Margin dynamics Margin multiple790.26x Margin funds158.1100M TradeGo forecast multiple1027.34x
Rank Broker Margin funds
1 富途证券富途 103.5100M
2 辉立证券辉立 20.0100M
3 老虎国际老虎 17.2100M
4 华泰国际华泰 5.5100M
5 信诚证券信诚 5.0100M
6 盈立证券盈立 1.6100M
7 致富证券致富 1.4100M
8 华盛证券华盛 1.3100M
9 TradeGo MarketsTradeGo 1.3100M
Margin multiple
TimeMultiple
2026-06-30T06:00:00+08:000
2026-06-30T10:28:19+08:000.005
2026-06-30T10:28:24+08:000.0125
2026-06-30T11:19:11+08:000.0265
2026-06-30T11:19:25+08:000.037
2026-06-30T11:40:50+08:000.0395
2026-06-30T12:14:21+08:000.047
2026-06-30T12:19:11+08:000.112
2026-06-30T12:25:05+08:000.1225
2026-06-30T12:26:36+08:000.1725
2026-06-30T14:05:23+08:000.1745
2026-06-30T14:05:26+08:000.1785
2026-06-30T14:07:14+08:000.1805
2026-06-30T14:07:17+08:000.1825
2026-06-30T14:14:22+08:000.187
2026-06-30T14:14:25+08:000.218
2026-06-30T14:24:48+08:000.243
2026-06-30T14:30:05+08:000.261
2026-06-30T15:03:43+08:000.264
2026-06-30T15:05:53+08:000.2855
2026-06-30T15:10:32+08:000.4355
2026-06-30T15:17:35+08:000.437
2026-06-30T15:21:55+08:000.487
2026-06-30T16:27:05+08:000.488
2026-06-30T16:29:01+08:000.492
2026-06-30T16:33:00+08:000.4955
2026-06-30T16:39:48+08:000.503
2026-06-30T16:41:26+08:000.603
2026-06-30T17:06:50+08:000.606
2026-06-30T17:08:44+08:000.6175
2026-06-30T17:11:14+08:000.627
2026-06-30T17:17:35+08:000.877
2026-06-30T17:48:21+08:003.377
2026-06-30T18:05:54+08:003.4045
2026-06-30T18:12:21+08:003.407
2026-06-30T18:21:06+08:003.4205
2026-06-30T20:08:46+08:003.4235
2026-06-30T20:12:22+08:003.4275
2026-06-30T20:13:14+08:003.4295
2026-06-30T20:17:19+08:003.474
2026-06-30T22:00:29+08:003.475
2026-06-30T22:08:44+08:003.4905
2026-06-30T22:10:38+08:003.5905
2026-07-01T08:44:49+08:003.5965
2026-07-01T08:44:52+08:003.6355
2026-07-01T08:58:00+08:003.6855
2026-07-01T09:02:24+08:003.6855
2026-07-01T09:05:43+08:003.741
2026-07-01T09:12:33+08:003.7605
2026-07-01T09:17:57+08:003.874
2026-07-01T09:23:43+08:003.9475
2026-07-01T10:18:11+08:003.9495
2026-07-01T10:22:15+08:003.9505
2026-07-01T10:26:17+08:004.1505
2026-07-01T10:28:39+08:004.152
2026-07-01T11:09:01+08:004.154
2026-07-01T11:10:36+08:004.158
2026-07-01T11:16:23+08:004.163
2026-07-01T11:20:00+08:004.213
2026-07-01T12:13:52+08:004.2155
2026-07-01T12:18:03+08:004.2185
2026-07-01T12:20:06+08:004.22
2026-07-01T14:11:47+08:004.2235
2026-07-01T14:11:50+08:004.224
2026-07-01T14:15:26+08:004.226
2026-07-01T14:15:28+08:004.388
2026-07-01T14:19:27+08:004.238
2026-07-01T14:26:20+08:004.2395
2026-07-01T14:26:23+08:004.2405
2026-07-01T14:30:48+08:004.258
2026-07-01T15:09:40+08:004.2605
2026-07-01T15:13:02+08:004.356
2026-07-01T15:17:37+08:004.3575
2026-07-01T16:15:01+08:004.3585
2026-07-01T16:18:09+08:004.3815
2026-07-01T16:21:59+08:004.7315
2026-07-01T16:23:40+08:004.733
2026-07-01T17:03:57+08:004.737
2026-07-01T17:06:28+08:004.756
2026-07-01T17:12:07+08:004.758
2026-07-01T18:02:25+08:004.7695
2026-07-01T18:05:33+08:004.774
2026-07-01T18:08:36+08:004.782
2026-07-01T18:09:38+08:005.082
2026-07-01T18:18:11+08:005.112
