Ligent 09856Expected Lots

Ligent (09856) Expected Lots
Offering Mechanism: Mechanism B | Min Subscription: HK$3,296  |  Public Offering Lots: Pool A 86,007lots / Pool B 86,008lots  |  Offer Price: HK$32.96  |  Lot Size: 100shares  |  Public Offering Size: HK$567.0M
1x1763.0x
Recent first-day return
+4.6%
→
Participants
24,270
→
Avg lots
84.4
→
Oversubscription
12x
12x = 24,270 × 84.4 ÷ 172,015 margin-weighted 100% → 39.8x
Margin dynamics · 2026-09-17 11:14 Margin multiple27.41x Margin funds155.5100M TradeGo forecast multiple39.75x
Rank Broker Margin funds
1 辉立证券辉立 59.0100M
2 富途证券富途 52.4100M
3 老虎国际老虎 17.1100M
4 盈立证券盈立 5.9100M
5 复星国际复星 5.6100M
7 华泰国际华泰 4.5100M
8 信诚证券信诚 2.0100M
9 东证国际东证 1.8100M
10 致富证券致富 1.7100M
11 华盛证券华盛 1.5100M
12 长桥证券长桥 1.5100M
13 熊猫证券熊猫 1.4100M
14 艾德证券艾德 390310K
15 兴证国际兴证 278710K
16 TradeGo MarketsTradeGo 205110K
17 盈宝证券盈宝 92410K
Margin multiple
TimeMultiple
2026-09-14T06:00:00+08:000
2026-09-14T10:07:02+08:000.009894877945534076
2026-09-14T10:07:08+08:000.15015168618597433
2026-09-14T10:07:15+08:000.15320304783406236
2026-09-14T10:07:21+08:000.34369267673204457
2026-09-14T11:00:59+08:000.357150416255115
2026-09-14T11:01:38+08:000.3635706222661211
2026-09-14T11:06:09+08:000.37910963736418796
2026-09-14T11:06:12+08:000.4079300126993086
2026-09-14T11:06:15+08:000.4374735431070975
2026-09-14T11:06:17+08:000.45777479892761397
2026-09-14T11:06:20+08:001.094504021447721
2026-09-14T12:13:06+08:001.2837942712007901
2026-09-14T12:13:29+08:001.2839000987724
2026-09-14T12:13:47+08:001.3350500917172288
2026-09-14T12:14:11+08:001.360572174403838
2026-09-14T12:14:28+08:001.378315930577113
2026-09-14T12:14:53+08:001.3906624805982786
2026-09-14T12:15:17+08:001.8739417242839
2026-09-14T12:15:42+08:001.896482997036828
2026-09-14T13:42:46+08:001.907171581769437
2026-09-14T13:43:00+08:001.9146147876393396
2026-09-14T13:43:03+08:001.9308064060956682
2026-09-14T13:43:06+08:001.9567341611401157
2026-09-14T13:43:09+08:001.9782877098913503
2026-09-14T13:43:12+08:001.9794694511076618
2026-09-14T13:43:14+08:002.1681952871454775
2026-09-14T13:51:24+08:002.2563849301538026
2026-09-14T14:12:24+08:002.2900380979257795
2026-09-14T14:12:28+08:002.3088048539579513
2026-09-14T14:12:30+08:002.3374841258642585
2026-09-14T14:12:32+08:002.363941018766756
2026-09-14T14:12:35+08:002.3927613941018766
2026-09-14T14:12:38+08:002.403273599548469
2026-09-14T14:12:41+08:002.980033864822915
2026-09-14T14:14:47+08:003.0673768872583604
2026-09-14T15:15:38+08:003.1217193452800904
2026-09-14T15:15:41+08:003.1221779314237335
2026-09-14T15:15:43+08:003.12214265556653
2026-09-14T15:15:46+08:003.1516861859743193
2026-09-14T15:15:49+08:003.1526209961902074
2026-09-14T15:15:51+08:003.1686362353605193
2026-09-14T15:15:54+08:003.3979293071821646
2026-09-14T16:02:49+08:003.4400486806829407
2026-09-14T16:03:31+08:003.455499506137999
2026-09-14T16:03:50+08:003.46049103993227
2026-09-14T16:03:59+08:003.4525716099901227
2026-09-14T16:04:18+08:003.4542119373500775
2026-09-14T16:04:25+08:003.4747072103852124
2026-09-14T16:06:01+08:003.57
2026-09-14T17:01:36+08:003.548222096796952
2026-09-14T17:01:50+08:003.549333286298857
2026-09-14T17:02:13+08:004.307764216170453
2026-09-14T17:25:06+08:004.3291061097784675
2026-09-14T17:25:22+08:004.3318576266403275
2026-09-14T17:25:38+08:004.353728658106392
2026-09-14T17:25:50+08:004.360078312402991
2026-09-14T17:26:09+08:004.46
2026-09-14T18:05:32+08:004.445675179906872
2026-09-14T18:05:39+08:004.47849936503457
2026-09-14T18:06:45+08:004.478957951178214
