What is the Hong Kong IPO clawback mechanism?

The clawback mechanism reallocates part of the international placing tranche to the public offer when public demand is strong.

Plain meaning

Hong Kong IPOs usually have a public offer tranche and an international placing tranche. If the public offer is heavily oversubscribed, the public offer share can increase according to rules.

Why it matters

Clawback changes the number of shares available to public investors, affecting one-lot win rate, pool A/B allocation and expected lots at different tiers.

How to read it

Check the initial public offer percentage, oversubscription triggers, post-clawback public offer percentage and pool A/B split.

How it appears here

HK IPO AI's allotment prediction uses public offer supply after possible clawback as a key input for A/B pool scenarios.

Common mistakes

Assuming more clawback always makes allocation easier.
Ignoring that clawback is usually triggered by stronger demand.
Looking only at total supply instead of pool A and pool B supply.