2026-07-01T20:58:29+08:005.124
2026-07-01T20:59:54+08:005.1255
2026-07-01T21:01:47+08:004.8755
2026-07-01T21:04:04+08:004.887
2026-07-01T22:10:19+08:004.9825
2026-07-01T22:12:45+08:004.986
2026-07-02T08:44:42+08:005.184
2026-07-02T08:44:45+08:005.2245
2026-07-02T08:52:31+08:005.8745
2026-07-02T08:59:22+08:005.8745
2026-07-02T09:13:02+08:005.902
2026-07-02T09:19:06+08:005.908
2026-07-02T09:29:37+08:005.941
2026-07-02T09:51:17+08:006.114
2026-07-02T10:14:30+08:006.1255
2026-07-02T10:19:23+08:006.1295
2026-07-02T10:21:14+08:006.1205
2026-07-02T10:22:39+08:006.121
2026-07-02T10:25:53+08:006.071
2026-07-02T11:14:02+08:006.1135
2026-07-02T11:17:08+08:006.1385
2026-07-02T11:18:51+08:006.142
2026-07-02T11:20:39+08:006.1455
2026-07-02T12:11:37+08:006.1495
2026-07-02T12:16:53+08:006.157
2026-07-02T12:24:26+08:006.1605
2026-07-02T13:45:19+08:006.1715
2026-07-02T14:08:12+08:006.2215
2026-07-02T14:08:15+08:006.2245
2026-07-02T14:14:40+08:006.254
2026-07-02T14:14:42+08:006.262
2026-07-02T14:24:22+08:006.2665
2026-07-02T14:24:24+08:006.6165
2026-07-02T14:24:27+08:006.616
2026-07-02T14:24:30+08:006.466
2026-07-02T14:36:23+08:007.583
2026-07-02T15:01:11+08:007.586
2026-07-02T15:03:26+08:007.5905
2026-07-02T15:06:37+08:007.593
2026-07-02T15:13:35+08:008.043
2026-07-02T16:05:23+08:008.109
2026-07-02T16:07:31+08:008.1095
2026-07-02T16:12:09+08:008.0595
2026-07-02T16:14:29+08:008.074
2026-07-02T16:15:57+08:008.0775
2026-07-02T17:04:35+08:008.161
2026-07-02T17:05:59+08:008.1765
2026-07-02T17:08:44+08:008.286
2026-07-02T17:14:16+08:008.886
2026-07-02T17:51:24+08:0016.386
2026-07-02T18:09:46+08:0016.4645
2026-07-02T18:17:29+08:0016.479
2026-07-02T18:21:34+08:0016.4985
2026-07-02T18:23:10+08:0016.5265
2026-07-02T18:23:50+08:0016.4765
2026-07-02T20:41:47+08:0016.4785
2026-07-02T20:44:55+08:0016.52
2026-07-02T20:49:56+08:0017.3605
2026-07-02T20:51:46+08:0019.3605
2026-07-02T21:49:51+08:0019.4915
2026-07-02T22:10:04+08:0019.981
2026-07-02T22:11:48+08:0023.431
2026-07-03T08:37:07+08:0023.4355
2026-07-03T08:40:17+08:0023.5915
2026-07-03T08:40:20+08:0026.002
2026-07-03T08:46:13+08:0026.002
2026-07-03T08:48:43+08:0033.302
2026-07-03T09:02:17+08:0033.567
2026-07-03T09:09:57+08:0033.587
2026-07-03T09:12:44+08:0034.1355
2026-07-03T09:14:50+08:0035.4855
2026-07-03T09:19:01+08:0036.539
2026-07-03T10:16:29+08:0035.6835
2026-07-03T10:20:45+08:0038.9835
2026-07-03T10:26:58+08:0039.021
2026-07-03T10:30:11+08:0039.054
2026-07-03T11:14:07+08:0039.067
2026-07-03T11:16:08+08:0041.567
2026-07-03T11:16:53+08:0041.5705
2026-07-03T11:18:27+08:0041.5935
2026-07-03T11:19:28+08:0041.6755
2026-07-03T11:22:32+08:0041.683
2026-07-03T11:41:26+08:0041.708
2026-07-03T11:41:54+08:0041.837
2026-07-03T12:26:00+08:0041.75
2026-07-03T12:26:39+08:0041.812
2026-07-03T12:27:06+08:0041.867
2026-07-03T12:28:38+08:0042.613
2026-07-03T12:30:48+08:0044.413
2026-07-03T12:32:51+08:0044.503
2026-07-03T12:35:05+08:0044.504
2026-07-03T12:35:45+08:0044.55
2026-07-03T13:40:31+08:0044.5485
2026-07-03T13:43:18+08:0044.8985