2026-09-14T18:06:57+08:004.483314519542825
2026-09-14T18:07:14+08:004.493667983632002
2026-09-14T18:07:28+08:004.494267673204459
2026-09-14T18:07:32+08:004.512769860307605
2026-09-14T18:07:48+08:004.555100888951602
2026-09-14T18:08:37+08:004.61302384647947
2026-09-14T19:56:05+08:004.620643431635389
2026-09-14T19:56:19+08:004.623059827853817
2026-09-14T19:56:29+08:004.667507407930013
2026-09-14T19:56:43+08:004.678654578806265
2026-09-14T19:56:52+08:004.675797234372795
2026-09-14T19:57:01+08:004.726947227317623
2026-09-14T20:12:38+08:004.727000141103429
2026-09-14T20:12:48+08:004.83273952307041
2026-09-14T20:13:23+08:004.846514745308311
2026-09-14T20:13:33+08:004.851788485960209
2026-09-14T20:13:40+08:004.913521236066036
2026-09-14T21:21:45+08:004.917436856215606
2026-09-14T21:21:56+08:004.920752786792719
2026-09-14T21:22:14+08:004.921087907436151
2026-09-14T21:22:24+08:004.932146888669394
2026-09-14T21:22:30+08:004.988588260194723
2026-09-14T22:07:19+08:005.053619302949062
2026-09-14T22:07:38+08:005.061873853534641
2026-09-14T22:07:49+08:005.062191336249471
2026-09-14T22:08:08+08:005.092175814872301
2026-09-15T08:38:51+08:005.232079864540708
2026-09-15T08:39:00+08:005.543230563002681
2026-09-15T08:39:29+08:005.54587625229293
2026-09-15T08:39:35+08:005.561185974319176
2026-09-15T08:40:00+08:006.12912727529279
2026-09-15T08:40:17+08:006.12912727529279
2026-09-15T09:04:58+08:006.159376322844645
2026-09-15T09:05:17+08:006.18505714688867
2026-09-15T09:05:32+08:006.2057111612812195
2026-09-15T09:05:43+08:006.208356850571469
2026-09-15T09:06:00+08:006.205093833780161
2026-09-15T09:06:15+08:006.282700719627487
2026-09-15T09:06:51+08:006.44
2026-09-15T10:22:23+08:006.389286722167348
2026-09-15T10:22:38+08:006.4048080993368135
2026-09-15T10:22:44+08:006.423486665725977
2026-09-15T10:22:52+08:006.466805418371666
2026-09-15T10:22:58+08:006.514427825596162
2026-09-15T10:23:02+08:006.78
2026-09-15T11:08:23+08:006.681705940454353
2026-09-15T11:08:28+08:006.689678284182306
2026-09-15T11:08:30+08:006.6935409905460705
2026-09-15T11:08:33+08:006.703700437420629
2026-09-15T11:08:36+08:006.724989417242839
2026-09-15T11:08:39+08:006.7320269507549035
2026-09-15T11:08:42+08:007.09
2026-09-15T12:07:49+08:007.1096726400451535
2026-09-15T12:08:00+08:007.115210949626076
2026-09-15T12:08:56+08:007.1290743615069845
2026-09-15T12:09:00+08:007.146430083251023
2026-09-15T12:09:05+08:007.163397770565825
2026-09-15T12:09:09+08:007.1634330464230285
2026-09-15T12:09:12+08:007.18029490616622
2026-09-15T12:09:16+08:007.32
2026-09-15T13:43:02+08:007.230368985466347
2026-09-15T13:43:05+08:007.234637364187949
2026-09-15T13:43:09+08:007.2381120361224776
2026-09-15T13:43:13+08:007.241181035699167
2026-09-15T13:43:15+08:007.241710173557218
2026-09-15T13:43:18+08:007.240651897841118
2026-09-15T13:43:21+08:007.45
2026-09-15T14:16:27+08:007.352053054889234
2026-09-15T14:16:30+08:007.370572879920982
2026-09-15T14:16:32+08:007.379215464935798
2026-09-15T14:16:35+08:007.385653308875406
2026-09-15T14:16:38+08:007.385300550303373
2026-09-15T14:16:40+08:007.41874206293213
2026-09-15T14:16:43+08:007.662145477635106
2026-09-15T14:17:42+08:007.84
2026-09-15T15:02:24+08:007.748712431212079
2026-09-15T15:02:40+08:007.749382672498942
2026-09-15T15:11:30+08:007.750758430929872
2026-09-15T15:11:46+08:007.752398758289827
2026-09-15T15:12:04+08:007.757795964441936
2026-09-15T15:12:15+08:007.76335191195146
2026-09-15T15:12:28+08:007.999700155213771
2026-09-15T15:14:02+08:008.37
2026-09-15T16:48:06+08:008.283617891914773
