Montage Tech 06809Expected Lots

Montage Tech (06809) Expected Lots
Offering Mechanism: Mechanism B | Min Subscription: HK$10,689  |  Public Offering Lots: Pool A 32,945lots / Pool B 32,945lots  |  Offer Price: HK$106.89  |  Lot Size: 100shares  |  Public Offering Size: HK$704.3M
1x1419.0x
Recent first-day return
+4.6%
→
Participants
16,389
→
Avg lots
29.2
→
Oversubscription
7x
7x = 16,389 × 29.2 ÷ 65,890 A+H secondary · participants ×0.44 H-share discount 43.2% margin-weighted 100% → 672.6x
Margin dynamics · 2026-02-04 17:36 Margin multiple525.47x Margin funds3700.9100M TradeGo forecast multiple672.6x
Rank Broker Margin funds
1 富途证券富途 2212.8100M
2 辉立证券辉立 792.0100M
3 老虎国际老虎 343.9100M
4 华泰国际华泰 127.1100M
5 招银国际招银 92.0100M
6 华盛证券华盛 45.0100M
7 信诚证券信诚 20.0100M
8 TradeGo MarketsTradeGo 16.3100M
9 盈立证券盈立 15.8100M
Margin multiple
TimeMultiple
2026-01-30T06:00:00+08:000
2026-01-30T10:16:03+08:000.006105352832599744
2026-01-30T10:16:10+08:000.047877325003549624
2026-01-30T10:16:24+08:000.05497657248331677
2026-01-30T10:16:30+08:000.05952009087036774
2026-01-30T11:07:23+08:000.11811727956836575
2026-01-30T11:08:12+08:000.5859718869799801
2026-01-30T11:09:19+08:001.8922334232571347
2026-01-30T11:30:53+08:001.903265653840693
2026-01-30T12:14:37+08:001.9245066023001562
2026-01-30T12:15:21+08:001.9535851199772825
2026-01-30T12:15:59+08:003.386213261394292
2026-01-30T13:42:57+08:003.3925457901462446
2026-01-30T13:43:49+08:003.56189123952861
2026-01-30T13:44:30+08:005.387817691324719
2026-01-30T13:49:52+08:005.387888683799518
2026-01-30T14:03:22+08:005.413871929575465
2026-01-30T14:04:00+08:006.1066732926309815
2026-01-30T14:05:58+08:007.106247337782195
2026-01-30T14:09:26+08:007.177225614084907
2026-01-30T15:09:56+08:007.295101519238961
2026-01-30T15:12:00+08:007.3035212267499645
2026-01-30T15:12:50+08:008.524591793269913
2026-01-30T15:48:05+08:008.574002555729093
2026-01-30T15:54:58+08:008.715987505324435
2026-01-30T16:07:31+08:008.794050830611955
2026-01-30T16:08:06+08:008.86889109754366
2026-01-30T16:09:37+08:0010.318557432912112
2026-01-30T17:10:49+08:0010.32348431066307
2026-01-30T17:11:38+08:0010.382890813573761
2026-01-30T17:13:18+08:0011.665014908419707
2026-01-30T18:09:41+08:0011.665142694874344
2026-01-30T18:11:29+08:0013.5109470396138
2026-01-30T18:11:38+08:0014.078886837995173
2026-01-30T18:12:53+08:0014.08595768848502
2026-01-30T18:13:39+08:0014.3061053528326
2026-01-30T18:15:00+08:0014.821510719863694
2026-01-30T18:19:43+08:0015.703251455345733
2026-01-30T19:58:36+08:0015.733891807468408
2026-01-30T19:58:49+08:0015.776487292347012
2026-01-30T19:59:37+08:0015.938335936390743
2026-01-30T20:00:38+08:0016.553130768138576
2026-01-30T20:03:55+08:0016.579440579298595
2026-01-30T20:05:33+08:0017.013914525060343
2026-01-30T21:21:30+08:0017.05463580860429
2026-01-30T21:22:26+08:0017.401079085616924
2026-01-30T22:03:34+08:0017.419679114013913
2026-01-30T22:05:55+08:0017.933664631549057
2026-01-31T10:34:12+08:0017.621411330398978
2026-01-31T10:34:24+08:0017.621539116853615
2026-01-31T10:34:45+08:0017.621539116853615
2026-01-31T10:35:22+08:0018.124080647451372
2026-01-31T10:35:32+08:0020.489549907709783
2026-01-31T10:35:40+08:0020.565625443702967
2026-01-31T10:36:13+08:0020.57012636660514
2026-01-31T10:36:26+08:0020.841317620332244
2026-01-31T10:36:37+08:0020.846187704103365
2026-01-31T10:37:07+08:0020.88141417009797
2026-01-31T10:37:32+08:0021.232116995598467
2026-01-31T11:08:54+08:0021.233210279710352
2026-01-31T11:09:24+08:0021.24509441999148
2026-01-31T11:12:41+08:0021.412636660513986
2026-01-31T13:32:18+08:0021.41587391736476