2026-07-03T13:44:42+08:0044.923
2026-07-03T13:45:57+08:0044.9405
2026-07-03T13:48:55+08:0046.091
2026-07-03T14:00:58+08:0046.12
2026-07-03T14:03:00+08:0047.085
2026-07-03T14:07:37+08:0047.097
2026-07-03T14:10:36+08:0047.397
2026-07-03T14:13:17+08:0047.426
2026-07-03T14:14:09+08:0048.7105
2026-07-03T14:34:01+08:0050.758
2026-07-03T14:34:25+08:0051.2925
2026-07-03T15:19:56+08:0051.379
2026-07-03T15:21:50+08:0052.929
2026-07-03T15:23:32+08:0053.2635
2026-07-03T15:23:34+08:0053.558
2026-07-03T15:23:37+08:0053.5915
2026-07-03T15:24:48+08:0053.5985
2026-07-03T15:25:46+08:0053.633
2026-07-03T16:02:05+08:0053.7895
2026-07-03T16:02:20+08:0053.6555
2026-07-03T16:03:33+08:0053.692
2026-07-03T16:04:37+08:0054.117
2026-07-03T16:06:31+08:0058.017
2026-07-03T16:07:34+08:0058.078
2026-07-03T16:09:21+08:0058.109
2026-07-03T17:08:55+08:0058.5355
2026-07-03T17:10:48+08:0058.658
2026-07-03T17:13:46+08:0058.856
2026-07-03T17:14:33+08:0058.8525
2026-07-03T17:14:45+08:0058.8825
2026-07-03T17:15:20+08:0060.6325
2026-07-03T17:19:22+08:0085.5825
2026-07-03T18:26:56+08:0085.601
2026-07-03T18:28:28+08:0085.617
2026-07-03T18:32:28+08:00100.617
2026-07-03T18:34:12+08:00100.9045
2026-07-03T18:39:40+08:00101.0385
2026-07-03T18:40:34+08:00101.1075
2026-07-03T18:42:49+08:00102.6075
2026-07-03T18:47:40+08:00103.3225
2026-07-03T21:05:13+08:00103.741
2026-07-03T21:07:05+08:00103.9435
2026-07-03T21:12:37+08:00104.0755
2026-07-03T21:14:01+08:00108.7755
2026-07-03T21:14:59+08:00110.2255
2026-07-04T09:32:56+08:00110.2255
2026-07-04T09:34:39+08:00110.2255
2026-07-04T09:36:47+08:00110.6125
2026-07-04T09:40:04+08:00111.9185
2026-07-04T09:41:26+08:00113.2905
2026-07-04T09:42:37+08:00120.6405
2026-07-04T09:43:11+08:00120.4405
2026-07-04T10:26:53+08:00120.5135
2026-07-04T10:27:59+08:00120.531
2026-07-04T10:29:55+08:00121.304
2026-07-04T10:31:42+08:00122.604
2026-07-04T12:03:08+08:00122.684
2026-07-04T12:10:25+08:00122.9025
2026-07-04T12:12:04+08:00122.956
2026-07-04T12:13:42+08:00123.556
2026-07-04T12:14:06+08:00124.306
2026-07-04T15:36:30+08:00124.5295
2026-07-04T15:38:27+08:00124.5
2026-07-04T15:39:41+08:00124.5655
2026-07-04T15:42:01+08:00126.8155
2026-07-04T15:42:29+08:00128.0655
2026-07-04T18:33:46+08:00128.1565
2026-07-04T18:35:17+08:00128.3325
2026-07-04T18:37:37+08:00128.5175
2026-07-04T18:40:07+08:00128.756
2026-07-04T18:40:57+08:00130.356
2026-07-04T18:41:22+08:00131.756
2026-07-04T20:03:51+08:00131.779
2026-07-04T20:06:19+08:00131.838
2026-07-04T20:07:52+08:00132.383
2026-07-04T20:08:45+08:00134.883
2026-07-04T21:34:03+08:00134.895
2026-07-04T21:35:45+08:00135.2085
2026-07-04T21:36:17+08:00137.0085
2026-07-05T09:32:24+08:00137.33
2026-07-05T09:32:28+08:00137.338
2026-07-05T09:32:32+08:00138.788
2026-07-05T09:32:37+08:00139.0325
2026-07-05T09:42:07+08:00139.2375
2026-07-05T09:44:34+08:00139.8575
2026-07-05T09:47:02+08:00139.7575
2026-07-05T09:47:36+08:00143.7575
2026-07-05T09:48:13+08:00144.5575
2026-07-05T09:49:49+08:00144.5675
2026-07-05T12:19:22+08:00146.1675
2026-07-05T12:20:08+08:00147.8175
