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Hong Kong IPO glossary and metric guide

Clear explanations for Hong Kong IPO terms, allotment rules and HK IPO AI model metrics, with links back to the tools where each concept appears.

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Hong Kong IPO terms

Common terms used during Hong Kong IPO subscription, allocation, stabilization, grey market and listing stages.

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One-lot win rateThe one-lot win rate is the probability that an investor applying for one board lot receives at least one lot.Grey marketThe grey market is pre-listing trading of new shares through selected broker platforms before the official exchange listing.Margin subscriptionMargin subscription means applying for IPO shares with financing provided by a broker.Clawback mechanismThe clawback mechanism reallocates part of the international placing tranche to the public offer when public demand is strong.Public offer oversubscriptionPublic offer oversubscription measures how many times public investor demand exceeds the shares available in the public offer.

HK IPO AI metric guide

How to read model, backtest, allotment prediction and scenario metrics shown across HK IPO AI.

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P90 relative errorP90 relative error means about 90% of historical backtest samples had error at or below this level.Weighted relative errorWeighted relative error gives more importance to application tiers or samples that matter more for allocation decisions.Expected lotsExpected lots is the model-estimated average allocation. It is not a guaranteed number of lots.Reference ratingThe reference rating is an informational rating generated from public data, historical samples and stage-specific market signals.Backtest hit rateBacktest hit rate is the share of historical samples where the model's direction call matched the actual result.