Leaky coaxial (LCX) cable can be used as antenna for wireless communication system and wireless power transfer which can be widely applied for many application scenarios including wireless service for IoT, automated factory using a large number of wireless devices. We have designed that one LCX cable can be used as two antennas which can releases the space requirement of MIMO deployment for wireless application. In this paper, we will further evaluate the 4-by-4 LCX-MIMO channel using one composite cable with two LCX cables. In addition, we also propose a low-complexity power allocation method for the LCX-MIMO system with the user's positional information (PI). The results show that the capacity is promising when the spacing between LCX cables is small as to 2cm. In addition, our proposed low-complexity power allocation has better capacity than that of using equal power allocation when SNR value is over the low range.