孖展動態 孖展倍數2.8484403823578734x 孖展資金6.8億
排名 券商 孖展資金
1 富途证券富途 2.5億
2 辉立证券辉立 1.8億
3 老虎国际老虎 1.7億
4 华泰国际华泰 2224萬
5 TradeGo MarketsTradeGo 1506萬
6 致富证券致富 1379萬
7 盈立证券盈立 1045萬
8 信诚证券信诚 1000萬
9 复星国际复星 900萬
孖展倍數
時間倍數
2026-06-17T06:00:00+08:000
2026-06-17T10:12:36+08:000.0003773268489015596
2026-06-17T10:12:43+08:000.0007127284923696126
2026-06-17T11:15:51+08:000.0014254569847392251
2026-06-17T11:18:12+08:000.2273184638604729
2026-06-17T12:15:10+08:000.22740231427133992
2026-06-17T12:16:36+08:000.22803119235284253
2026-06-17T12:18:57+08:000.22807311755827603
2026-06-17T12:19:52+08:000.23075633070602045
2026-06-17T13:43:21+08:000.23092403152775448
2026-06-17T13:44:35+08:000.23096595673318798
2026-06-17T13:46:00+08:000.23377494549723293
2026-06-17T14:07:58+08:000.23381687070266644
2026-06-17T14:08:49+08:000.23385879590809994
2026-06-17T14:10:33+08:000.24568170384034882
2026-06-17T15:04:40+08:000.24987422438369947
2026-06-17T15:07:38+08:000.25079657890323664
2026-06-17T15:09:17+08:000.2512158309575717
2026-06-17T15:11:25+08:000.25540835150092234
2026-06-17T16:27:09+08:000.25545027670635584
2026-06-17T16:27:56+08:000.2620744591648499
2026-06-17T16:31:14+08:000.2634999161495891
2026-06-17T16:32:38+08:000.2676924366929398
2026-06-17T16:35:49+08:000.26819553915814187
2026-06-17T17:01:23+08:000.2694532953211471
2026-06-17T17:02:36+08:000.2697467717591816
2026-06-17T17:04:19+08:000.27372966627536477
2026-06-17T17:07:29+08:000.2779221868187154
2026-06-17T18:04:33+08:000.27796411202414895
2026-06-17T18:05:22+08:000.278467214489351
2026-06-17T18:07:43+08:000.27859299010565153
2026-06-17T18:08:55+08:000.2774610095589468
2026-06-17T18:09:47+08:000.2816535301022975
2026-06-17T18:11:35+08:000.281779305718598
2026-06-17T20:22:06+08:000.7848817709206775
2026-06-17T20:23:35+08:000.785091396947845
2026-06-17T20:24:48+08:000.7854267985913131
2026-06-17T20:27:03+08:000.797249706523562
2026-06-17T20:33:38+08:000.8056347476102633
2026-06-17T22:24:58+08:000.8061378500754653
2026-06-17T22:27:28+08:000.8072279054167365
2026-06-17T22:28:57+08:000.8156129465034379
2026-06-18T09:16:05+08:000.8158644977360389
2026-06-18T09:16:10+08:000.8158644977360389
2026-06-18T09:16:16+08:000.8175834311588127
2026-06-18T09:16:26+08:000.8217759517021633
2026-06-18T09:16:35+08:000.8172061043099111
2026-06-18T09:16:41+08:000.8174995807479457
2026-06-18T09:16:47+08:000.8174995807479457
2026-06-18T10:08:04+08:000.8178349823914137
2026-06-18T10:08:09+08:000.8179188328022807
2026-06-18T10:08:15+08:000.8186734865000839
2026-06-18T11:19:30+08:000.8189669629381184
2026-06-18T11:20:35+08:000.8190088881435519
2026-06-18T11:22:37+08:000.8205601207445916
2026-06-18T11:24:01+08:000.8208535971826262
2026-06-18T11:25:50+08:000.8250461177259768
2026-06-18T12:16:12+08:000.8250880429314104
2026-06-18T12:19:02+08:000.8252138185477109
2026-06-18T12:20:35+08:000.8255911453966125
2026-06-18T14:05:50+08:000.8256330706020459
2026-06-18T14:05:52+08:000.8256749958074795
2026-06-18T14:10:21+08:000.835988596344122
2026-06-18T14:14:16+08:000.8370367264799597
2026-06-18T14:16:09+08:000.8370786516853933
2026-06-18T14:16:14+08:000.8372463525071273
2026-06-18T14:19:25+08:000.8386718094918665
2026-06-18T15:11:20+08:000.838881435519034
2026-06-18T15:11:26+08:000.8390072111353346
2026-06-18T15:11:32+08:000.839049136340768
