Margin dynamics Margin multiple4310.75x Margin funds1897.9100M TradeGo forecast multiple5172.9x
Rank Broker Margin funds
1 富途证券富途 1150.0100M
2 辉立证券辉立 330.0100M
3 老虎国际老虎 209.7100M
4 华泰国际华泰 97.7100M
5 华盛证券华盛 38.5100M
6 卓锐证券 20.6100M
7 招银国际招银 20.0100M
9 信诚证券信诚 10.0100M
10 盈立证券盈立 9.0100M
11 长桥证券长桥 8.0100M
12 TradeGo MarketsTradeGo 3.1100M
13 盈宝证券盈宝 895210K
14 艾德证券艾德 447210K
Margin multiple
TimeMultiple
2025-11-20T06:00:00+08:000
2025-11-20T10:04:32+08:000.006359300476947536
2025-11-20T10:04:44+08:000.1483079718373836
2025-11-20T10:05:54+08:000.21190097660685897
2025-11-20T10:06:07+08:001.6427435839200546
2025-11-20T11:05:19+08:001.6797637974108561
2025-11-20T11:05:28+08:002.770838064955712
2025-11-20T11:05:48+08:005.3372700431523965
2025-11-20T11:43:53+08:005.632523279582103
2025-11-20T12:06:01+08:005.667272314331138
2025-11-20T12:06:22+08:006.346581875993641
2025-11-20T12:06:48+08:009.707926413808767
2025-11-20T13:45:19+08:009.735861912332501
2025-11-20T13:45:25+08:0010.523506699977288
2025-11-20T13:45:42+08:0012.181467181467182
2025-11-20T14:08:56+08:0013.711560299795593
2025-11-20T14:09:59+08:0013.816261639791051
2025-11-20T14:10:05+08:0014.406995230524643
2025-11-20T14:10:17+08:0016.814444696797636
2025-11-20T15:11:27+08:0017.49579831932773
2025-11-20T15:12:24+08:0017.617760617760617
2025-11-20T15:12:30+08:0017.715421303656598
2025-11-20T15:12:43+08:0020.032023620258915
2025-11-20T16:05:51+08:0020.044515103338632
2025-11-20T16:06:15+08:0020.47104247104247
2025-11-20T16:06:29+08:0022.242561889620713
2025-11-20T17:11:24+08:0024.563706563706564
2025-11-20T17:11:40+08:0024.59777424483307
2025-11-20T17:12:18+08:0032.22302975244152
2025-11-20T17:12:33+08:0034.44878491937315
2025-11-20T17:54:39+08:0040.353849647967294
2025-11-20T18:00:32+08:0042.85214626391097
2025-11-20T18:01:00+08:0042.87099704746763
2025-11-20T18:07:59+08:0045.205314558255736
2025-11-20T18:08:18+08:0063.9425391778333
2025-11-20T18:08:57+08:0071.06563706563706
2025-11-20T20:34:09+08:0072.51919146036794
2025-11-20T20:34:36+08:0072.70997047467635
2025-11-20T20:35:02+08:0076.25005677946855
2025-11-20T20:35:19+08:0086.22053145582558
2025-11-20T20:36:18+08:0087.02543720190779
2025-11-20T20:36:33+08:0099.22166704519645
2025-11-20T21:29:08+08:00104.55666590960709
2025-11-20T21:29:24+08:00113.50511015216898
2025-11-20T22:15:52+08:00114.71496706790825
2025-11-20T22:16:08+08:00125.09425391778333
2025-11-21T08:50:56+08:00127.61094708153531
2025-11-21T08:50:59+08:00130.08812173518055
2025-11-21T08:51:10+08:00130.08812173518055
2025-11-21T08:51:26+08:00158.61412673177378
2025-11-21T09:04:15+08:00166.3275039745628
2025-11-21T09:04:48+08:00166.5223711106064
2025-11-21T09:04:55+08:00167.03543038837157
2025-11-21T09:05:25+08:00170.21508062684532
2025-11-21T10:13:49+08:00171.652963888258
2025-11-21T10:14:06+08:00174.233931410402
2025-11-21T10:14:12+08:00181.18373836020893
2025-11-21T10:14:31+08:00189.3372700431524
2025-11-21T11:25:31+08:00189.46854417442654
2025-11-21T11:25:57+08:00191.28344310697253
2025-11-21T11:26:16+08:00197.89257324551443
2025-11-21T12:01:06+08:00197.97070179423122
2025-11-21T12:15:54+08:00199.42425618896206
2025-11-21T12:16:06+08:00203.03543038837157
2025-11-21T13:49:15+08:00203.09697933227346
2025-11-21T13:50:02+08:00203.3518055870997
2025-11-21T13:50:21+08:00206.0545082898024
2025-11-21T14:04:18+08:00208.71178741766977
2025-11-21T14:04:37+08:00208.88916647740177
2025-11-21T14:05:49+08:00211.81421757892346
2025-11-21T14:05:59+08:00215.9931864637747
2025-11-21T14:06:08+08:00216.65909607086078
2025-11-21T15:06:12+08:00222.7912786736316
2025-11-21T15:07:36+08:00224.75857369975017
2025-11-21T15:07:56+08:00224.83352259822848
2025-11-21T15:08:04+08:00232.14671814671814
2025-11-21T16:20:52+08:00232.18759936406994
