Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> reports Q3 2025 results on 30 October after market close. </li>
<li>
Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.</li>
<li>
Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.</li>
</ul>



Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 

Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.

Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.


BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just over US$21bn a day in the four days spanning the long holiday break. Big. Quite decent net buying flows too though the market fell.</li>
<li>The recommended name was short <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>. The stock was +1% over two weeks, but underperformed its H by 0.52%. Great Wall is down 4+% today.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just over US$21bn a day in the four days spanning the long holiday break. Big. Quite decent net buying flows too though the market fell.
The recommended name was short Great Wall Motor (2333 HK). The stock was +1% over two weeks, but underperformed its H by 0.52%. Great Wall is down 4+% today.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there for all SK readers.


HK Connect SOUTHBOUND Flows (2wks To 10 Oct 2025); Big Pre/Post Holiday Flows. NB 2x as Big.

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.


Hong Kong Connect Flows (September): $20bn Inflows

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> raised around US$1.2bn in its Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Chery Auto IPO Trading - Half Decent Demand

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

Quick reminder: BYD (1211 HK) will report after market close on 30 October. When the company last reported on 29 August, the stock fell 5.2% the...

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (2wks To 10 Oct 2025); Big Pre/Post Holiday Flows. NB 2x as Big.

This is just to keep track of the Southbound flows. There were two days in the previous week and two days last week spanning the big holiday. HK...

Travis Lundy

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

Chery Auto IPO Trading - Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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