Margin dynamics Margin multiple2.8484403823578734x Margin funds6.8100M
Rank Broker Margin funds
1 富途证券富途 2.5100M
2 辉立证券辉立 1.8100M
3 老虎国际老虎 1.7100M
4 华泰国际华泰 222410K
5 TradeGo MarketsTradeGo 150610K
6 致富证券致富 137910K
7 盈立证券盈立 104510K
8 信诚证券信诚 100010K
9 复星国际复星 90010K
Margin multiple
TimeMultiple
2026-06-17T06:00:00+08:000
2026-06-17T10:12:36+08:000.0003773268489015596
2026-06-17T10:12:43+08:000.0007127284923696126
2026-06-17T11:15:51+08:000.0014254569847392251
2026-06-17T11:18:12+08:000.2273184638604729
2026-06-17T12:15:10+08:000.22740231427133992
2026-06-17T12:16:36+08:000.22803119235284253
2026-06-17T12:18:57+08:000.22807311755827603
2026-06-17T12:19:52+08:000.23075633070602045
2026-06-17T13:43:21+08:000.23092403152775448
2026-06-17T13:44:35+08:000.23096595673318798
2026-06-17T13:46:00+08:000.23377494549723293
2026-06-17T14:07:58+08:000.23381687070266644
2026-06-17T14:08:49+08:000.23385879590809994
2026-06-17T14:10:33+08:000.24568170384034882
2026-06-17T15:04:40+08:000.24987422438369947
2026-06-17T15:07:38+08:000.25079657890323664
2026-06-17T15:09:17+08:000.2512158309575717
2026-06-17T15:11:25+08:000.25540835150092234
2026-06-17T16:27:09+08:000.25545027670635584
2026-06-17T16:27:56+08:000.2620744591648499
2026-06-17T16:31:14+08:000.2634999161495891
2026-06-17T16:32:38+08:000.2676924366929398
2026-06-17T16:35:49+08:000.26819553915814187
2026-06-17T17:01:23+08:000.2694532953211471
2026-06-17T17:02:36+08:000.2697467717591816
2026-06-17T17:04:19+08:000.27372966627536477
2026-06-17T17:07:29+08:000.2779221868187154
2026-06-17T18:04:33+08:000.27796411202414895
2026-06-17T18:05:22+08:000.278467214489351
2026-06-17T18:07:43+08:000.27859299010565153
2026-06-17T18:08:55+08:000.2774610095589468
2026-06-17T18:09:47+08:000.2816535301022975
2026-06-17T18:11:35+08:000.281779305718598
2026-06-17T20:22:06+08:000.7848817709206775
2026-06-17T20:23:35+08:000.785091396947845
2026-06-17T20:24:48+08:000.7854267985913131
2026-06-17T20:27:03+08:000.797249706523562
2026-06-17T20:33:38+08:000.8056347476102633
2026-06-17T22:24:58+08:000.8061378500754653
2026-06-17T22:27:28+08:000.8072279054167365
2026-06-17T22:28:57+08:000.8156129465034379
2026-06-18T09:16:05+08:000.8158644977360389
2026-06-18T09:16:10+08:000.8158644977360389
2026-06-18T09:16:16+08:000.8175834311588127
2026-06-18T09:16:26+08:000.8217759517021633
2026-06-18T09:16:35+08:000.8172061043099111
2026-06-18T09:16:41+08:000.8174995807479457
2026-06-18T09:16:47+08:000.8174995807479457
2026-06-18T10:08:04+08:000.8178349823914137
2026-06-18T10:08:09+08:000.8179188328022807
2026-06-18T10:08:15+08:000.8186734865000839
2026-06-18T11:19:30+08:000.8189669629381184
2026-06-18T11:20:35+08:000.8190088881435519
2026-06-18T11:22:37+08:000.8205601207445916
2026-06-18T11:24:01+08:000.8208535971826262
2026-06-18T11:25:50+08:000.8250461177259768
2026-06-18T12:16:12+08:000.8250880429314104
2026-06-18T12:19:02+08:000.8252138185477109
2026-06-18T12:20:35+08:000.8255911453966125
2026-06-18T14:05:50+08:000.8256330706020459
2026-06-18T14:05:52+08:000.8256749958074795
2026-06-18T14:10:21+08:000.835988596344122
2026-06-18T14:14:16+08:000.8370367264799597
2026-06-18T14:16:09+08:000.8370786516853933
2026-06-18T14:16:14+08:000.8372463525071273
2026-06-18T14:19:25+08:000.8386718094918665
2026-06-18T15:11:20+08:000.838881435519034