2026-01-31T13:33:42+08:0021.44049410762459
2026-01-31T13:35:54+08:0021.53846372284538
2026-01-31T13:36:03+08:0021.54397273888968
2026-01-31T13:36:31+08:0021.707255430924324
2026-01-31T16:26:40+08:0021.707511003833595
2026-01-31T16:28:16+08:0021.709058639784182
2026-01-31T16:31:10+08:0021.768763311089025
2026-01-31T16:33:43+08:0022.602214965213687
2026-01-31T16:34:01+08:0022.89612381087605
2026-01-31T18:30:56+08:0022.897614652846798
2026-01-31T18:32:51+08:0022.919622320034076
2026-01-31T18:35:31+08:0023.388172653698707
2026-01-31T18:35:55+08:0023.53867670026977
2026-01-31T20:25:32+08:0023.53931563254295
2026-01-31T20:28:50+08:0023.57742439301434
2026-01-31T20:29:44+08:0023.607241232429363
2026-01-31T20:30:04+08:0023.764844526480193
2026-01-31T21:25:31+08:0023.788627005537414
2026-01-31T21:26:16+08:0024.14784892801363
2026-02-01T10:25:33+08:0024.148090302427942
2026-02-01T10:30:43+08:0024.15418145676558
2026-02-01T10:31:50+08:0024.698679539968765
2026-02-01T10:34:45+08:0025.88567371858583
2026-02-01T10:35:08+08:0025.986483032798525
2026-02-01T13:30:15+08:0025.98720715604146
2026-02-01T13:30:45+08:0025.987718301860003
2026-02-01T13:31:10+08:0025.988470822092857
2026-02-01T13:31:39+08:0026.06065597046713
2026-02-01T13:32:15+08:0026.10096549765725
2026-02-01T13:32:40+08:0026.128524776373705
2026-02-01T13:36:50+08:0026.484906999858016
2026-02-01T13:37:11+08:0026.74331960812154
2026-02-01T13:37:29+08:0026.95771688201051
2026-02-01T16:32:10+08:0026.96159307113446
2026-02-01T16:38:46+08:0027.10942780065313
2026-02-01T16:40:05+08:0027.109612381087604
2026-02-01T16:40:14+08:0027.109924747976713
2026-02-01T16:41:10+08:0027.383955700695726
2026-02-01T16:41:33+08:0027.852506034360356
2026-02-01T19:41:08+08:0027.852633820814994
2026-02-01T19:41:20+08:0027.85276160726963
2026-02-01T19:43:26+08:0027.855899474655686
2026-02-01T19:46:10+08:0028.410947039613802
2026-02-01T19:47:02+08:0029.63627715462161
2026-02-01T19:47:25+08:0029.964262388186853
2026-02-01T21:36:22+08:0029.97376118131478
2026-02-01T21:36:45+08:0030.0524918358654
2026-02-01T21:37:24+08:0030.64598892517393
2026-02-01T21:37:42+08:0031.110279710350703
2026-02-02T08:50:40+08:0031.11036490132046
2026-02-02T08:57:30+08:0031.835112878034927
2026-02-02T08:58:22+08:0031.835112878034927
2026-02-02T08:59:27+08:0032.43144966633537
2026-02-02T08:59:45+08:0035.72266079795542
2026-02-02T09:00:12+08:0035.731463864830324
2026-02-02T09:03:04+08:0036.198551753514124
2026-02-02T09:07:59+08:0036.204060769558424
2026-02-02T09:08:23+08:0036.28171233849212
2026-02-02T09:09:46+08:0037.61495101519239
2026-02-02T10:13:05+08:0037.700141984949596
2026-02-02T10:13:28+08:0037.70026977140423
2026-02-02T10:13:37+08:0037.69474655686497
2026-02-02T10:14:37+08:0038.14330540962658
2026-02-02T10:15:49+08:0038.3243504188556
2026-02-02T10:17:43+08:0040.70685787306545
2026-02-02T10:17:55+08:0040.71250887405935
2026-02-02T11:11:22+08:0040.71257986653415
2026-02-02T11:11:31+08:0040.712693454493824
2026-02-02T11:12:21+08:0040.793979838137155
2026-02-02T11:14:23+08:0041.6450518245066
2026-02-02T11:15:54+08:0044.19652136873491
2026-02-02T12:25:16+08:0044.20607695584268
2026-02-02T12:25:44+08:0044.37645889535709
2026-02-02T12:26:14+08:0044.448786028680956
2026-02-02T12:30:47+08:0044.720389038761894
2026-02-02T12:31:48+08:0046.400070992474795
2026-02-02T12:32:26+08:0046.423583700127786
2026-02-02T13:42:56+08:0046.432202186568226
2026-02-02T13:43:38+08:0046.46196223200341
2026-02-02T13:44:52+08:0046.64312082919211
2026-02-02T13:45:54+08:0047.9238250745421
2026-02-02T13:52:09+08:0047.91855743291211
2026-02-02T14:08:48+08:0047.940366321169954
