Margin dynamics Margin multiple219.58x Margin funds103.9100M TradeGo forecast multiple294.24x
Rank Broker Margin funds
1 富途证券富途 72.2100M
2 老虎国际老虎 12.1100M
3 辉立证券辉立 6.0100M
4 华泰国际华泰 4.4100M
5 盈立证券盈立 3.1100M
6 复星国际复星 1.8100M
7 致富证券致富 1.7100M
8 华盛证券华盛 1.0100M
9 熊猫证券熊猫 703610K
Margin multiple
TimeMultiple
2026-06-22T06:00:00+08:000
2026-06-22T10:17:38+08:000.0061284868977176665
2026-06-22T10:17:45+08:000.011411665257819104
2026-06-22T10:17:51+08:000.012468300929839391
2026-06-22T10:17:57+08:000.5196534234995773
2026-06-22T11:14:42+08:000.5946745562130178
2026-06-22T11:17:54+08:000.6187658495350803
2026-06-22T11:20:05+08:000.621513102282333
2026-06-22T11:23:29+08:000.5158495350803043
2026-06-22T12:10:38+08:000.5160608622147084
2026-06-22T12:12:31+08:000.6297548605240912
2026-06-22T12:15:25+08:000.6299661876584953
2026-06-22T12:16:49+08:000.7778951817413355
2026-06-22T12:21:51+08:000.7789518174133558
2026-06-22T14:14:03+08:000.8846153846153846
2026-06-22T14:18:10+08:000.8928571428571429
2026-06-22T14:18:14+08:000.8945477599323753
2026-06-22T14:22:06+08:000.900887573964497
2026-06-22T14:23:47+08:000.9642857142857143
2026-06-22T14:23:50+08:001.0276838546069316
2026-06-22T14:27:02+08:001.0297971259509722
2026-06-22T14:27:05+08:001.0300084530853761
2026-06-22T14:30:04+08:001.0407861369399831
2026-06-22T14:40:16+08:001.0464919695688926
2026-06-22T15:12:54+08:001.0486052409129332
2026-06-22T15:14:37+08:001.0494505494505495
2026-06-22T15:15:59+08:001.0931952662721893
2026-06-22T16:04:15+08:001.099323753169907
2026-06-22T16:08:52+08:001.1187658495350803
2026-06-22T16:10:08+08:001.1193998309382924
2026-06-22T16:12:44+08:001.1204564666103127
2026-06-22T16:16:05+08:001.775570583262891
2026-06-22T17:03:56+08:001.790152155536771
2026-06-22T17:05:10+08:001.790363482671175
2026-06-22T17:06:47+08:001.7893068469991547
2026-06-22T17:08:02+08:001.937235841081995
2026-06-22T17:10:00+08:002.106297548605241
2026-06-22T17:11:47+08:002.106931530008453
2026-06-22T18:01:28+08:002.111158072696534
2026-06-22T18:10:11+08:002.1263736263736264
2026-06-22T18:11:42+08:002.1316568047337277
2026-06-22T18:13:05+08:002.1369399830938294
2026-06-22T18:13:52+08:002.3060016906170753
2026-06-22T18:14:11+08:002.308114961961116
2026-06-22T18:14:45+08:002.308748943364328
2026-06-22T18:15:23+08:003.999366018596788
2026-06-22T20:22:43+08:003.999577345731192
2026-06-22T20:27:13+08:004.004226542688081
2026-06-22T20:28:15+08:004.0065511411665256
2026-06-22T20:30:49+08:004.010143702451395
2026-06-22T20:31:50+08:004.0135249366018595
2026-06-22T20:35:13+08:004.562975486052409
2026-06-22T22:06:35+08:004.562130177514793
2026-06-22T22:07:59+08:004.563398140321217
2026-06-22T22:10:07+08:004.750845308537616
2026-06-23T08:37:30+08:004.793110735418428
2026-06-23T08:40:02+08:004.79374471682164
2026-06-23T08:40:06+08:004.794801352493661
2026-06-23T08:42:55+08:004.7967032967032965
2026-06-23T08:42:59+08:004.825232459847845
2026-06-23T09:19:06+08:004.873837700760777
2026-06-23T09:19:18+08:004.890321217244294
2026-06-23T09:19:24+08:004.723795435333897
2026-06-23T09:19:33+08:004.7273879966187655
2026-06-23T09:19:41+08:004.854184277261201
2026-06-23T10:09:55+08:004.864539306846999
2026-06-23T10:11:10+08:004.864327979712595
2026-06-23T10:13:02+08:004.867920540997464
2026-06-23T10:14:40+08:005.100380388841927
2026-06-23T11:02:32+08:005.1058748943364325
2026-06-23T11:03:08+08:005.108622147083685