2025-11-21T16:20:59+08:00234.35498523733818
2025-11-21T16:21:20+08:00238.78378378378378
2025-11-21T17:04:12+08:00239.2925278219396
2025-11-21T17:05:26+08:00278.58392005450827
2025-11-21T17:07:30+08:00290.70906200317967
2025-11-21T17:07:55+08:00325.11741994094933
2025-11-21T18:01:55+08:00326.0349761526232
2025-11-21T18:03:36+08:00331.4555984555985
2025-11-21T18:13:07+08:00361.7076992959346
2025-11-21T18:14:04+08:00372.62116738587326
2025-11-21T20:17:53+08:00372.98909834203954
2025-11-21T20:17:59+08:00374.0692709516239
2025-11-21T20:18:43+08:00387.8780377015671
2025-11-21T20:19:03+08:00390.1153758800818
2025-11-21T20:19:21+08:00395.61162843515785
2025-11-21T21:14:44+08:00399.88121735180556
2025-11-21T21:15:01+08:00412.1228707699296
2025-11-21T22:09:11+08:00416.09470815353166
2025-11-21T22:09:25+08:00428.5861912332501
2025-11-22T08:41:38+08:00431.9277765160118
2025-11-22T08:41:48+08:00440.99295934590054
2025-11-22T08:42:28+08:00496.3870088575971
2025-11-22T08:42:53+08:00496.3870088575971
2025-11-22T09:23:40+08:00497.6833976833977
2025-11-22T09:24:11+08:00497.9513967749262
2025-11-22T09:24:30+08:00503.7883261412673
2025-11-22T10:39:38+08:00503.79559391324096
2025-11-22T10:40:18+08:00505.974335680218
2025-11-22T10:40:28+08:00518.4658187599364
2025-11-22T11:41:31+08:00518.476947535771
2025-11-22T11:41:41+08:00520.7565296388826
2025-11-22T11:42:08+08:00530.5225982284805
2025-11-22T14:19:55+08:00532.3063820122644
2025-11-22T14:20:05+08:00532.8421530774472
2025-11-22T14:20:13+08:00534.8803088803089
2025-11-22T14:21:01+08:00545.259595730184
2025-11-22T14:21:08+08:00550.8694072223484
2025-11-22T14:21:18+08:00556.4792187145129
2025-11-22T14:22:05+08:00556.4951169657052
2025-11-22T14:22:09+08:00556.5053372700431
2025-11-22T14:22:17+08:00556.5121508062684
2025-11-22T19:35:45+08:00557.6799909152851
2025-11-22T19:35:49+08:00558.7397229161935
2025-11-22T19:35:53+08:00561.5078355666591
2025-11-22T19:35:57+08:00561.5914149443561
2025-11-22T19:36:01+08:00563.4326595503067
2025-11-22T19:36:23+08:00563.4351578469226
2025-11-22T19:36:27+08:00563.4462866227572
2025-11-22T19:36:31+08:00563.4478764478764
2025-11-22T19:36:35+08:00563.4517374517375
2025-11-22T19:36:39+08:00563.4660458778105
2025-11-22T19:38:31+08:00570.3931410401999
2025-11-22T19:38:35+08:00576.8432886668181
2025-11-22T19:38:39+08:00585.7235975471269
2025-11-22T19:38:43+08:00591.9239155121508
2025-11-22T19:38:47+08:00596.0574608221667
2025-11-23T09:45:50+08:00617.2929820576879
2025-11-23T09:46:08+08:00625.0953895071542
2025-11-23T09:46:54+08:00633.0143084260732
2025-11-23T09:47:08+08:00669.5348625936862
2025-11-23T09:47:22+08:00669.5920962979786
2025-11-23T09:47:38+08:00671.129911424029
2025-11-23T09:47:59+08:00682.3722461957756
2025-11-23T10:14:40+08:00682.3801953213718
2025-11-23T10:15:03+08:00685.9622984328867
2025-11-23T10:15:17+08:00700.9520781285487
2025-11-23T14:02:42+08:00700.958891664774
2025-11-23T14:03:12+08:00703.9602543720191
2025-11-23T14:03:22+08:00720.3581648875767
2025-11-23T14:03:27+08:00720.3683851919146
2025-11-23T14:03:37+08:00722.8014989779696
2025-11-23T14:03:53+08:00734.3845105609812
2025-11-23T14:04:04+08:00734.3890529184647
2025-11-23T14:04:09+08:00737.9155121508063
2025-11-23T14:04:31+08:00752.2693617987736
2025-11-23T14:04:36+08:00752.2811719282307
2025-11-23T14:04:45+08:00754.0570065864183
2025-11-23T14:08:16+08:00771.4315239609357
2025-11-23T16:14:33+08:00771.4390188507836
2025-11-23T16:14:38+08:00772.9988644106292
2025-11-23T16:14:57+08:00786.489666136725
2025-11-23T16:15:02+08:00786.494889847831
2025-11-23T16:15:07+08:00788.3967749261867
2025-11-23T16:15:27+08:00800.8201226436521
2025-11-23T19:53:31+08:00800.8303429479901
2025-11-23T19:53:46+08:00802.5521235521236
2025-11-23T19:53:59+08:00816.7015671133319