2026-06-18T15:11:39+08:000.8391329867516351
2026-06-18T15:56:09+08:000.9607160825088042
2026-06-18T16:12:06+08:000.9609676337414054
2026-06-18T16:14:29+08:000.9613030353848734
2026-06-18T17:47:56+08:000.9673402649672983
2026-06-18T17:50:01+08:000.9664598356531947
2026-06-18T17:51:47+08:000.9667952372966627
2026-06-18T17:53:12+08:000.9683464698977025
2026-06-18T17:54:05+08:000.9851165520711052
2026-06-18T17:55:51+08:001.0480043602213651
2026-06-18T18:10:41+08:001.0481720610430991
2026-06-18T18:10:48+08:001.0535804125440216
2026-06-18T18:10:55+08:001.0536642629548885
2026-06-18T18:11:03+08:001.0546285426798592
2026-06-18T18:11:14+08:001.0588210632232098
2026-06-18T18:15:28+08:001.059994968975348
2026-06-18T20:30:00+08:001.0609173234948852
2026-06-18T20:31:08+08:001.0612527251383532
2026-06-18T20:34:46+08:001.0658225725306054
2026-06-18T20:36:21+08:001.070015093073956
2026-06-18T21:34:30+08:001.0708535971826263
2026-06-18T22:08:23+08:001.525406674492705
2026-06-18T22:09:25+08:001.5250293476438035
2026-06-18T22:09:43+08:001.5263290290122422
2026-06-18T22:10:58+08:001.5934093577058528
2026-06-19T09:17:09+08:001.6227570015093074
2026-06-19T09:17:14+08:001.6437196042260607
2026-06-19T09:20:15+08:001.6439292302532282
2026-06-19T09:21:33+08:001.6400721113533456
2026-06-19T09:22:36+08:001.6401140365587792
2026-06-19T09:24:53+08:001.6354603387556599
2026-06-19T09:31:16+08:001.6374727486164682
2026-06-19T10:17:04+08:001.6378920006708033
2026-06-19T10:20:50+08:001.6404913634076808
2026-06-19T10:24:43+08:001.648876404494382
2026-06-19T11:41:54+08:001.6489183296998156
2026-06-19T11:43:20+08:001.6491279557269831
2026-06-19T11:44:39+08:001.6501341606573872
2026-06-19T11:45:35+08:001.6754569847392253
2026-06-19T12:08:01+08:001.6755827603555258
2026-06-19T12:10:23+08:001.675289283917491
2026-06-19T12:11:29+08:001.676672815696797
2026-06-19T12:14:27+08:001.6808653362401476
2026-06-19T14:17:56+08:001.6821650176085863
2026-06-19T14:18:00+08:001.6822907932248867
2026-06-19T14:21:04+08:001.6820392419922858
2026-06-19T14:24:15+08:001.6821650176085863
2026-06-19T14:27:32+08:001.6947425792386384
2026-06-19T15:19:16+08:001.6963357370451115
2026-06-19T15:21:07+08:001.7089132986751636
2026-06-19T17:18:30+08:001.708955223880597
2026-06-19T17:20:31+08:001.709039074291464
2026-06-19T17:20:35+08:001.7077393929230253
2026-06-19T17:23:42+08:001.7087455978534294
2026-06-19T22:47:50+08:001.7092487003186316
2026-06-19T22:58:42+08:001.7096679523729665
2026-06-19T23:06:05+08:001.7097937279892672
2026-06-19T23:06:09+08:001.7098356531947005
2026-06-19T23:13:44+08:001.7108418581251048
2026-06-19T23:17:25+08:001.723419419755157
2026-06-19T23:25:27+08:001.7236709709877578
2026-06-20T10:19:50+08:001.7236709709877578
2026-06-20T10:23:03+08:001.7236709709877578
2026-06-20T10:24:36+08:001.7014925373134329
2026-06-20T10:25:30+08:001.703085695119906
2026-06-20T10:28:02+08:001.7044273016937783
2026-06-20T10:28:53+08:001.7044273016937783
2026-06-20T10:32:56+08:001.7295824249538823
2026-06-20T12:20:31+08:001.7296662753647494
2026-06-20T12:23:09+08:001.7300855274190843
2026-06-20T12:24:01+08:001.7310078819386214
2026-06-20T12:24:52+08:001.7309240315277545
2026-06-20T14:15:34+08:001.731049807144055
2026-06-20T14:16:32+08:001.7311755827603554
