Margin dynamics Margin multiple814.9x Margin funds3586.1100M TradeGo forecast multiple1059.37x
Rank Broker Margin funds
1 富途证券富途 2129.0100M
2 辉立证券辉立 733.0100M
3 老虎国际老虎 340.7100M
4 华泰国际华泰 109.9100M
5 招银国际招银 70.0100M
6 信诚证券信诚 50.0100M
7 华盛证券华盛 45.5100M
8 盈立证券盈立 23.0100M
9 长桥证券长桥 22.0100M
Margin multiple
TimeMultiple
2026-04-08T06:00:00+08:000
2026-04-08T10:08:35+08:000.045447315199854565
2026-04-08T10:08:44+08:000.6581680187242939
2026-04-08T10:08:49+08:002.5124184788783603
2026-04-08T10:52:02+08:002.698752471197764
2026-04-08T11:14:02+08:002.7444951939464177
2026-04-08T11:14:21+08:003.264412479832754
2026-04-08T11:14:34+08:0010.38146204012998
2026-04-08T11:14:42+08:0010.613243347649238
2026-04-08T12:09:27+08:0010.633194719021974
2026-04-08T12:09:40+08:0011.625945872247597
2026-04-08T12:09:49+08:0015.943440816233782
2026-04-08T13:38:13+08:0015.94984888767696
2026-04-08T13:38:28+08:0016.476015179403277
2026-04-08T13:38:34+08:0021.104824232508463
2026-04-08T13:44:23+08:0021.436589633467403
2026-04-08T14:11:00+08:0021.442838639307382
2026-04-08T14:11:06+08:0022.638148476378756
2026-04-08T14:11:12+08:0025.110482423250847
2026-04-08T14:11:39+08:0026.57295430272457
2026-04-08T15:03:43+08:0026.580384938759742
2026-04-08T15:04:14+08:0027.35226214011407
2026-04-08T15:05:17+08:0030.851705410502873
2026-04-08T16:02:20+08:0031.892221692003545
2026-04-08T16:04:07+08:0032.89158542959075
2026-04-08T16:05:14+08:0035.50935078510237
2026-04-08T17:09:14+08:0035.51128229599836
2026-04-08T17:09:24+08:0036.14111391369555
2026-04-08T17:09:30+08:0037.772672529370325
2026-04-08T17:40:48+08:0053.679232849319426
2026-04-08T17:50:50+08:0054.133706001317975
2026-04-08T18:04:45+08:0054.151657690821914
2026-04-08T18:04:53+08:0055.219942281909695
2026-04-08T18:05:27+08:0056.97827618333447
2026-04-08T18:05:47+08:0060.01870157020474
2026-04-08T20:40:46+08:0060.57188629081737
2026-04-08T20:40:51+08:0061.01524757424955
2026-04-08T20:41:08+08:0063.48758152112164
2026-04-08T20:41:13+08:0065.12141250255641
2026-04-08T20:41:33+08:0065.1272070352444
2026-04-09T08:41:35+08:0066.66977980775786
2026-04-09T08:41:39+08:0067.19483264026178
2026-04-09T08:41:43+08:0067.87870111573159
2026-04-09T08:41:46+08:0069.75478901083919
2026-04-09T08:42:10+08:0069.75478901083919
2026-04-09T08:43:47+08:0072.29756629627104
2026-04-09T08:43:54+08:0075.70384257050014
2026-04-09T08:43:58+08:0084.55016247415183
2026-04-09T09:37:14+08:0084.58670211557252
2026-04-09T09:37:40+08:0084.97573113368328
2026-04-09T09:37:48+08:0085.99602335992002
2026-04-09T09:38:05+08:0087.13220623991637
2026-04-09T09:38:35+08:0088.52259867748313
2026-04-09T10:12:24+08:0089.84827413820528
2026-04-09T10:12:47+08:0090.34521780625809
2026-04-09T10:12:58+08:0093.63560342672757
2026-04-09T11:01:18+08:0093.79148771786306
2026-04-09T11:07:40+08:0094.17738087122503
2026-04-09T11:08:21+08:0098.85390960529007
2026-04-09T12:14:00+08:0098.89283523075875
2026-04-09T12:14:57+08:0099.26520780784875
2026-04-09T12:15:16+08:00104.60299497807166
2026-04-09T13:44:37+08:00104.65494125934511
2026-04-09T13:45:04+08:00104.90058399800031
2026-04-09T13:45:52+08:00107.43199945463222
2026-04-09T14:06:27+08:00107.47492444383847
2026-04-09T14:07:14+08:00107.70254732201695
2026-04-09T14:08:09+08:00109.8476605994501
2026-04-09T14:09:37+08:00110.30213375144864
2026-04-09T14:10:43+08:00114.06792101256619
2026-04-09T14:11:21+08:00115.04165246438066
2026-04-09T15:17:03+08:00115.02379166950712
2026-04-09T15:17:20+08:00117.34842184197969
2026-04-09T15:18:07+08:00118.11005067375645