2026-06-18T15:11:26+08:000.8390072111353346
2026-06-18T15:11:32+08:000.839049136340768
2026-06-18T15:11:39+08:000.8391329867516351
2026-06-18T15:56:09+08:000.9607160825088042
2026-06-18T16:12:06+08:000.9609676337414054
2026-06-18T16:14:29+08:000.9613030353848734
2026-06-18T17:47:56+08:000.9673402649672983
2026-06-18T17:50:01+08:000.9664598356531947
2026-06-18T17:51:47+08:000.9667952372966627
2026-06-18T17:53:12+08:000.9683464698977025
2026-06-18T17:54:05+08:000.9851165520711052
2026-06-18T17:55:51+08:001.0480043602213651
2026-06-18T18:10:41+08:001.0481720610430991
2026-06-18T18:10:48+08:001.0535804125440216
2026-06-18T18:10:55+08:001.0536642629548885
2026-06-18T18:11:03+08:001.0546285426798592
2026-06-18T18:11:14+08:001.0588210632232098
2026-06-18T18:15:28+08:001.059994968975348
2026-06-18T20:30:00+08:001.0609173234948852
2026-06-18T20:31:08+08:001.0612527251383532
2026-06-18T20:34:46+08:001.0658225725306054
2026-06-18T20:36:21+08:001.070015093073956
2026-06-18T21:34:30+08:001.0708535971826263
2026-06-18T22:08:23+08:001.525406674492705
2026-06-18T22:09:25+08:001.5250293476438035
2026-06-18T22:09:43+08:001.5263290290122422
2026-06-18T22:10:58+08:001.5934093577058528
2026-06-19T09:17:09+08:001.6227570015093074
2026-06-19T09:17:14+08:001.6437196042260607
2026-06-19T09:20:15+08:001.6439292302532282
2026-06-19T09:21:33+08:001.6400721113533456
2026-06-19T09:22:36+08:001.6401140365587792
2026-06-19T09:24:53+08:001.6354603387556599
2026-06-19T09:31:16+08:001.6374727486164682
2026-06-19T10:17:04+08:001.6378920006708033
2026-06-19T10:20:50+08:001.6404913634076808
2026-06-19T10:24:43+08:001.648876404494382
2026-06-19T11:41:54+08:001.6489183296998156
2026-06-19T11:43:20+08:001.6491279557269831
2026-06-19T11:44:39+08:001.6501341606573872
2026-06-19T11:45:35+08:001.6754569847392253
2026-06-19T12:08:01+08:001.6755827603555258
2026-06-19T12:10:23+08:001.675289283917491
2026-06-19T12:11:29+08:001.676672815696797
2026-06-19T12:14:27+08:001.6808653362401476
2026-06-19T14:17:56+08:001.6821650176085863
2026-06-19T14:18:00+08:001.6822907932248867
2026-06-19T14:21:04+08:001.6820392419922858
2026-06-19T14:24:15+08:001.6821650176085863
2026-06-19T14:27:32+08:001.6947425792386384
2026-06-19T15:19:16+08:001.6963357370451115
2026-06-19T15:21:07+08:001.7089132986751636
2026-06-19T17:18:30+08:001.708955223880597
2026-06-19T17:20:31+08:001.709039074291464
2026-06-19T17:20:35+08:001.7077393929230253
2026-06-19T17:23:42+08:001.7087455978534294
2026-06-19T22:47:50+08:001.7092487003186316
2026-06-19T22:58:42+08:001.7096679523729665
2026-06-19T23:06:05+08:001.7097937279892672
2026-06-19T23:06:09+08:001.7098356531947005
2026-06-19T23:13:44+08:001.7108418581251048
2026-06-19T23:17:25+08:001.723419419755157
2026-06-19T23:25:27+08:001.7236709709877578
2026-06-20T10:19:50+08:001.7236709709877578
2026-06-20T10:23:03+08:001.7236709709877578
2026-06-20T10:24:36+08:001.7014925373134329
2026-06-20T10:25:30+08:001.703085695119906
2026-06-20T10:28:02+08:001.7044273016937783
2026-06-20T10:28:53+08:001.7044273016937783
2026-06-20T10:32:56+08:001.7295824249538823
2026-06-20T12:20:31+08:001.7296662753647494
2026-06-20T12:23:09+08:001.7300855274190843
2026-06-20T12:24:01+08:001.7310078819386214
2026-06-20T12:24:52+08:001.7309240315277545
2026-06-20T14:15:34+08:001.731049807144055
