Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>Consistent declines in fund ownership in ICBC finally hit a floor.</li>
<li>Over the past six-months, 8 new positions — led by Goldman Sachs and Heptagon — have outpaced 3 closures, with 29 buyers versus 18 sellers.</li>
<li>ICBC is the 6th most widely owned stock in the China &amp; HK Financials sector, ahead of Bank Of China Ltd but behind China Merchants and China Construction Bank.</li>
</ul>


Consistent declines in fund ownership in ICBC finally hit a floor.
Over the past six-months, 8 new positions — led by Goldman Sachs and Heptagon — have outpaced 3 closures, with 29 buyers versus 18 sellers.
ICBC is the 6th most widely owned stock in the China &amp; HK Financials sector, ahead of Bank Of China Ltd but behind China Merchants and China Construction Bank.


ICBC:  Signs of a Turnaround in Fund Positioning

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>An in-depth look at price patterns, implied vol, and the earnings implied jump compared to historical outcomes.</li>
<li>Based on ICBC’s historical post-earnings behavior and current implied vol levels, we recommend a hedge into the event.</li>
<li>We explore post-earnings moves that show a potentially exploitable pattern.</li>
</ul>


An in-depth look at price patterns, implied vol, and the earnings implied jump compared to historical outcomes.
Based on ICBC’s historical post-earnings behavior and current implied vol levels, we recommend a hedge into the event.
We explore post-earnings moves that show a potentially exploitable pattern.


ICBC (1398.HK) Earnings: Volatility Pricing, Post-Release Trade Setup & Tactical Hedge

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> / <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-a" target="_blank" data-smartkarma-citation="entities:494:1" rel="noopener">ICBC (A) (601398 CH)</a> is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 
</li>
<li>
Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. </li>
<li>
Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.</li>
</ul>



ICBC (H) (1398 HK) / ICBC (A) (601398 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 


Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. 

Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.


ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

<ul>
<li>Call volumes dominate tradng across single stocks with the Put/Call ratio hitting its 3rd lowest level since the beginning of November. Volumes continue trend lower in place since early November.</li>
<li>Auto companies seeing big increases in option volumes with Li Auto and Great Wall Motor moving in opposite directions since the middle of the month.  </li>
<li>We add 2 new tables showing the largest volume increases across Puts and Calls – a conveient way to view unusual changes in trading activity.</li>
</ul>


Call volumes dominate tradng across single stocks with the Put/Call ratio hitting its 3rd lowest level since the beginning of November. Volumes continue trend lower in place since early November.
Auto companies seeing big increases in option volumes with Li Auto and Great Wall Motor moving in opposite directions since the middle of the month.  
We add 2 new tables showing the largest volume increases across Puts and Calls – a conveient way to view unusual changes in trading activity.


EQD | Hong Kong Single Stock Options Weekly December 23 – 27

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.


HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

China

Industrial and Commercial Bank of China Limited provides banking services. The Company offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China provides its services to individuals, enterprises, and other clients.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ICBC (H) (1398 HK)

ICBC: Signs of a Turnaround in Fund Positioning

Fund ownership in ICBC stabilizes after consistent declines, with 8 new positions outpacing 3 closures in the past six months.

Steven Holden

ICBC (1398.HK) Earnings: Volatility Pricing, Post-Release Trade Setup & Tactical Hedge

Analysis of price patterns, implied volatility, and earnings implied jump suggest hedging into ICBC's upcoming earnings event based on historical...

John Ley

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

EQD | Hong Kong Single Stock Options Weekly December 23 – 27

Trading volumes in single stocks were dominated by call volumes, with the Put/Call ratio at its 3rd lowest level since early November. We...

John Ley

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICBC: Signs of a Turnaround in Fund Positioning

​Fund ownership in ICBC stabilizes after consistent declines, with 8 new positions outpacing 3 closures in the past six months.

Steven Holden

ICBC (1398.HK) Earnings: Volatility Pricing, Post-Release Trade Setup & Tactical Hedge

​Analysis of price patterns, implied volatility, and earnings implied jump suggest hedging into ICBC's upcoming earnings event based on historical...

John Ley

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

​ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

EQD | Hong Kong Single Stock Options Weekly December 23 – 27

​Trading volumes in single stocks were dominated by call volumes, with the Put/Call ratio at its 3rd lowest level since early November. We...

John Ley

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Fund ownership in ICBC stabilizes after consistent declines, with 8 new positions outpacing 3 closures in the past six months.

Analysis of price patterns, implied volatility, and earnings implied jump suggest hedging into ICBC's upcoming earnings event based on historical...

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Trading volumes in single stocks were dominated by call volumes, with the Put/Call ratio at its 3rd lowest level since early November. We...