2026-06-20T14:18:00+08:001.731217507965789
2026-06-20T18:32:22+08:001.7311755827603554
2026-06-20T18:33:37+08:001.7313432835820894
2026-06-20T18:35:59+08:001.7323494885124937
2026-06-20T18:38:46+08:001.736835485493879
2026-06-20T18:39:56+08:001.7365000838504108
2026-06-20T20:12:32+08:001.7365420090558443
2026-06-20T20:13:40+08:001.7365000838504108
2026-06-20T20:18:42+08:001.7490776454804629
2026-06-20T21:09:50+08:001.7487422438369948
2026-06-20T22:08:30+08:001.7495388227402315
2026-06-20T22:09:36+08:001.7453463021968807
2026-06-21T09:52:32+08:001.7453463021968807
2026-06-21T09:52:39+08:001.7454720778131814
2026-06-21T09:52:56+08:001.7454720778131814
2026-06-21T09:53:03+08:001.7455559282240483
2026-06-21T09:53:20+08:001.7455559282240483
2026-06-21T09:53:28+08:001.7456397786349154
2026-06-21T10:09:12+08:001.7456817038403487
2026-06-21T10:09:24+08:001.7457236290457823
2026-06-21T12:36:58+08:001.746687908770753
2026-06-21T12:39:27+08:001.746855609592487
2026-06-21T12:41:27+08:001.7471490860305217
2026-06-21T12:44:52+08:001.747358712057689
2026-06-21T12:44:58+08:001.7484906926043937
2026-06-21T12:48:45+08:001.744298172061043
2026-06-21T15:48:30+08:001.7443820224719102
2026-06-21T15:51:30+08:001.7445497232936442
2026-06-21T15:52:18+08:001.7486164682206944
2026-06-21T15:53:33+08:001.7499161495891329
2026-06-21T18:31:55+08:001.7502515512326011
2026-06-21T18:34:00+08:001.747191011235955
2026-06-21T18:35:02+08:001.747526412879423
2026-06-21T18:36:06+08:001.7477779641120241
2026-06-21T18:37:30+08:001.7603555257420762
2026-06-21T20:07:45+08:001.7612359550561798
2026-06-21T20:08:55+08:001.7611521046453127
2026-06-21T20:09:58+08:001.7611940298507462
2026-06-21T20:11:18+08:001.7863491531108502
2026-06-21T22:09:23+08:001.8066409525406675
2026-06-21T22:11:01+08:001.806766728156968
2026-06-21T22:11:33+08:001.8075633070602046
2026-06-21T22:15:37+08:001.8452959919503606
2026-06-21T22:15:42+08:001.8411034714070098
2026-06-22T09:09:55+08:001.841355022639611
2026-06-22T09:10:08+08:001.841355022639611
2026-06-22T09:10:14+08:001.841355022639611
2026-06-22T09:10:21+08:001.8640784839845714
2026-06-22T09:10:35+08:001.8766560456146235
2026-06-22T09:10:41+08:001.8772429984906926
2026-06-22T09:10:48+08:001.8790038571188998
2026-06-22T09:11:07+08:001.8878920006708033
2026-06-22T09:11:13+08:001.8907429146402817
2026-06-22T09:11:20+08:001.8908686902565823
2026-06-22T10:11:11+08:001.8914975683380848
2026-06-22T10:11:18+08:001.8932165017608586
2026-06-22T10:11:24+08:001.8937196042260607
2026-06-22T10:11:31+08:001.8971993962770417
2026-06-22T10:11:43+08:001.9349320811671977
2026-06-22T11:14:30+08:001.942310917323495
2026-06-22T11:18:15+08:001.9431913466375985
2026-06-22T11:19:54+08:001.943400972664766
2026-06-22T11:21:03+08:001.9451618312929733
2026-06-22T11:22:21+08:001.9460841858125104
2026-06-22T11:23:41+08:002.0550897199396276
2026-06-22T11:51:31+08:002.056012074459165
2026-06-22T12:08:55+08:002.0568925037732684
2026-06-22T12:11:24+08:002.057185980211303
2026-06-22T12:13:02+08:002.057689082676505
2026-06-22T12:15:17+08:002.058234110347141
2026-06-22T12:16:39+08:002.049849069260439
2026-06-22T12:21:40+08:002.0513583766560455
2026-06-22T14:18:02+08:002.0541673654200907
2026-06-22T14:18:05+08:002.0545446922689923
2026-06-22T14:22:36+08:002.054586617474426
