Of course, the "top mallet" of Hong Kong stocks has nothing to do with football. It means that when drawing new shares, it is decided to bet heavily on the subscription of "the upper limit of the number of new shares issued". The formula for calculating the upper limit is half of the number of public offerings (not counting callback). For example, A companies issue a total of 100 million shares, 90 per cent of which go to international allotment and 10 per cent as public offerings, and investors can subscribe for up to half of the 10 million shares sold, 5 million shares. On the other hand, when subscribing for new shares, they will generally be divided into two groups: group An and group B. Group B is mainly an organization and high net worth customers, and the "top mallet" will be summarized as the largest number of shares subscribed in Group B.
Generally speaking, the more the top mallet, the higher the subscription mood, the more bullish the market for the new stock.