2026-02-02T14:09:56+08:0047.94039471815987
2026-02-02T14:10:14+08:0048.13437455629703
2026-02-02T14:11:11+08:0048.98770410336504
2026-02-02T15:07:24+08:0049.172980264092004
2026-02-02T15:09:22+08:0049.20079511571773
2026-02-02T15:10:01+08:0049.20177481186994
2026-02-02T15:10:40+08:0049.30437313644754
2026-02-02T15:12:31+08:0050.433153485730514
2026-02-02T16:18:07+08:0050.472511713758344
2026-02-02T16:19:15+08:0050.47539400823513
2026-02-02T16:19:20+08:0050.48070424534999
2026-02-02T16:19:23+08:0050.48083203180463
2026-02-02T16:20:52+08:0050.60181740735482
2026-02-02T16:21:49+08:0051.97623171943774
2026-02-02T16:23:16+08:0052.54417151781911
2026-02-02T17:16:22+08:0052.57682805622604
2026-02-02T17:17:44+08:0052.593852051682525
2026-02-02T17:17:49+08:0052.59876473093852
2026-02-02T17:17:53+08:0052.60708504898481
2026-02-02T17:17:58+08:0052.61455345733352
2026-02-02T17:19:41+08:0053.55165412466278
2026-02-02T17:21:09+08:0055.86801079085617
2026-02-02T17:22:14+08:0069.29268777509584
2026-02-02T17:23:35+08:0070.941402811302
2026-02-02T17:56:57+08:0070.94144540678688
2026-02-02T18:13:13+08:0070.95956268635524
2026-02-02T18:14:05+08:0081.0404941076246
2026-02-02T18:15:25+08:0083.79930427374698
2026-02-02T18:16:01+08:0093.2469828198211
2026-02-02T18:17:52+08:0094.69216243078233
2026-02-02T18:23:50+08:0095.11811727956837
2026-02-02T20:49:45+08:0095.12970325145534
2026-02-02T20:50:19+08:0095.14478205310238
2026-02-02T20:52:56+08:0097.57235553031379
2026-02-02T20:53:44+08:00103.6876473093852
2026-02-02T20:54:13+08:00109.61267925599887
2026-02-02T21:39:46+08:00110.65976146528467
2026-02-02T21:40:23+08:00118.16508590089451
2026-02-03T07:50:24+08:00118.15909413602158
2026-02-03T07:52:55+08:00128.63190401817408
2026-02-03T07:54:06+08:00130.29169388044866
2026-02-03T07:54:10+08:00133.7305693596479
2026-02-03T07:55:31+08:00133.7305693596479
2026-02-03T09:12:50+08:00133.73096691750675
2026-02-03T09:13:11+08:00133.7310947039614
2026-02-03T09:13:45+08:00139.14773534005394
2026-02-03T09:14:02+08:00140.72267499645037
2026-02-03T09:16:29+08:00140.94456907567798
2026-02-03T09:18:34+08:00183.62808462302996
2026-02-03T09:18:55+08:00193.27738179752947
2026-02-03T09:23:50+08:00197.95152633820814
2026-02-03T09:28:36+08:00200.22328553173364
2026-02-03T09:59:24+08:00200.2232997302286
2026-02-03T10:01:51+08:00200.2482748828624
2026-02-03T10:02:31+08:00200.2483458753372
2026-02-03T10:07:12+08:00201.76738605707794
2026-02-03T10:07:58+08:00216.034033792418
2026-02-03T10:52:46+08:00216.03416157887264
2026-02-03T11:12:42+08:00216.67786454635808
2026-02-03T11:13:05+08:00217.63426096833734
2026-02-03T11:13:18+08:00223.79072838279143
2026-02-03T11:14:18+08:00223.79128212409483
2026-02-03T11:51:21+08:00224.17190117847508
2026-02-03T11:51:26+08:00224.24060769558426
2026-02-03T11:51:30+08:00224.24439869373848
2026-02-03T12:00:15+08:00224.26211841544796
2026-02-03T12:05:28+08:00224.27218514837426
2026-02-03T12:05:57+08:00225.1040749680534
2026-02-03T12:07:03+08:00228.71901178475082
2026-02-03T13:44:09+08:00228.75618344455486
2026-02-03T13:44:14+08:00228.77955416725828
2026-02-03T13:44:18+08:00228.816143688769
2026-02-03T13:44:28+08:00228.93962799943205
2026-02-03T13:44:32+08:00228.95631123100952
2026-02-03T13:44:44+08:00228.96872071560415
2026-02-03T13:46:00+08:00228.97641629987223
2026-02-03T13:47:20+08:00229.55359931847224
2026-02-03T13:47:34+08:00234.48047706943063
2026-02-03T13:48:00+08:00234.49938946471673
2026-02-03T13:48:06+08:00235.19795541672582
2026-02-03T13:53:19+08:00240.59338350134885
2026-02-03T14:09:16+08:00240.68166974300723
2026-02-03T14:09:49+08:00241.6906289933267