2026-06-22T14:22:39+08:002.054460841858125
2026-06-22T14:25:05+08:002.1383112527251384
2026-06-22T14:25:07+08:002.1215411705517355
2026-06-22T14:25:20+08:002.1206188160321986
2026-06-22T14:25:23+08:002.121247694113701
2026-06-22T14:25:31+08:002.1225893006875736
2026-06-22T14:25:34+08:002.123218178769076
2026-06-22T14:35:05+08:002.1277041757504613
2026-06-22T14:38:46+08:002.151098440382358
2026-06-22T15:06:55+08:002.0672480295153446
2026-06-22T15:11:00+08:002.067541505953379
2026-06-22T15:11:24+08:002.092864330035217
2026-06-22T15:12:40+08:002.0966375985242327
2026-06-22T15:14:54+08:002.096931074962267
2026-06-22T15:16:24+08:002.1019620996142883
2026-06-22T15:17:44+08:002.105316116048969
2026-06-22T15:34:00+08:002.1091732349488512
2026-06-22T16:04:04+08:002.1104309911118566
2026-06-22T16:05:42+08:002.1126949522052656
2026-06-22T16:05:45+08:002.113281905081335
2026-06-22T16:09:15+08:002.2175918161998993
2026-06-22T16:13:02+08:002.2188914975683383
2026-06-22T16:15:54+08:002.2021214153949353
2026-06-22T16:26:04+08:002.202163340600369
2026-06-22T17:03:45+08:002.209039074291464
2026-06-22T17:06:55+08:002.208703672647996
2026-06-22T17:08:24+08:002.229247023310414
2026-06-22T17:09:49+08:002.321482475264129
2026-06-22T17:12:02+08:002.322488680194533
2026-06-22T17:14:10+08:002.3227821566325675
2026-06-22T17:19:46+08:002.3239979875901393
2026-06-22T17:46:26+08:001.869906087539829
2026-06-22T17:50:19+08:001.8688998826094247
2026-06-22T18:01:12+08:001.8704930404158981
2026-06-22T18:07:43+08:001.8896528592990105
2026-06-22T18:09:17+08:002.0783162837497904
2026-06-22T18:09:22+08:002.0900972664766058
2026-06-22T18:09:28+08:002.0913130974341776
2026-06-22T18:09:34+08:002.1087959080999497
2026-06-22T18:09:47+08:002.251341606573872
2026-06-22T20:18:45+08:002.2510481301358376
2026-06-22T20:25:09+08:002.25155123260104
2026-06-22T20:26:55+08:002.2555760523226565
2026-06-22T20:28:46+08:002.2593073956062386
2026-06-22T20:33:11+08:002.3358628207278214
2026-06-22T20:34:56+08:002.32747777964112
2026-06-22T21:23:05+08:002.328022807311756
2026-06-22T22:08:30+08:002.3284001341606575
2026-06-22T22:10:45+08:002.4073452959919504
2026-06-22T22:12:00+08:002.516350830119068
2026-06-23T08:35:19+08:002.5160154284755993
2026-06-23T08:37:14+08:002.6627536474928726
2026-06-23T08:41:39+08:002.7048465537481134
2026-06-23T08:41:45+08:002.72656381016267
2026-06-23T09:11:30+08:002.738847895354687
2026-06-23T09:11:37+08:002.758510816703002
2026-06-23T09:11:42+08:002.773016937782995
2026-06-23T09:11:56+08:002.735284252892839
2026-06-23T09:20:08+08:002.7349907764548047
2026-06-23T10:07:33+08:002.7339845715244007
2026-06-23T10:13:38+08:002.7322656381016266
2026-06-23T10:14:28+08:002.7993459667952374
2026-06-23T11:06:58+08:002.8473084018111687
2026-06-23T11:12:36+08:002.8484403823578734
捷利預測倍數
時間倍數
券商孖展資金走勢
時間券商孖展資金
預測模型 一手期望中籤手數— 期望中籤1手所需手數—
倍數推導
近期首日表現
+4.6%
→
參與人數
22,607
→
人均手數
92.4
→
認購倍數
23x
23x = 22,607 × 92.4 ÷ 89,669 孖展加權 100% → 2.8x
1x4192.0x
分配手法係數 α
分配手法係數
反映發行人對不同申購規模的分配偏好。
α → 0  人均分配 — 每人獲配相同股數,與申購手數無關。
α → 1  按申購量比例分配 — 申購手數越多,獲配越多。
歷史 α 區間(P10–P90):甲組 0.3 – 0.9,乙組 0.4 – 1.0
0.59
分配手法係數 α
分配手法係數
反映發行人對不同申購規模的分配偏好。
α → 0  人均分配 — 每人獲配相同股數,與申購手數無關。
α → 1  按申購量比例分配 — 申購手數越多,獲配越多。
歷史 α 區間(P10–P90):甲組 0.3 – 0.9,乙組 0.4 – 1.0
0.69
此模型不適用分配手法調節

