961
2026-03-23T20:23:36+08:008.997986577181209
2026-03-23T22:09:23+08:009.006833435021354
2026-03-23T22:11:55+08:009.008846857840146
2026-03-23T22:12:26+08:009.00274557657108
2026-03-24T08:37:18+08:009.199816961561927
2026-03-24T08:37:20+08:009.40268456375839
2026-03-24T08:40:32+08:0010.470408785845027
2026-03-24T08:43:30+08:0010.478157413056742
2026-03-24T08:43:58+08:0010.478157413056742
2026-03-24T08:48:48+08:0010.478218425869432
2026-03-24T09:19:26+08:0010.504942037827943
2026-03-24T09:20:10+08:0010.648505186089078
2026-03-24T09:21:49+08:0011.057291031116534
2026-03-24T09:22:40+08:0011.057535082367297
2026-03-24T09:22:51+08:0011.058389261744967
2026-03-24T09:29:36+08:0011.173520439292252
2026-03-24T10:18:38+08:0011.2431360585723
2026-03-24T10:20:06+08:0011.01738865161684
2026-03-24T10:21:15+08:0011.018486882245272
2026-03-24T10:21:27+08:0011.019646125686394
2026-03-24T10:22:26+08:0011.01928004881025
2026-03-24T11:00:13+08:0011.018913971934106
2026-03-24T11:00:48+08:0011.026662599145821
2026-03-24T11:02:19+08:0011.062599145820622
2026-03-24T11:03:45+08:0011.147040878584503
2026-03-24T11:06:49+08:0011.232458816351434
2026-03-24T11:49:36+08:0011.231421598535693
2026-03-24T11:49:39+08:0011.27242220866382
2026-03-24T11:49:42+08:0011.484685784014642
2026-03-24T12:07:10+08:0011.512202562538134
2026-03-24T12:08:06+08:0011.571323978035387
2026-03-24T12:09:26+08:0011.894691885295913
2026-03-24T12:11:27+08:0011.90170835875534
2026-03-24T13:44:03+08:0011.900488102501525
2026-03-24T13:45:14+08:0011.94319707138499
2026-03-24T13:47:31+08:0011.944844417327639
2026-03-24T13:47:33+08:0012.07791336180598
2026-03-24T13:47:36+08:0012.083648566198901
2026-03-24T13:47:39+08:0012.112629652226968
2026-03-24T13:47:41+08:0012.202867602196461
2026-03-24T13:47:44+08:0012.134045149481391
2026-03-24T13:47:47+08:0012.097132397803538
2026-03-24T13:49:14+08:0012.105064063453325
2026-03-24T14:08:26+08:0012.179072605247102
2026-03-24T14:08:59+08:0012.156985967053082
2026-03-24T14:10:12+08:0012.638987187309334
2026-03-24T14:11:01+08:0012.641427699816962
2026-03-24T14:12:09+08:0012.797986577181208
2026-03-24T15:14:03+08:0012.85234899328859
2026-03-24T15:14:59+08:0013.486882245271508
2026-03-24T15:16:32+08:0013.489444783404515
2026-03-24T15:18:49+08:0013.481025015253204
2026-03-24T15:18:52+08:0013.537278828553996
2026-03-24T15:18:54+08:0013.522147651006712
2026-03-24T15:18:57+08:0013.520134228187919
2026-03-24T15:46:56+08:0013.521781574130568
2026-03-24T16:12:23+08:0014.069554606467358
2026-03-24T16:14:05+08:0014.161073825503356
2026-03-24T16:14:40+08:0014.164856619890177
2026-03-24T16:17:21+08:0014.286882245271507
2026-03-24T16:35:11+08:0014.288834655277608
2026-03-24T17:07:39+08:0014.292983526540574
2026-03-24T17:09:16+08:0014.457718120805369
2026-03-24T17:10:16+08:0014.455704697986578
2026-03-24T17:20:50+08:0014.45863331299573
2026-03-24T17:33:16+08:0016.89914582062233
2026-03-24T18:06:54+08:0016.905613178767542
2026-03-24T18:08:08+08:0017.009334960341672
2026-03-24T18:09:39+08:0017.12202562538133
2026-03-24T20:21:43+08:0017.122452715070164
2026-03-24T20:25:12+08:0017.181818181818183
2026-03-24T20:25:39+08:0017.492983526540574
2026-03-24T20:26:13+08:0017.926174496644297
2026-03-24T22:00:29+08:0017.840756558877363
2026-03-24T22:13:34+08:0017.842892007321538
2026-03-24T22:15:31+08:0017.830628431970712
2026-03-24T22:15:59+08:0017.934350213544846
2026-03-25T08:35:30+08:0017.933312995729104
2026-03-25T08:38:32+08:0017.965039658328248
2026-03-25T08:38:44+08:0018.379072605247103
2026-03-25T08:41:00+08:0021.869005491153143
2026-03-25T08:41:36+08:0021.869005491153143
2026-03-25T09:15:36+08:0021.94301403294692
2026-03-25T09:17:56+08:0022.21757169005491
2026-03-25T09:18:55+08:0022.21824283099451
2026-03-25T09:19:01+08:0022.218669920683343
2026-03-25T09:21:18+08:0022.176510067114094
2026-03-25T09:35:39+08:0022.17687614399024
2026-03-25T09:36:02+08:0022.2744966442953
2026-03-25T10:04:30+08:0022.411531421598536
2026-03-25T10:05:48+08:0024.052776082977424
2026-03-25T10:34:52+08:0024.053020134228188
2026-03-25T10:35:02+08:0024.052593044539353
2026-03-25T11:11:37+08:0029.97083587553386
2026-03-25T17:25:24+08:0031.25
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
20,093
→
Avg lots
79.3
→
Oversubscription
37x
37x = 20,093 × 79.3 ÷ 42,985 margin-weighted 100% → 40.6x
1x6101.0x
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 50.66x and current allocation strategy (Pool A α=0.613, Pool B α=0.713) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoEpiworld 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 Epiworld (02726): 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