2026-09-15T16:48:36+08:008.287762805136165
2026-09-15T16:48:40+08:008.308469733314519
2026-09-15T16:48:43+08:008.311485819105405
2026-09-15T16:48:46+08:008.311591646677014
2026-09-15T16:48:48+08:008.317412163115563
2026-09-15T16:48:51+08:008.335050091717228
2026-09-15T16:50:52+08:008.47
2026-09-15T17:15:04+08:008.326495696345422
2026-09-15T17:15:08+08:008.328100747848172
2026-09-15T17:15:11+08:008.377786792719062
2026-09-15T17:15:14+08:008.377998447862282
2026-09-15T17:15:21+08:008.382231550726683
2026-09-15T17:15:24+08:008.38612953294765
2026-09-15T17:15:27+08:008.398476082968816
2026-09-15T17:17:27+08:009.05
2026-09-15T18:02:20+08:008.970209538591789
2026-09-15T18:04:48+08:008.969997883448567
2026-09-15T18:04:54+08:008.970527021306617
2026-09-15T18:05:06+08:008.969398193876112
2026-09-15T18:05:17+08:008.982115140397912
2026-09-15T18:06:09+08:008.995079017920135
2026-09-15T18:06:14+08:008.995625793706788
2026-09-15T18:06:28+08:009.18
2026-09-15T19:56:01+08:009.033388598842953
2026-09-15T19:56:10+08:009.034305771130239
2026-09-15T19:56:19+08:009.07055171440666
2026-09-15T19:56:41+08:009.06737688725836
2026-09-15T19:56:50+08:009.06959926626217
2026-09-15T19:57:04+08:009.249506137999154
2026-09-15T20:21:37+08:009.24661351770848
2026-09-15T20:21:47+08:009.249541413856356
2026-09-15T20:22:05+08:009.249594327642162
2026-09-15T20:22:16+08:009.254409482150416
2026-09-15T20:22:39+08:009.43
2026-09-15T21:36:44+08:009.304836320022577
2026-09-15T21:36:54+08:009.30857556088613
2026-09-15T21:37:13+08:009.30899887117257
2026-09-15T21:37:18+08:009.315860025398617
2026-09-15T21:37:30+08:009.31409623253845
2026-09-15T22:04:47+08:009.33527938478905
2026-09-15T22:05:06+08:009.33718428107803
2026-09-15T22:05:19+08:009.34057076336955
2026-09-15T22:05:30+08:009.59
2026-09-16T08:37:30+08:009.453453506420207
2026-09-16T08:38:27+08:009.422534217581488
2026-09-16T08:38:40+08:009.433099336813884
2026-09-16T08:38:43+08:009.435886129532948
2026-09-16T08:38:46+08:009.424209820798646
2026-09-16T08:38:50+08:009.538856356709468
2026-09-16T09:07:02+08:009.63856356709468
2026-09-16T09:07:54+08:009.655813461267108
2026-09-16T09:07:57+08:0010.16230421899252
2026-09-16T09:08:00+08:0010.185427543389304
2026-09-16T09:08:03+08:0010.185392267532102
2026-09-16T09:08:06+08:0010.208321574714265
2026-09-16T09:10:07+08:0010.148211514039792
2026-09-16T10:13:39+08:0010.184598560745027
2026-09-16T10:13:45+08:0010.188743473966417
2026-09-16T10:13:52+08:0010.349760124171018
2026-09-16T10:14:09+08:0010.369338224918865
2026-09-16T10:14:12+08:0010.367609707915902
2026-09-16T10:14:15+08:0010.371631155637083
2026-09-16T10:14:18+08:0010.906060392267532
2026-09-16T11:09:37+08:0010.912974460279385
2026-09-16T11:09:41+08:0010.92140539015098
2026-09-16T11:09:44+08:0011.05912233667278
2026-09-16T11:09:47+08:0011.077624523775928
2026-09-16T11:09:50+08:0011.098402003668689
2026-09-16T11:09:53+08:0011.354151968392832
2026-09-16T12:00:40+08:0011.496313672922252
2026-09-16T12:00:55+08:0011.52795611683364
2026-09-16T12:17:30+08:0011.544747424862424
2026-09-16T12:17:33+08:0011.574749541413857
2026-09-16T12:17:36+08:0011.584027091858331
2026-09-16T12:17:39+08:0011.58644348807676
2026-09-16T12:17:42+08:0011.59713207280937
2026-09-16T12:17:45+08:0012.47
2026-09-16T13:39:43+08:0012.151933116974742
2026-09-16T13:39:46+08:0012.157171581769436
2026-09-16T13:39:52+08:0012.181494285311134
2026-09-16T13:39:54+08:0012.213789332580781
2026-09-16T13:39:57+08:0012.224354451813179
2026-09-16T13:40:01+08:0012.333709609143503