2026-07-05T12:20:48+08:00151.5675
2026-07-05T12:23:03+08:00151.577
2026-07-05T12:23:44+08:00151.593
2026-07-05T12:24:23+08:00151.807
2026-07-05T12:31:23+08:00151.8285
2026-07-05T12:31:58+08:00151.9355
2026-07-05T12:32:28+08:00152.287
2026-07-05T12:39:12+08:00152.3
2026-07-05T12:40:09+08:00152.3315
2026-07-05T12:41:28+08:00152.347
2026-07-05T14:44:50+08:00152.817
2026-07-05T14:45:19+08:00153.6405
2026-07-05T14:47:21+08:00153.521
2026-07-05T14:47:50+08:00153.5405
2026-07-05T14:49:22+08:00153.556
2026-07-05T14:49:44+08:00153.6305
2026-07-05T14:50:31+08:00153.667
2026-07-05T14:51:39+08:00156.967
2026-07-05T14:52:14+08:00158.567
2026-07-05T17:19:47+08:00159.9485
2026-07-05T17:20:21+08:00160.493
2026-07-05T17:20:58+08:00161.9495
2026-07-05T17:26:07+08:00166.2495
2026-07-05T17:26:53+08:00168.1495
2026-07-05T17:27:30+08:00171.6495
2026-07-05T17:30:26+08:00171.8315
2026-07-05T17:31:04+08:00172.0335
2026-07-05T17:31:35+08:00172.169
2026-07-05T17:48:19+08:00172.175
2026-07-05T17:48:53+08:00172.196
2026-07-05T17:49:34+08:00172.2095
2026-07-05T20:06:35+08:00172.9315
2026-07-05T20:07:10+08:00173.8165
2026-07-05T20:07:44+08:00175.6545
2026-07-05T20:13:36+08:00175.7775
2026-07-05T20:14:07+08:00175.814
2026-07-05T20:14:46+08:00175.985
2026-07-05T20:20:40+08:00176.227
2026-07-05T20:21:14+08:00176.2795
2026-07-05T20:23:08+08:00176.2805
2026-07-05T20:25:47+08:00184.8305
2026-07-05T21:11:04+08:00190.2805
2026-07-05T21:11:49+08:00196.1305
2026-07-05T21:12:30+08:00204.9305
2026-07-05T21:15:13+08:00205.2495
2026-07-05T21:16:26+08:00207.303
2026-07-05T21:18:59+08:00207.3065
2026-07-06T08:39:11+08:00209.7625
2026-07-06T08:39:51+08:00214.1365
2026-07-06T08:40:17+08:00231.3965
2026-07-06T08:45:43+08:00245.9465
2026-07-06T08:46:07+08:00367.7465
2026-07-06T08:48:39+08:00367.7505
2026-07-06T08:49:47+08:00367.7505
2026-07-06T09:01:43+08:00370.1505
2026-07-06T09:03:07+08:00372.1695
2026-07-06T09:04:36+08:00373.6195
2026-07-06T09:05:16+08:00386.3785
2026-07-06T09:07:31+08:00440.7285
2026-07-06T09:08:07+08:00440.7385
2026-07-06T09:09:49+08:00464.0305
2026-07-06T09:34:40+08:00464.031
2026-07-06T09:34:46+08:00464.0185
2026-07-06T09:49:53+08:00464.0195
2026-07-06T10:26:49+08:00465.0435
2026-07-06T10:27:37+08:00485.867
2026-07-06T10:28:49+08:00696.817
2026-07-06T10:32:23+08:00696.9115
2026-07-06T11:10:13+08:00703.466
2026-07-06T13:43:15+08:00708.466
2026-07-06T16:19:52+08:00790.26
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
21,677
→
Avg lots
123.9
→
Oversubscription
537x
537x = 21,677 × 123.9 ÷ 5,000 margin-weighted 100% → 1027.3x
1x50000.0x
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
0.53
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
0.63
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 1688.1x and current allocation strategy (Pool A α=0.532, Pool B α=0.632) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoQiyunshan Food 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 Qiyunshan Food (02797): 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