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>Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.</li>
<li>Breadth was weak across single names, with only 3 of 11 sectors trading higher.</li>
<li>We provide a table of earnings events for the week ahead.</li>
</ul>


Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.
Breadth was weak across single names, with only 3 of 11 sectors trading higher.
We provide a table of earnings events for the week ahead.


Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 17th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Tencent (700 HK), Shoucheng (697 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Tencent (700 HK), Shoucheng (697 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 17th): Xiaomi, Tencent, Shoucheng

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks and the <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>.</li>
<li>
Highlights: Recent market turbulence moderately lifted implied volatility for many stocks, but not to extreme levels. The approaching earnings season impacts October and November implied volatility.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks and the HSI Index.

Highlights: Recent market turbulence moderately lifted implied volatility for many stocks, but not to extreme levels. The approaching earnings season impacts October and November implied volatility.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Smartphone units increase ~3% YoY, that’s slightly better than 1H26 at ~1.5%, but still low growth.   </li>
<li>Premium replacement demand is solid (Samsung, iPhone 17).  Improvements in Emerging Markets (Xiaomi, Transsion, vivo).   </li>
<li>Mediatek reports on 31 Oct, Qualcomm on 5 Nov.  Their Smartphone business isn’t a driver given tepid growth. New ventures revenue timeline is the question.</li>
</ul>


Smartphone units increase ~3% YoY, that’s slightly better than 1H26 at ~1.5%, but still low growth.   
Premium replacement demand is solid (Samsung, iPhone 17).  Improvements in Emerging Markets (Xiaomi, Transsion, vivo).   
Mediatek reports on 31 Oct, Qualcomm on 5 Nov.  Their Smartphone business isn’t a driver given tepid growth. New ventures revenue timeline is the question.


Smartphone 3Q25: A Little Bit Better, Just a Little

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.

Price Gauge
52-week Range	0.00 - 0.00
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Xiaomi (1810 HK)

Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...

John Ley

Hong Kong Buybacks Weekly (Oct 17th): Xiaomi, Tencent, Shoucheng

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Hong Kong volatility surged after U.S. tariff threats, with options pricing highlighting Meituan’s historically low implied volatility and elevated...

Gaudenz Schneider

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Smartphone 3Q25: A Little Bit Better, Just a Little

Smartphone unit growth remains low at ~3% YoY, with premium replacement demand solid and improvements in Emerging Markets.

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

​Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...

John Ley

Hong Kong Buybacks Weekly (Oct 17th): Xiaomi, Tencent, Shoucheng

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Hong Kong volatility surged after U.S. tariff threats, with options pricing highlighting Meituan’s historically low implied volatility and elevated...

Gaudenz Schneider

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Smartphone 3Q25: A Little Bit Better, Just a Little

​Smartphone unit growth remains low at ~3% YoY, with premium replacement demand solid and improvements in Emerging Markets.

Nicolas Baratte

Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...

Smartphone unit growth remains low at ~3% YoY, with premium replacement demand solid and improvements in Emerging Markets.