Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>In 4Q24, all business lines grew even faster than we expected in the preview note.</li>
<li>We are confident in its revenue growth and operating margin in 2025.</li>
<li>We however still believe the market overvalues its electric vehicle business.</li>
</ul>


In 4Q24, all business lines grew even faster than we expected in the preview note.
We are confident in its revenue growth and operating margin in 2025.
We however still believe the market overvalues its electric vehicle business.


Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is set to announce 2024 results after the close on 18 March. </li>
<li>Options markets imply a price movement in excess of historic averages, creating trading opportunities through calendar spreads and short straddles that capitalize on March's elevated implied volatility.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is a major constituent in key Hong Kong indices (<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI Index</a>, and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH Index</a>). Its post-results move will likely impact the broader market.</li>
</ul>



Xiaomi Corp (1810 HK) is set to announce 2024 results after the close on 18 March. 
Options markets imply a price movement in excess of historic averages, creating trading opportunities through calendar spreads and short straddles that capitalize on March's elevated implied volatility.

Xiaomi Corp (1810 HK) is a major constituent in key Hong Kong indices (HSI Index, HSCEI Index, and HSTECH Index). Its post-results move will likely impact the broader market.


Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

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.

<ul>
<li>Xiaomi earnings are upcoming. We analyze what the options market is pricing and examine historical trends and tendencies.</li>
<li>Historical earnings reactions show notable differences across quarters, with Q4 standing out for its downside risk.</li>
<li>We outline a tactical hedge that minimizes jump risk while taking advantage of extended implied volatility.</li>
</ul>


Xiaomi earnings are upcoming. We analyze what the options market is pricing and examine historical trends and tendencies.
Historical earnings reactions show notable differences across quarters, with Q4 standing out for its downside risk.
We outline a tactical hedge that minimizes jump risk while taking advantage of extended implied volatility.


Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

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

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.</li><li>During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.</li><li>“After MWC, I plan to visit several European countries with the goal of officially introducing Xiaomi cars overseas by 2027,” Lu said on the sidelines of the event. He revealed that Xiaomi will begin offering its home appliance products in international markets next year.</li></ul>

Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.“After MWC, I plan to visit several European countries with the goal of officially introducing Xiaomi cars overseas by 2027,” Lu said on the sidelines of the event. He revealed that Xiaomi will begin offering its home appliance products in international markets next year.

Xiaomi Aims to Take Its EV Sales Overseas by 2027 

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

In 4Q24, all business lines grew even faster than we expected in the preview note. We are confident in its revenue and margin. We however still...

Ming Lu

Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Gaudenz Schneider

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...

John Ley

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Xiaomi Aims to Take Its EV Sales Overseas by 2027

(Barcelona) — Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

In 4Q24, all business lines grew even faster than we expected in the preview note. We are confident in its revenue and margin. We however still...

Ming Lu

Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

​Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Gaudenz Schneider

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

​Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...

John Ley

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Xiaomi Aims to Take Its EV Sales Overseas by 2027

(Barcelona) — Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its...

Caixin Global

Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...