2026-06-20T14:16:32+08:001.7311755827603554
2026-06-20T14:18:00+08:001.731217507965789
2026-06-20T18:32:22+08:001.7311755827603554
2026-06-20T18:33:37+08:001.7313432835820894
2026-06-20T18:35:59+08:001.7323494885124937
2026-06-20T18:38:46+08:001.736835485493879
2026-06-20T18:39:56+08:001.7365000838504108
2026-06-20T20:12:32+08:001.7365420090558443
2026-06-20T20:13:40+08:001.7365000838504108
2026-06-20T20:18:42+08:001.7490776454804629
2026-06-20T21:09:50+08:001.7487422438369948
2026-06-20T22:08:30+08:001.7495388227402315
2026-06-20T22:09:36+08:001.7453463021968807
2026-06-21T09:52:32+08:001.7453463021968807
2026-06-21T09:52:39+08:001.7454720778131814
2026-06-21T09:52:56+08:001.7454720778131814
2026-06-21T09:53:03+08:001.7455559282240483
2026-06-21T09:53:20+08:001.7455559282240483
2026-06-21T09:53:28+08:001.7456397786349154
2026-06-21T10:09:12+08:001.7456817038403487
2026-06-21T10:09:24+08:001.7457236290457823
2026-06-21T12:36:58+08:001.746687908770753
2026-06-21T12:39:27+08:001.746855609592487
2026-06-21T12:41:27+08:001.7471490860305217
2026-06-21T12:44:52+08:001.747358712057689
2026-06-21T12:44:58+08:001.7484906926043937
2026-06-21T12:48:45+08:001.744298172061043
2026-06-21T15:48:30+08:001.7443820224719102
2026-06-21T15:51:30+08:001.7445497232936442
2026-06-21T15:52:18+08:001.7486164682206944
2026-06-21T15:53:33+08:001.7499161495891329
2026-06-21T18:31:55+08:001.7502515512326011
2026-06-21T18:34:00+08:001.747191011235955
2026-06-21T18:35:02+08:001.747526412879423
2026-06-21T18:36:06+08:001.7477779641120241
2026-06-21T18:37:30+08:001.7603555257420762
2026-06-21T20:07:45+08:001.7612359550561798
2026-06-21T20:08:55+08:001.7611521046453127
2026-06-21T20:09:58+08:001.7611940298507462
2026-06-21T20:11:18+08:001.7863491531108502
2026-06-21T22:09:23+08:001.8066409525406675
2026-06-21T22:11:01+08:001.806766728156968
2026-06-21T22:11:33+08:001.8075633070602046
2026-06-21T22:15:37+08:001.8452959919503606
2026-06-21T22:15:42+08:001.8411034714070098
2026-06-22T09:09:55+08:001.841355022639611
2026-06-22T09:10:08+08:001.841355022639611
2026-06-22T09:10:14+08:001.841355022639611
2026-06-22T09:10:21+08:001.8640784839845714
2026-06-22T09:10:35+08:001.8766560456146235
2026-06-22T09:10:41+08:001.8772429984906926
2026-06-22T09:10:48+08:001.8790038571188998
2026-06-22T09:11:07+08:001.8878920006708033
2026-06-22T09:11:13+08:001.8907429146402817
2026-06-22T09:11:20+08:001.8908686902565823
2026-06-22T10:11:11+08:001.8914975683380848
2026-06-22T10:11:18+08:001.8932165017608586
2026-06-22T10:11:24+08:001.8937196042260607
2026-06-22T10:11:31+08:001.8971993962770417
2026-06-22T10:11:43+08:001.9349320811671977
2026-06-22T11:14:30+08:001.942310917323495
2026-06-22T11:18:15+08:001.9431913466375985
2026-06-22T11:19:54+08:001.943400972664766
2026-06-22T11:21:03+08:001.9451618312929733
2026-06-22T11:22:21+08:001.9460841858125104
2026-06-22T11:23:41+08:002.0550897199396276
2026-06-22T11:51:31+08:002.056012074459165
2026-06-22T12:08:55+08:002.0568925037732684
2026-06-22T12:11:24+08:002.057185980211303
2026-06-22T12:13:02+08:002.057689082676505
2026-06-22T12:15:17+08:002.058234110347141
2026-06-22T12:16:39+08:002.049849069260439
2026-06-22T12:21:40+08:002.0513583766560455
2026-06-22T14:18:02+08:002.0541673654200907
2026-06-22T14:18:05+08:002.0545446922689923