2025-11-23T19:54:14+08:00816.7149670679082
2025-11-23T19:54:19+08:00818.8591869180104
2025-11-23T19:54:39+08:00834.439473086532
2025-11-23T19:54:54+08:00834.448557801499
2025-11-23T19:54:59+08:00837.0327049738814
2025-11-23T19:55:15+08:00853.5895980013627
2025-11-23T20:04:32+08:00858.9956847603906
2025-11-23T20:05:34+08:00882.2298432886669
2025-11-23T21:09:37+08:00893.3334090392914
2025-11-23T21:09:53+08:00931.0122643652055
2025-11-23T22:03:36+08:00946.8837156484216
2025-11-23T22:09:08+08:00992.6933908698614
2025-11-24T08:40:01+08:001000.7569838746309
2025-11-24T08:40:04+08:001026.5898251192368
2025-11-24T08:40:09+08:001191.0685895980014
2025-11-24T08:40:18+08:001191.0685895980014
2025-11-24T09:07:09+08:001191.2282534635476
2025-11-24T09:08:11+08:001201.4449239155122
2025-11-24T09:08:28+08:001238.805814217579
2025-11-24T09:09:39+08:001310.6886213945038
2025-11-24T09:12:00+08:001394.2979786509197
2025-11-24T09:35:47+08:001414.7385873268227
2025-11-24T10:07:39+08:001414.8455598455598
2025-11-24T10:07:57+08:001431.4760390642743
2025-11-24T10:08:06+08:001555.2552804905747
2025-11-24T11:10:48+08:001565.5271405859642
2025-11-24T11:11:09+08:001578.8280717692483
2025-11-24T11:11:17+08:001663.8610038610038
2025-11-24T12:01:15+08:001664.1535316829434
2025-11-24T12:05:39+08:001673.2725414490121
2025-11-24T12:05:42+08:001732.8228480581422
2025-11-24T13:38:13+08:001734.4008630479218
2025-11-24T13:38:25+08:001741.1533045650692
2025-11-24T13:38:28+08:001786.985691573927
2025-11-24T13:38:34+08:001805.1551215080626
2025-11-24T14:03:28+08:001805.555303202362
2025-11-24T14:03:34+08:001816.5289575289576
2025-11-24T14:03:58+08:001842.6243470361117
2025-11-24T14:05:22+08:001896.2014535543947
2025-11-24T15:07:16+08:001897.6061776061777
2025-11-24T15:07:30+08:001906.540086304792
2025-11-24T15:07:33+08:001960.3897342720873
2025-11-24T15:22:07+08:001976.2879854644561
2025-11-24T16:04:05+08:001986.7844651374064
2025-11-24T16:05:53+08:002041.065637065637
2025-11-24T17:10:52+08:002054.5966386554624
2025-11-24T17:10:56+08:002130.3631614808087
2025-11-24T18:14:37+08:002611.8530547354076
2025-11-24T18:14:52+08:002621.7642516466044
2025-11-24T18:14:57+08:002689.05927776516
2025-11-24T18:17:54+08:002713.0831251419486
2025-11-24T20:04:53+08:002720.2452873041107
2025-11-24T20:05:00+08:002782.6572791278672
2025-11-24T20:05:11+08:002792.3070633658867
2025-11-24T20:05:21+08:002850.9943220531454
2025-11-24T21:32:15+08:002862.8067226890757
2025-11-24T21:32:20+08:002934.9847831024304
2025-11-24T22:12:47+08:002944.587326822621
2025-11-24T22:12:53+08:003022.3979105155577
2025-11-25T08:39:05+08:003034.462411991824
2025-11-25T08:39:08+08:003102.682489211901
2025-11-25T08:39:15+08:003102.682489211901
2025-11-25T08:39:59+08:003631.1857824210765
2025-11-25T09:21:00+08:003872.498523733818
2025-11-25T09:21:09+08:003902.303656597774
2025-11-25T09:21:25+08:004083.997955939132
2025-11-25T09:21:32+08:004102.167385873268
2025-11-25T09:21:53+08:004160.05927776516
2025-11-25T09:47:50+08:004198.669316375199
2025-11-25T10:00:58+08:004245.501703384056
2025-11-25T10:04:45+08:004257.388598682716
2025-11-25T11:44:21+08:004282.371564842153
2025-11-25T17:39:42+08:004310.75
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
16,722
→
Avg lots
89.7
→
Oversubscription
97x
97x = 16,722 × 89.7 ÷ 15,416 margin-weighted 100% → 5172.9x
1x22712.0x
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
0.51
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
0.61
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 5426.27x and current allocation strategy (Pool A α=0.512, Pool B α=0.612) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoHaiwei Elec 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 Haiwei Elec (09609): 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