Chery Auto 09973Expected Lots

Chery Auto (09973) Expected Lots
Offering Mechanism: Mechanism B | Min Subscription: HK$3,075  |  Public Offering Lots: Pool A 148,698lots / Pool B 148,699lots  |  Offer Price: HK$30.75  |  Lot Size: 100shares  |  Public Offering Size: HK$914.5M
1x1093.0x
Recent first-day return
+4.6%
→
Participants
24,874
→
Avg lots
86.9
→
Oversubscription
7x
7x = 24,874 × 86.9 ÷ 297,397 margin-weighted 100% → 276.1x
Margin dynamics · 2025-09-22 11:11 Margin multiple238.04x Margin funds2176.9100M TradeGo forecast multiple276.13x
Rank Broker Margin funds
1 富途证券富途 1145.3100M
2 辉立证券辉立 475.0100M
3 老虎国际老虎 251.7100M
4 华泰国际华泰 127.2100M
5 招银国际招银 57.0100M
6 华盛证券华盛 54.1100M
7 耀才证券耀才 20.0100M
9 信诚证券信诚 15.0100M
10 长桥证券长桥 12.9100M
11 盈立证券盈立 6.8100M
12 卓锐证券 5.5100M
13 TradeGo MarketsTradeGo 5.1100M
14 艾德证券艾德 652110K
15 FunderstoneFunderstone 449710K
16 盈宝证券盈宝 288610K
Margin multiple
TimeMultiple
2025-09-17T06:00:00+08:000
2025-09-17T10:11:32+08:000.05084745762711865
2025-09-17T10:11:48+08:000.05714598141060689
2025-09-17T10:11:57+08:000.09869874248223073
2025-09-17T10:55:34+08:000.1511864406779661
2025-09-17T11:10:46+08:001.0634117003827228
2025-09-17T11:10:59+08:001.2722033898305085
2025-09-17T11:11:12+08:002.6018917441224714
2025-09-17T12:03:29+08:003.1565008201202844
2025-09-17T12:03:47+08:003.271656642974303
2025-09-17T12:06:43+08:003.457550574084199
2025-09-17T13:44:17+08:003.7145215965008203
2025-09-17T13:44:33+08:003.759223619464188
2025-09-17T13:44:41+08:003.810125751776927
2025-09-17T13:45:06+08:003.8538655002733733
2025-09-17T14:15:02+08:003.9663422635319847
2025-09-17T14:15:23+08:003.988747949699289
2025-09-17T14:15:34+08:004.2008857299070534
2025-09-17T14:16:09+08:004.275418261344997
2025-09-17T15:29:00+08:004.306757791142701
2025-09-17T15:29:09+08:004.334598141060689
2025-09-17T15:29:23+08:004.58172772006561
2025-09-17T16:40:01+08:004.6632367413887374
2025-09-17T16:40:23+08:004.675440131219245
2025-09-17T16:40:33+08:005.076752323674139
2025-09-17T17:10:47+08:005.219617277200656
2025-09-17T17:11:04+08:005.219595407326408
2025-09-17T17:11:10+08:005.462351011481684
2025-09-17T17:29:07+08:005.571700382722799
2025-09-17T17:30:32+08:007.9773865500273375
2025-09-17T18:12:13+08:008.046396938217605
2025-09-17T18:12:30+08:008.678436303991251
2025-09-17T18:13:09+08:008.787785675232367
2025-09-17T18:15:39+08:009.006484417714598
2025-09-17T18:16:18+08:009.115833788955714
2025-09-17T18:18:10+08:009.57210497539639
2025-09-17T22:16:33+08:009.590442864953527
2025-09-17T22:16:52+08:009.95348277747403
2025-09-17T22:17:25+08:0010.004341170038272
2025-09-17T22:17:29+08:0010.004352104975396
2025-09-17T22:17:49+08:0010.378326954620011
2025-09-17T22:18:07+08:0010.04922908693275
2025-09-17T22:18:17+08:0010.049086932750138
2025-09-17T22:18:27+08:0010.359639147074905
2025-09-17T22:18:48+08:0010.420885729907052
2025-09-17T22:19:00+08:0010.421006014215418
2025-09-17T22:19:11+08:0010.550038272279934
2025-09-18T08:32:02+08:0011.646812465828322
2025-09-18T08:32:18+08:0011.690738108255877
2025-09-18T08:32:24+08:0011.898895571350465
2025-09-18T08:33:26+08:0011.898928376161837
2025-09-18T08:33:29+08:0011.898862766539093
2025-09-18T08:33:32+08:0011.898917441224713
2025-09-18T08:33:41+08:0011.898917441224713
2025-09-18T09:02:02+08:0012.074182613449972
2025-09-18T09:07:38+08:0012.105401858939311
2025-09-18T09:07:55+08:0012.214751230180427
2025-09-18T09:08:00+08:0012.214554401312192
2025-09-18T09:08:10+08:0012.409196282121378
2025-09-18T09:29:50+08:0012.627895024603609
2025-09-18T10:08:24+08:0012.705959540732641
2025-09-18T10:08:32+08:0012.760841990158557
2025-09-18T10:08:42+08:0013.20151995626025
2025-09-18T11:03:36+08:0013.297145981410607
2025-09-18T11:05:16+08:0012.803980317113176