2026-02-03T14:10:18+08:00246.6473235837001
2026-02-03T14:11:00+08:00246.65002129774243
2026-02-03T14:15:28+08:00249.20709924747976
2026-02-03T14:17:10+08:00249.21952293056935
2026-02-03T14:44:20+08:00250.20874627289507
2026-02-03T15:20:19+08:00250.23489990061054
2026-02-03T15:20:35+08:00251.06539826778362
2026-02-03T15:21:03+08:00251.199645037626
2026-02-03T15:21:08+08:00251.18723555303137
2026-02-03T15:21:13+08:00251.1830895925032
2026-02-03T15:22:00+08:00255.4114013914525
2026-02-03T15:39:04+08:00255.42863836433338
2026-02-03T15:39:20+08:00257.55841260826355
2026-02-03T16:05:24+08:00257.5584977992333
2026-02-03T16:05:27+08:00257.5589095555871
2026-02-03T16:05:49+08:00258.3511429788442
2026-02-03T16:06:18+08:00264.65243504188555
2026-02-03T16:45:15+08:00264.6542098537555
2026-02-03T16:45:23+08:00264.65359931847223
2026-02-03T17:26:07+08:00266.5532017606134
2026-02-03T17:26:41+08:00275.5152917790714
2026-02-03T17:26:59+08:00276.06903308249326
2026-02-03T18:03:15+08:00276.0691608689479
2026-02-03T18:03:52+08:00350.8952293056936
2026-02-03T18:05:03+08:00352.05352832599743
2026-02-03T18:05:26+08:00358.5521794689763
2026-02-03T18:29:40+08:00361.1321169955985
2026-02-03T20:15:32+08:00362.42355530313785
2026-02-03T20:18:14+08:00368.99745846940226
2026-02-03T20:18:44+08:00374.431222490416
2026-02-03T21:48:20+08:00375.11756353826496
2026-02-03T21:48:30+08:00380.92900752520234
2026-02-03T21:48:52+08:00380.9294334800511
2026-02-04T08:43:11+08:00380.93812295896635
2026-02-04T08:43:18+08:00380.9445974726679
2026-02-04T08:49:43+08:00381.75775947749537
2026-02-04T08:50:11+08:00382.70437313644754
2026-02-04T08:50:22+08:00387.7788442425103
2026-02-04T08:53:43+08:00387.7788442425103
2026-02-04T08:53:54+08:00394.7574045151214
2026-02-04T08:54:07+08:00437.0362629561267
2026-02-04T08:54:33+08:00437.0378105920772
2026-02-04T09:04:21+08:00439.2409200624734
2026-02-04T09:05:34+08:00442.9666051398552
2026-02-04T09:08:29+08:00444.11668323157744
2026-02-04T09:08:35+08:00461.0640068152776
2026-02-04T10:03:40+08:00461.06412040323727
2026-02-04T10:04:39+08:00461.8727246911827
2026-02-04T10:09:19+08:00487.292290217237
2026-02-04T10:22:24+08:00487.29240380519667
2026-02-04T10:23:37+08:00494.9595910833452
2026-02-04T11:07:51+08:00495.23829334090584
2026-02-04T11:28:50+08:00520.3696294192815
2026-02-04T17:36:42+08:00525.47
TradeGo forecast multiple
TimeMultiple
Broker margin funds trend
TimeBrokerMargin funds
Pool A α=
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
0.57
Pool B α=
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
0.67
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 707.3x and current allocation strategy (Pool A α=0.567, Pool B α=0.667) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoMontage Tech Allotment Prediction Matrix

Rows are subscription tiers, columns are different oversubscription ratios, values are expected allotment lots; green indicates guaranteed allotment (≥1 lot)

Pool A

Oversubscription
672.6x
Allocation Strategy
α=
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
0.57

Pool B

Oversubscription
672.6x
Allocation Strategy
α=
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
0.67
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 Montage Tech (06809): 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 10,897 allotment-tier records across 356 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).
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.

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Cibo — HK IPO Allotment Forecasts, Allottee Profiling & Stock Connect