2026-09-16T13:40:03+08:0012.64
2026-09-16T14:15:37+08:0012.397188514180895
2026-09-16T14:15:40+08:0012.401739099760125
2026-09-16T14:15:43+08:0012.450084662057288
2026-09-16T14:15:47+08:0012.446486524622548
2026-09-16T14:16:14+08:0012.445692817835473
2026-09-16T14:16:16+08:0012.454423592493297
2026-09-16T14:16:19+08:0012.724283900098772
2026-09-16T14:17:11+08:0013.21
2026-09-16T15:10:36+08:0012.922410752081275
2026-09-16T15:10:40+08:0012.930929871595879
2026-09-16T15:10:44+08:0012.972696486524622
2026-09-16T15:10:47+08:0012.998148017496826
2026-09-16T15:10:50+08:0012.999841258642585
2026-09-16T15:10:53+08:0013.001411034288132
2026-09-16T15:10:55+08:0013.23
2026-09-16T16:25:11+08:0012.945622266121067
2026-09-16T16:25:13+08:0012.94756243826725
2026-09-16T16:25:16+08:0012.950507972343727
2026-09-16T16:25:19+08:0013.409288133201636
2026-09-16T16:25:22+08:0013.441336249470861
2026-09-16T16:25:24+08:0013.513651756737689
2026-09-16T16:25:30+08:0013.84
2026-09-16T17:04:43+08:0013.629356568364612
2026-09-16T17:04:46+08:0013.639833497954001
2026-09-16T17:04:48+08:0013.716505573585438
2026-09-16T17:04:51+08:0013.737529984478623
2026-09-16T17:05:23+08:0014.23
2026-09-16T17:48:41+08:0017.9
2026-09-16T18:23:54+08:0017.53772752927896
2026-09-16T18:23:59+08:0017.68147664738253
2026-09-16T18:24:10+08:0017.6885670946804
2026-09-16T18:24:20+08:0017.72096796952166
2026-09-16T18:24:29+08:0017.72710596867504
2026-09-16T18:24:55+08:0017.799421475941866
2026-09-16T18:25:52+08:0018.29
2026-09-16T20:38:38+08:0017.959979540002823
2026-09-16T20:38:48+08:0017.965323832369126
2026-09-16T20:38:58+08:0017.9650416255115
2026-09-16T20:39:03+08:0017.972167348666574
2026-09-16T20:39:16+08:0018.197932834767887
2026-09-16T20:39:21+08:0018.19616904190772
2026-09-16T20:39:31+08:0018.213172005079723
2026-09-16T20:39:36+08:0018.211902074220404
2026-09-16T20:39:53+08:0018.293036545788063
2026-09-16T21:39:16+08:0018.303107803019614
2026-09-16T21:39:25+08:0018.35690348525469
2026-09-16T21:39:35+08:0018.363517708480316
2026-09-16T21:39:54+08:0018.50814872301397
2026-09-16T22:07:00+08:0018.413926908423875
2026-09-16T22:07:10+08:0018.442782559616198
2026-09-16T22:07:31+08:0018.47629462395936
2026-09-17T08:32:36+08:0018.43556864681812
2026-09-17T08:32:39+08:0018.43556864681812
2026-09-17T08:32:49+08:0018.89311415267391
2026-09-17T08:32:56+08:0019.847326090023987
2026-09-17T09:10:35+08:0019.892020601100608
2026-09-17T09:10:38+08:0019.94331169747425
2026-09-17T09:10:41+08:0019.970791590235642
2026-09-17T09:10:47+08:0020.17891914773529
2026-09-17T09:12:25+08:0020.342846056159164
2026-09-17T10:18:01+08:0020.68031254409482
2026-09-17T10:18:12+08:0021.470491745449415
2026-09-17T10:18:24+08:0026.93824961196557
2026-09-17T11:14:14+08:0027.41
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
0.59
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
0.69
This model does not support allocation strategy adjustment

Actual vs Predicted Comparison

Using the actual oversubscription ratio 35.16x and current allocation strategy (Pool A α=0.590, Pool B α=0.690) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoLigent 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
39.8x
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
0.59

Pool B

Oversubscription
39.8x
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
0.69
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 Ligent (09856): 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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