2026-04-09T15:18:40+08:00118.19376462835459
2026-04-09T16:10:34+08:00118.57654464062536
2026-04-09T16:10:57+08:00118.92255777489945
2026-04-09T16:11:08+08:00120.5018519780944
2026-04-09T16:12:23+08:00120.64610175653873
2026-04-09T16:12:53+08:00127.46319903651691
2026-04-09T17:07:25+08:00127.54257277251347
2026-04-09T17:08:40+08:00127.90771922648669
2026-04-09T17:08:50+08:00127.98720658077124
2026-04-09T17:10:02+08:00132.77280887131593
2026-04-09T18:04:55+08:00132.8442293271525
2026-04-09T18:06:03+08:00132.94853091553617
2026-04-09T18:06:24+08:00133.25748176426478
2026-04-09T18:06:34+08:00138.14761287976913
2026-04-09T18:07:11+08:00160.87127047969642
2026-04-09T18:08:30+08:00161.8068716340582
2026-04-09T22:30:40+08:00163.14529506669393
2026-04-09T22:30:44+08:00164.26784375213035
2026-04-09T22:30:48+08:00165.5971777217261
2026-04-09T22:30:52+08:00166.56975026700297
2026-04-09T22:32:30+08:00166.83957097734452
2026-04-09T22:32:35+08:00167.07791942191014
2026-04-09T22:32:39+08:00167.24073442861362
2026-04-09T22:32:43+08:00167.60401754266366
2026-04-09T22:36:18+08:00167.7240893494217
2026-04-09T22:36:22+08:00167.7227941009385
2026-04-09T22:36:26+08:00167.9063558070307
2026-04-09T22:36:30+08:00167.88735882927716
2026-04-09T22:41:03+08:00167.9361692458018
2026-04-10T08:38:06+08:00167.98868361851524
2026-04-10T08:38:14+08:00168.20917126820734
2026-04-10T08:39:17+08:00168.20917126820734
2026-04-10T08:39:41+08:00168.24059808666803
2026-04-10T08:39:51+08:00168.930420160429
2026-04-10T08:40:10+08:00174.98627491080964
2026-04-10T09:07:00+08:00175.01842888631353
2026-04-10T09:07:30+08:00175.01804258413435
2026-04-10T09:07:52+08:00175.0647624241598
2026-04-10T09:08:52+08:00176.95082600495377
2026-04-10T09:10:18+08:00177.42800009089464
2026-04-10T10:05:25+08:00177.48842229645282
2026-04-10T10:05:46+08:00177.57468130070217
2026-04-10T10:05:59+08:00181.77174085940874
2026-04-10T10:07:47+08:00182.46156293316972
2026-04-10T10:08:26+08:00183.3705092371668
2026-04-10T11:11:24+08:00183.38607494262277
2026-04-10T11:12:09+08:00183.5008066898448
2026-04-10T11:12:29+08:00184.46029040834412
2026-04-10T11:12:41+08:00189.95941554752653
2026-04-10T11:36:51+08:00190.1866521235258
2026-04-10T12:09:44+08:00191.3500124980117
2026-04-10T12:10:13+08:00191.39025609562114
2026-04-10T12:10:33+08:00191.74288181425683
2026-04-10T12:10:56+08:00194.60833503760765
2026-04-10T13:40:33+08:00194.6881859704138
2026-04-10T13:40:59+08:00194.751221396596
2026-04-10T13:41:19+08:00195.56754607221578
2026-04-10T13:41:32+08:00198.4057309064467
2026-04-10T14:13:19+08:00198.45133728724974
2026-04-10T14:13:57+08:00198.5301429318063
2026-04-10T14:14:22+08:00199.5333015202127
2026-04-10T14:15:29+08:00203.33724180244053
2026-04-10T14:18:14+08:00205.78564773785988
2026-04-10T15:15:42+08:00206.24805144636082
2026-04-10T15:16:25+08:00209.97473129274888
2026-04-10T15:16:47+08:00210.11961733360602
2026-04-10T15:17:49+08:00210.1912195787034
2026-04-10T16:25:24+08:00211.10016588270048
2026-04-10T16:26:19+08:00212.70970527416094
2026-04-10T16:26:30+08:00216.47956006998888
2026-04-10T16:59:16+08:00221.02429158997433
2026-04-10T17:19:17+08:00224.7259754130025
2026-04-10T17:20:51+08:00226.18299361465222
2026-04-10T17:46:23+08:00271.6303088145068
2026-04-10T18:03:27+08:00273.4107528347763
2026-04-10T18:06:55+08:00274.0298588860863
2026-04-10T18:07:26+08:00276.4453836889586
2026-04-10T22:43:00+08:00276.7476537823528
2026-04-10T22:43:04+08:00277.4115708864499
2026-04-10T22:43:08+08:00277.88879041970597