2026-06-22T14:22:36+08:002.054586617474426
2026-06-22T14:22:39+08:002.054460841858125
2026-06-22T14:25:05+08:002.1383112527251384
2026-06-22T14:25:07+08:002.1215411705517355
2026-06-22T14:25:20+08:002.1206188160321986
2026-06-22T14:25:23+08:002.121247694113701
2026-06-22T14:25:31+08:002.1225893006875736
2026-06-22T14:25:34+08:002.123218178769076
2026-06-22T14:35:05+08:002.1277041757504613
2026-06-22T14:38:46+08:002.151098440382358
2026-06-22T15:06:55+08:002.0672480295153446
2026-06-22T15:11:00+08:002.067541505953379
2026-06-22T15:11:24+08:002.092864330035217
2026-06-22T15:12:40+08:002.0966375985242327
2026-06-22T15:14:54+08:002.096931074962267
2026-06-22T15:16:24+08:002.1019620996142883
2026-06-22T15:17:44+08:002.105316116048969
2026-06-22T15:34:00+08:002.1091732349488512
2026-06-22T16:04:04+08:002.1104309911118566
2026-06-22T16:05:42+08:002.1126949522052656
2026-06-22T16:05:45+08:002.113281905081335
2026-06-22T16:09:15+08:002.2175918161998993
2026-06-22T16:13:02+08:002.2188914975683383
2026-06-22T16:15:54+08:002.2021214153949353
2026-06-22T16:26:04+08:002.202163340600369
2026-06-22T17:03:45+08:002.209039074291464
2026-06-22T17:06:55+08:002.208703672647996
2026-06-22T17:08:24+08:002.229247023310414
2026-06-22T17:09:49+08:002.321482475264129
2026-06-22T17:12:02+08:002.322488680194533
2026-06-22T17:14:10+08:002.3227821566325675
2026-06-22T17:19:46+08:002.3239979875901393
2026-06-22T17:46:26+08:001.869906087539829
2026-06-22T17:50:19+08:001.8688998826094247
2026-06-22T18:01:12+08:001.8704930404158981
2026-06-22T18:07:43+08:001.8896528592990105
2026-06-22T18:09:17+08:002.0783162837497904
2026-06-22T18:09:22+08:002.0900972664766058
2026-06-22T18:09:28+08:002.0913130974341776
2026-06-22T18:09:34+08:002.1087959080999497
2026-06-22T18:09:47+08:002.251341606573872
2026-06-22T20:18:45+08:002.2510481301358376
2026-06-22T20:25:09+08:002.25155123260104
2026-06-22T20:26:55+08:002.2555760523226565
2026-06-22T20:28:46+08:002.2593073956062386
2026-06-22T20:33:11+08:002.3358628207278214
2026-06-22T20:34:56+08:002.32747777964112
2026-06-22T21:23:05+08:002.328022807311756
2026-06-22T22:08:30+08:002.3284001341606575
2026-06-22T22:10:45+08:002.4073452959919504
2026-06-22T22:12:00+08:002.516350830119068
2026-06-23T08:35:19+08:002.5160154284755993
2026-06-23T08:37:14+08:002.6627536474928726
2026-06-23T08:41:39+08:002.7048465537481134
2026-06-23T08:41:45+08:002.72656381016267
2026-06-23T09:11:30+08:002.738847895354687
2026-06-23T09:11:37+08:002.758510816703002
2026-06-23T09:11:42+08:002.773016937782995
2026-06-23T09:11:56+08:002.735284252892839
2026-06-23T09:20:08+08:002.7349907764548047
2026-06-23T10:07:33+08:002.7339845715244007
2026-06-23T10:13:38+08:002.7322656381016266
2026-06-23T10:14:28+08:002.7993459667952374
2026-06-23T11:06:58+08:002.8473084018111687
2026-06-23T11:12:36+08:002.8484403823578734
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
22,607
→
Avg lots
92.4
→
Oversubscription
23x
23x = 22,607 × 92.4 ÷ 89,669 margin-weighted 100% → 2.8x
1x4192.0x
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 4.42x 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

LogoMerdekagold-DRS 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 Merdekagold-DRS (06228): 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