2025-09-18T12:05:59+08:0012.848627665390923
2025-09-18T12:06:02+08:0013.154805904866047
2025-09-18T13:43:11+08:0013.172706396938217
2025-09-18T13:43:25+08:0013.172695462001094
2025-09-18T13:43:32+08:0013.630869327501367
2025-09-18T14:03:28+08:0013.655626025150355
2025-09-18T14:04:14+08:0014.256336796063422
2025-09-18T14:05:29+08:0014.562515035538546
2025-09-18T14:28:47+08:0015.656008747949699
2025-09-18T15:06:37+08:0015.828376161837069
2025-09-18T15:06:40+08:0016.031765992345544
2025-09-18T16:05:35+08:0016.066987424822308
2025-09-18T16:05:38+08:0016.360043739748498
2025-09-18T17:01:45+08:0016.79744122471296
2025-09-18T17:06:07+08:0016.906298523783487
2025-09-18T17:06:19+08:0017.032750136686715
2025-09-18T17:06:22+08:0017.56746856205577
2025-09-18T17:30:08+08:0017.676817933296885
2025-09-18T17:30:32+08:0018.44226353198469
2025-09-18T17:31:17+08:0018.98901038819027
2025-09-18T18:07:15+08:0019.14087479496993
2025-09-18T18:07:30+08:0019.318228540185896
2025-09-18T18:07:37+08:0019.51287042099508
2025-09-18T18:10:54+08:0020.272017495899398
2025-09-18T20:16:43+08:0020.28117003827228
2025-09-18T20:16:49+08:0020.383367960634228
2025-09-18T20:16:55+08:0021.016500820120285
2025-09-18T20:17:07+08:0021.031842536905412
2025-09-18T20:17:12+08:0021.062372881355934
2025-09-18T20:17:18+08:0021.215462001093492
2025-09-18T22:05:07+08:0021.29922361946419
2025-09-18T22:05:12+08:0021.2707927829415
2025-09-18T22:05:18+08:0021.339136139967195
2025-09-18T22:05:36+08:0021.42997266265719
2025-09-18T22:05:41+08:0021.46055768179333
2025-09-18T22:05:47+08:0021.69893931109896
2025-09-19T07:51:41+08:0021.737769272826682
2025-09-19T07:51:45+08:0021.788518316019683
2025-09-19T07:51:53+08:0021.80343357025697
2025-09-19T07:51:57+08:0021.80343357025697
2025-09-19T07:52:01+08:0021.802985237834882
2025-09-19T07:52:05+08:0021.80372881355932
2025-09-19T07:52:08+08:0021.80306178239475
2025-09-19T07:52:12+08:0021.803499179879715
2025-09-19T07:52:17+08:0021.803739748496447
2025-09-19T09:00:34+08:0022.07678512848551
2025-09-19T09:00:40+08:0022.905653362493165
2025-09-19T09:10:15+08:0022.81337342810279
2025-09-19T09:10:23+08:0023.202657189721158
2025-09-19T09:10:27+08:0023.205937670858393
2025-09-19T09:11:30+08:0023.35728813559322
2025-09-19T10:13:02+08:0023.86904319300164
2025-09-19T10:13:42+08:0023.887774740295242
2025-09-19T10:13:49+08:0024.06606889010388
2025-09-19T10:14:04+08:0024.284767632586114
2025-09-19T11:04:30+08:0024.372170585019138
2025-09-19T11:04:51+08:0024.470913067249864
2025-09-19T11:08:22+08:0024.99688354291963
2025-09-19T12:08:37+08:0025.050552214324767
2025-09-19T12:08:55+08:0025.132881355932202
2025-09-19T12:09:10+08:0026.586134499726626
2025-09-19T13:49:50+08:0026.63289229086933
2025-09-19T13:50:40+08:0027.201509021323126
2025-09-19T13:50:59+08:0027.225183160196828
2025-09-19T13:51:12+08:0027.63633679606342
2025-09-19T14:06:44+08:0027.746320393657737
2025-09-19T14:07:03+08:0027.785117550574085
2025-09-19T14:07:22+08:0028.431372334609076
2025-09-19T14:09:38+08:0028.697244395844724
2025-09-19T15:14:43+08:0028.818316019682886
2025-09-19T15:15:00+08:0029.669054127938765
2025-09-19T15:15:19+08:0029.747348277747403
2025-09-19T16:10:04+08:0029.878851831601967
2025-09-19T16:11:02+08:0031.300393657736468
2025-09-19T16:12:04+08:0032.34358665937671
2025-09-19T17:11:14+08:0032.644570803717876
2025-09-19T17:12:13+08:0033.48546746856206
2025-09-19T17:43:03+08:0044.857802077638055
2025-09-19T18:04:45+08:0047.38918534718425
2025-09-19T18:05:35+08:0056.74839803171132
2025-09-19T18:09:09+08:0058.16993985784582
2025-09-19T18:09:33+08:0058.93538545653362
2025-09-19T18:15:54+08:0061.61934390377255
2025-09-19T20:14:50+08:0063.951919081465284
2025-09-19T20:15:15+08:0070.60692181519956
2025-09-19T20:15:33+08:0072.57521049753964