2026-06-23T11:09:07+08:005.117286559594252
2026-06-23T11:11:27+08:005.118554522400676
2026-06-23T11:12:09+08:005.120033812341505
2026-06-23T11:13:10+08:005.267962806424345
2026-06-23T12:13:00+08:005.27240067624683
2026-06-23T12:14:56+08:005.2726120033812345
2026-06-23T12:15:17+08:005.277049873203719
2026-06-23T12:15:46+08:005.277472527472527
2026-06-23T12:16:26+08:005.279585798816568
2026-06-23T12:16:54+08:005.258453085376162
2026-06-23T13:40:08+08:005.263736263736264
2026-06-23T13:40:56+08:005.263947590870668
2026-06-23T13:41:34+08:005.264370245139476
2026-06-23T13:43:53+08:005.306635672020287
2026-06-23T14:01:50+08:005.310016906170753
2026-06-23T14:02:54+08:005.311073541842773
2026-06-23T14:04:41+08:005.31403212172443
2026-06-23T14:10:00+08:005.340448013524937
2026-06-23T15:13:53+08:005.347633136094674
2026-06-23T15:16:35+08:005.348689771766695
2026-06-23T15:18:51+08:005.353550295857988
2026-06-23T16:35:10+08:005.353761622992392
2026-06-23T16:36:30+08:005.356508875739645
2026-06-23T16:38:52+08:005.357565511411665
2026-06-23T16:39:35+08:005.358199492814878
2026-06-23T16:40:37+08:005.361580726965342
2026-06-23T16:41:17+08:005.446111580726965
2026-06-23T17:01:43+08:005.450972104818258
2026-06-23T17:02:20+08:005.453085376162299
2026-06-23T17:07:16+08:005.453930684699915
2026-06-23T17:08:07+08:005.454564666103128
2026-06-23T17:08:36+08:005.4814032121724425
2026-06-23T17:09:24+08:005.24894336432798
2026-06-23T18:08:27+08:005.266483516483516
2026-06-23T18:10:42+08:005.269019442096365
2026-06-23T18:12:04+08:005.2696534234995775
2026-06-23T18:13:58+08:006.1149619611158075
2026-06-23T18:14:48+08:006.117920540997464
2026-06-23T18:16:34+08:006.1390532544378695
2026-06-23T20:15:54+08:006.142434488588335
2026-06-23T20:18:08+08:006.143702451394759
2026-06-23T20:19:01+08:006.149408284023669
2026-06-23T20:21:10+08:006.1770921386306
2026-06-23T20:22:02+08:006.6420118343195265
2026-06-23T21:06:21+08:006.642857142857143
2026-06-23T22:04:12+08:006.647717666948436
2026-06-23T22:05:12+08:006.66821639898563
2026-06-23T22:06:36+08:006.669907016060862
2026-06-23T22:07:19+08:006.691039729501268
2026-06-24T08:35:26+08:006.695688926458157
2026-06-24T08:35:48+08:006.702451394759087
2026-06-24T08:39:26+08:006.702451394759087
2026-06-24T09:15:37+08:006.926880811496196
2026-06-24T09:17:08+08:006.92814877430262
2026-06-24T09:18:14+08:006.9251901944209635
2026-06-24T09:19:10+08:006.9321639898562974
2026-06-24T09:20:31+08:007.185756551141167
2026-06-24T09:29:27+08:007.18956043956044
2026-06-24T10:08:27+08:007.191462383770076
2026-06-24T10:09:00+08:007.2043533389687235
2026-06-24T10:09:31+08:007.210059171597633
2026-06-24T10:10:33+08:007.210270498732037
2026-06-24T10:11:12+08:007.484995773457312
2026-06-24T11:22:38+08:007.509932375316991
2026-06-24T11:23:15+08:007.512890955198648
2026-06-24T11:24:07+08:007.515849535080305
2026-06-24T11:24:57+08:007.516060862214708
2026-06-24T11:25:17+08:007.517328825021132
2026-06-24T11:25:54+08:007.918850380388842
2026-06-24T12:10:49+08:007.9270921386306
2026-06-24T12:11:58+08:007.941885038038884
2026-06-24T12:12:50+08:007.957100591715976
2026-06-24T12:13:46+08:007.9974640743871515
2026-06-24T12:14:58+08:008.018596787827557
2026-06-24T13:47:36+08:008.019442096365173
2026-06-24T13:48:11+08:008.021132713440405
2026-06-24T13:48:37+08:007.85207100591716
2026-06-24T13:49:10+08:007.8579881656804735
2026-06-24T13:49:56+08:007.888841927303465