2026-04-10T22:43:13+08:00279.07298838821094
2026-04-10T22:44:01+08:00281.2976344672438
2026-04-10T22:44:05+08:00284.67436998659304
2026-04-10T22:44:09+08:00287.6170836457836
2026-04-10T22:44:13+08:00290.14395437089553
2026-04-11T10:23:32+08:00303.0009998409344
2026-04-11T10:23:35+08:00305.1733815074874
2026-04-11T10:23:39+08:00306.9185584111619
2026-04-11T10:26:24+08:00308.71065966778013
2026-04-11T10:26:28+08:00310.29758901992864
2026-04-11T10:26:31+08:00310.51964460199514
2026-04-11T10:26:34+08:00310.880155429818
2026-04-11T10:29:26+08:00310.880155429818
2026-04-11T11:27:34+08:00313.2888631354103
2026-04-11T11:29:00+08:00313.4769241257073
2026-04-11T12:34:57+08:00315.8356397845797
2026-04-11T12:36:09+08:00316.26670756925034
2026-04-11T13:05:43+08:00318.6935942009226
2026-04-11T13:06:33+08:00319.6545549571659
2026-04-11T15:08:22+08:00320.6475787942827
2026-04-11T15:08:46+08:00323.058558865635
2026-04-11T15:10:27+08:00323.50601040743516
2026-04-11T15:10:40+08:00324.11277751266846
2026-04-11T18:06:20+08:00325.7170677392233
2026-04-11T18:06:33+08:00327.3327197945781
2026-04-11T18:06:46+08:00329.64598813825074
2026-04-11T18:13:07+08:00330.24464289772084
2026-04-11T18:13:18+08:00330.58702024677893
2026-04-11T18:13:33+08:00330.76924125707274
2026-04-11T22:53:10+08:00333.78012588906313
2026-04-11T22:53:14+08:00335.4684936487377
2026-04-11T22:53:18+08:00336.8137341786534
2026-04-11T22:53:23+08:00338.82023314472696
2026-04-11T22:59:02+08:00339.2013088826778
2026-04-11T22:59:06+08:00339.48899038789284
2026-04-11T22:59:09+08:00339.8827232031268
2026-04-11T22:59:13+08:00340.1307292021724
2026-04-12T10:20:07+08:00343.37975776581
2026-04-12T10:22:37+08:00356.9116958665667
2026-04-12T10:22:52+08:00361.4746063126321
2026-04-12T13:12:55+08:00364.237189538028
2026-04-12T13:14:22+08:00372.39725498216194
2026-04-12T13:14:37+08:00378.25995864294316
2026-04-12T16:24:21+08:00379.73163360374485
2026-04-12T16:25:01+08:00387.96441475219854
2026-04-12T16:25:18+08:00393.13404685618195
2026-04-12T18:19:46+08:00394.85840888949485
2026-04-12T18:20:35+08:00400.20301315699777
2026-04-12T18:20:49+08:00404.95452996114255
2026-04-12T20:09:01+08:00406.9617560842593
2026-04-12T20:09:14+08:00411.8677937600836
2026-04-12T20:09:30+08:00418.8121435226214
2026-04-12T22:11:15+08:00422.1450223828027
2026-04-12T22:12:04+08:00429.84834230917807
2026-04-12T22:12:20+08:00440.0308132797055
2026-04-13T08:43:54+08:00442.10991433181084
2026-04-13T08:44:03+08:00454.0052946122208
2026-04-13T08:44:58+08:00454.0052946122208
2026-04-13T08:45:12+08:00543.295634785375
2026-04-13T09:15:29+08:00547.2141477492218
2026-04-13T09:15:52+08:00590.3981866521235
2026-04-13T09:17:50+08:00595.8518644761061
2026-04-13T09:18:50+08:00609.6080623537165
2026-04-13T10:04:07+08:00615.0658077124094
2026-04-13T10:05:24+08:00700.806712568455
2026-04-13T11:14:23+08:00702.1780853046106
2026-04-13T11:45:45+08:00784.6649623923466
2026-04-13T17:32:04+08:00800.5715227122957
2026-04-13T17:33:19+08:00814.9
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
25,938
→
Avg lots
32.0
→
Oversubscription
61x
61x = 25,938 × 32.0 ÷ 13,574 margin-weighted 100% → 1059.4x
1x2272.0x
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
0.48
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 1102.05x and current allocation strategy (Pool A α=0.482, Pool B α=0.582) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoSigenergy 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 Sigenergy (06656): 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