HKEX rule requiring shares to be reallocated from the international placement to the public offer when oversubscription reaches preset thresholds, increasing retail investors' allocable shares. Clawback ratios and trigger thresholds vary by offering mechanism. After clawback, retail allocated shares increase, but the hit rate does not necessarily rise — because applicant numbers typically surge as well.
The links above lead to official sources such as HKEX and the SFC. The explanation on this site summarises them and may differ from the official definition; the official documents prevail.
This page explains the HK IPO term "Clawback Mechanism" and links to related terms. Definitions are compiled from HKEX Practice Note 18 and the Listing Rules, for understanding subscription rules only — not investment advice.