2025-09-19T20:16:22+08:0074.15290322580645
2025-09-19T20:16:38+08:0077.60724986331329
2025-09-19T22:12:22+08:0078.35563696008748
2025-09-19T22:12:40+08:0081.10686714051394
2025-09-19T22:13:13+08:0082.26400218698743
2025-09-19T22:13:29+08:0084.7713832695462
2025-09-20T08:20:46+08:0085.21477310005467
2025-09-20T08:21:57+08:0085.21477310005467
2025-09-20T08:22:16+08:0086.28995079278295
2025-09-20T08:22:28+08:0094.99634773100054
2025-09-20T10:09:11+08:0095.28767632586113
2025-09-20T10:09:23+08:0096.2565117550574
2025-09-20T10:10:02+08:0096.53540732640788
2025-09-20T10:10:17+08:0098.26203389830509
2025-09-20T11:09:24+08:0098.4390049207217
2025-09-20T11:09:37+08:0098.96606889010388
2025-09-20T12:47:02+08:0099.34704209950793
2025-09-20T12:47:28+08:00100.65923455440131
2025-09-20T14:21:53+08:00100.82427556041553
2025-09-20T14:22:30+08:00101.67173318753417
2025-09-20T14:23:16+08:00101.92418808091854
2025-09-20T14:23:29+08:00103.24294149808638
2025-09-20T15:47:19+08:00103.55100054674686
2025-09-20T15:47:31+08:00104.41486057955167
2025-09-20T16:49:22+08:00104.53910333515583
2025-09-20T16:49:35+08:00105.22909786768726
2025-09-20T17:49:02+08:00105.6364680153089
2025-09-20T17:49:21+08:00106.3614543466375
2025-09-20T18:10:52+08:00106.50609075997814
2025-09-20T18:11:07+08:00109.76688901038818
2025-09-20T19:40:04+08:00109.94203389830508
2025-09-20T19:40:15+08:00110.7085729907053
2025-09-20T20:48:18+08:00110.93645708037178
2025-09-20T20:48:34+08:00111.35307818480044
2025-09-20T21:19:05+08:00111.57316566429743
2025-09-20T21:19:21+08:00112.73445598687807
2025-09-20T22:10:24+08:00112.94835429196281
2025-09-20T22:10:39+08:00113.67334062329141
2025-09-21T11:33:31+08:00113.7587315472936
2025-09-21T11:33:36+08:00114.29538545653362
2025-09-21T11:33:40+08:00114.61276107162384
2025-09-21T11:33:44+08:00114.77270639693822
2025-09-21T11:33:48+08:00114.96602515035539
2025-09-21T11:34:10+08:00119.34218698742482
2025-09-21T11:34:14+08:00120.05842536905413
2025-09-21T11:34:19+08:00122.03874248223073
2025-09-21T11:34:23+08:00123.30391470749043
2025-09-21T13:08:14+08:00123.41112083105521
2025-09-21T13:08:20+08:00124.28591580098414
2025-09-21T13:08:24+08:00124.40896664844178
2025-09-21T13:08:28+08:00125.54291962821213
2025-09-21T16:42:10+08:00127.37452159650083
2025-09-21T16:42:23+08:00128.47785675232367
2025-09-21T16:42:36+08:00129.9300164024057
2025-09-21T16:43:26+08:00130.09708037178785
2025-09-21T16:43:41+08:00130.42383816293056
2025-09-21T16:43:56+08:00130.607752870421
2025-09-21T19:09:29+08:00132.60993985784583
2025-09-21T19:09:45+08:00134.58588299617278
2025-09-21T19:10:01+08:00136.4984034991799
2025-09-21T19:12:08+08:00136.8098305084746
2025-09-21T19:12:24+08:00137.11062875888464
2025-09-21T19:12:37+08:00137.69663203936577
2025-09-21T22:22:48+08:00138.5724767632586
2025-09-21T22:23:02+08:00139.037003827228
2025-09-21T22:23:15+08:00139.53039912520504
2025-09-21T22:24:25+08:00142.096828868234
2025-09-21T22:24:41+08:00144.32755604155275
2025-09-21T22:24:56+08:00148.89179879715692
2025-09-22T08:32:48+08:00149.61105522143248
2025-09-22T08:33:02+08:00152.07185347184253
2025-09-22T08:33:26+08:00173.34139967195188
2025-09-22T09:22:40+08:00173.34139967195188
2025-09-22T09:23:07+08:00175.5283870967742
2025-09-22T09:23:29+08:00176.27280481137234
2025-09-22T09:23:44+08:00184.75284855112082
2025-09-22T09:24:36+08:00218.86985237834884
2025-09-22T09:50:55+08:00222.36903225806452
2025-09-22T09:52:39+08:00231.11646801530893
2025-09-22T10:07:51+08:00231.95284855112084
2025-09-22T11:11:10+08:00232.3902460360853
2025-09-22T11:11:18+08:00238.04
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 308.18x and current allocation strategy (Pool A α=0.573, Pool B α=0.673) as the baseline, comparing actual vs predicted expected allotment lots per tier