實際 vs 預測 對比

以實際認購倍數 4.42x 和當前分配手法 (甲組 α=0.588, 乙組 α=0.688) 為基準,對比各檔位的實際與預測期望中籤手數

申購手數 認購金額(HKD) 實際期望中籤 預測期望中籤 偏差

標誌MERDEKAGOLD-DRS中籤預測矩陣

行為申購檔位,列為不同認購倍數,數值為期望中籤手數,綠色背景表示期望中籤≥1手;非預設倍數由相鄰網格插值估計。

發售機制說明

機制B

《第18項應用指引》下的靈活發售機制。最低初訂分配份額爲發售股份的10%,不設回補機制。最高初訂分配份額爲發售股份的60%(因《第18項應用指引》規定發售股份總數至少40%須分配予配售部分投資者,基石投資者除外)。發行人可根據發售結構、市場狀況及散戶投資者利益,自行釐定公開認購部分的初訂分配份額。

分配手法係數 α

α 為發行人分配偏好係數,描述發行人對不同申購規模的分配傾向。α 取值範圍 [0, 1]。

  • α → 0:人均分配——無論申購多少手,每位中籤者獲配股數相同。對散戶(小單申購)更有利。
  • α → 1:比例分配——獲配股數與申購手數成正比。對大額申購更有利。
  • 歷史實際 α 區間(P10–P90):甲組 0.3–0.9,乙組 0.4–1.0。不同IPO的α值差異較大,反映發行人各自的分配策略。
中籤率定義

本頁面的「中籤率」定義與港交所配發結果公告完全一致:中籤率 = 該檔位獲配股份總數 ÷ 該檔位有效申請股份總數 × 100%。此為港交所官方口徑,與其他網站可能使用的不同定義(如「申購人數中籤比例」)有本質區別。

期望中籤手數

期望中籤手數 = 該檔位獲配總股數 ÷ 每手股數 ÷ 該檔位申購人數

例:某檔位獲配總股數 50,000 股,每手 100 股,申購人數 500 人 → 期望中籤手數 = 50,000 ÷ 100 ÷ 500 = 1.0 手。

關於本頁

本頁展示 MERDEKAGOLD-DRS(06228)的中籤預測:基於相似 IPO 匹配的期望中籤率、甲乙組資金效率對比。
默認認購倍數按「近期首日表現 → 參與人數 → 人均手數 → 認購倍數」鏈條推導,公式為 認購倍數 = 參與人數 × 人均手數 ÷ 公開發售手數;其中參與人數與人均手數以近期 IPO 的中位數為基準,再按發行規模、A+H 身份、H 股折溢價、行業、併發 IPO、保薦人歷史表現與恒指近期走勢等特徵調節。
認購窗口前期默認倍數以模型推導為準;隨認購進度推進逐步結合孖展倍數加權;臨近截止(進度約九成後)默認倍數以孖展倍數預測為準。
中籤率預測基於歷史 592 隻 IPO 的 22087 條配發檔位數據做迴歸擬合與 KNN 相似匹配,估計各申購檔位的期望中籤手數,並結合分配手法係數 α(人均分配至比例分配)給出區間。你可以自訂認購倍數與分配手法係數 α,覆蓋 cibo 的默認預測,查看不同場景下的期望中籤手數。中籤率的計算方式與回撥規則見港股中籤率怎麼算。
數據來源:港交所披露易平台公開發售配發結果公告、招股說明書、FINI 平台公告;孖展數據(孖展倍數、捷利預測倍數及券商明細)來自捷利交易寶(TradeGo),倍數僅覆蓋已上報券商,捷利預測倍數為全市場外推值。
孖展倍數盤中實時更新;中籤率預測模型隨新股配發數據入庫不定期迭代。

Cibo — 港股IPO中籤率預測、中籤畫像與入通分析