2026-06-24T13:50:31+08:007.909974640743871
2026-06-24T14:03:32+08:007.922231614539307
2026-06-24T14:04:45+08:007.924556213017752
2026-06-24T14:05:08+08:007.9251901944209635
2026-06-24T14:05:27+08:008.002535925612849
2026-06-24T14:06:01+08:008.013947590870668
2026-06-24T14:06:56+08:008.373203719357566
2026-06-24T14:08:13+08:008.390321217244294
2026-06-24T15:11:43+08:008.384192730346577
2026-06-24T15:12:44+08:008.387785291631445
2026-06-24T15:13:06+08:008.398351648351648
2026-06-24T15:13:27+08:008.399619611158073
2026-06-24T15:14:28+08:008.406382079459002
2026-06-24T15:14:49+08:008.554311073541843
2026-06-24T16:19:10+08:008.578825021132714
2026-06-24T16:20:02+08:008.58072696534235
2026-06-24T16:20:26+08:008.505494505494505
2026-06-24T16:21:32+08:008.52557058326289
2026-06-24T16:23:17+08:008.673499577345732
2026-06-24T16:23:55+08:008.675612848689772
2026-06-24T17:00:33+08:009.098267117497887
2026-06-24T17:01:03+08:0010.820583262890954
2026-06-24T17:01:55+08:0010.83284023668639
2026-06-24T17:04:02+08:0015.321217244294168
2026-06-24T17:04:23+08:0015.323119188503805
2026-06-24T17:05:12+08:0015.323753169907016
2026-06-24T17:05:31+08:0030.180050718512256
2026-06-24T18:06:42+08:0032.98076923076923
2026-06-24T18:16:14+08:0043.12447168216399
2026-06-24T18:16:29+08:0044.057480980557905
2026-06-24T18:18:05+08:0044.201606086221474
2026-06-24T18:18:30+08:0045.60038038884193
2026-06-24T18:18:48+08:0045.624260355029584
2026-06-24T18:19:55+08:0045.6561707523246
2026-06-24T18:20:16+08:0045.90976331360947
2026-06-24T18:20:38+08:0058.46259509721048
2026-06-24T20:13:36+08:0059.02387996618766
2026-06-24T20:14:50+08:0059.46576500422654
2026-06-24T20:15:48+08:0060.684065934065934
2026-06-24T20:16:39+08:0060.96935756551141
2026-06-24T20:17:13+08:0064.18153000845308
2026-06-24T20:17:43+08:0078.9110312764159
2026-06-24T21:41:42+08:0079.30874894336432
2026-06-24T22:04:24+08:0080.04522400676247
2026-06-24T22:05:23+08:0080.25169061707523
2026-06-24T22:06:10+08:0082.6037616229924
2026-06-24T22:06:45+08:00100.14391377852917
2026-06-25T08:41:29+08:00102.5101437024514
2026-06-25T08:42:02+08:00108.60101437024514
2026-06-25T08:43:47+08:00108.98753169907016
2026-06-25T08:44:04+08:00109.40321217244295
2026-06-25T08:44:38+08:00159.72020287404902
2026-06-25T08:48:57+08:00159.72020287404902
2026-06-25T09:04:14+08:00160.7768385460693
2026-06-25T09:05:31+08:00162.33114961961115
2026-06-25T09:06:12+08:00162.35249366018596
2026-06-25T09:06:34+08:00163.96513102282333
2026-06-25T09:06:57+08:00180.406382079459
2026-06-25T09:07:44+08:00183.0090870667794
2026-06-25T09:07:59+08:00185.8286136939983
2026-06-25T09:10:17+08:00192.13672865595942
2026-06-25T10:07:43+08:00192.4114539306847
2026-06-25T10:08:14+08:00195.69103972950126
2026-06-25T10:09:13+08:00217.22527472527472
2026-06-25T11:06:18+08:00219.58
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
17,148
→
Avg lots
63.2
→
Oversubscription
149x
149x = 17,148 × 63.2 ÷ 7,247 margin-weighted 100% → 294.2x
1x24640.0x
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
0.50
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
0.60
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 476.56x and current allocation strategy (Pool A α=0.503, Pool B α=0.603) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoJiangxi Bio 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 Jiangxi Bio (06915): 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