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

LogoChery Auto 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
276.1x
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
276.1x
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 Chery Auto (09973): 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.

Disclaimer

Site Nature: This website (cibo.hk) is an independent technology product showcase platform established by Panda Securities Limited (“the Company”), dedicated to demonstrating the data analysis capabilities of AI technology products and facilitating research exchange. This website itself and all data analysis content displayed herein do not constitute, and are not involved in, any regulated activity or licensed service requiring approval by the Hong Kong Securities and Futures Commission (“SFC”) under the Securities and Futures Ordinance. Browsing or using the content of this website does not establish any regulated client relationship with the Company.

Not Investment Advice: Any information contained on this website (including but not limited to data analysis charts, statistical results, allotment rate comparisons, etc.) is provided solely for AI tool analysis learning exchange and technical reference purposes, and absolutely does not constitute any investment advice, offer to buy or sell, solicitation, recommendation, guarantee, or endorsement of any investment product or strategy. The output of this AI analysis tool should not be interpreted as investment opinion.

Decision Responsibility: Users should understand that all investment decisions involve risk. Users should make investment decisions based on their own independent judgment, financial situation, investment objectives, and risk tolerance, and consult independent licensed financial advisors or professional advice when needed. Neither the Company nor this AI analysis tool shall bear any responsibility for any investment decisions or actions made by users based on the information on this website.

Technical Limitations: This AI analysis tool is algorithm-driven and data-based. Its analysis results are limited by model capability, data quality, market conditions, and other factors. Past analysis results are not reliable indicators of future performance. The Company does not guarantee the accuracy, completeness, timeliness, or suitability of the analysis results of this tool. All analysis results are automatically generated by AI algorithms, and have not been manually reviewed or verified by the publisher. Analysis charts, statistical data, and trend assessments may contain errors or biases.

Data Sources: The data on this page is sourced from publicly disclosed documents published by HKEX News and other institutions. The relevant institutions make no warranty regarding the accuracy, timeliness, or completeness of such data, nor do they endorse the analysis conclusions derived from such data.

Separation from Panda Securities Official Website: The content of this website is strictly distinct from the SFC-regulated securities and futures trading services, investment advisory, and other licensed activities provided by Panda Securities' official website (fafa.hk). No securities trading or account opening or other regulated operations can be conducted through this website.

Panda Securities Limited is a licensed corporation regulated by the Hong Kong Securities and Futures Commission (CE Number: BNC380) and a Hong Kong Exchange Participant (Participant ID: 02229). The publisher of this website shall not be liable for any direct or indirect losses arising from the use of this website or its analysis results. Use of this website constitutes acceptance of this disclaimer.

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