Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: 55% of strategies exhibit a bullish bias, with diagonal spreads accounting for 25% of all trades.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Xiaomi (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: 55% of strategies exhibit a bullish bias, with diagonal spreads accounting for 25% of all trades.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

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>Xiaomi’s total revenue grew by 22% in 3Q25, which mainly came from the startup vehicle business.</li>
<li>The company well controls the gross margin of the vehicle business.</li>
<li>We believe XM has an upside of 60% for the yearend 2025.</li>
</ul>


Xiaomi’s total revenue grew by 22% in 3Q25, which mainly came from the startup vehicle business.
The company well controls the gross margin of the vehicle business.
We believe XM has an upside of 60% for the yearend 2025.


Xiaomi (1810 HK): 3Q25, Revenue Up by 22%

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>We expect one index change in December 2025 translating to capping flows of US$530mn one-way.</li>
<li>We also expect seven index changes for the next semiannual index review which will take place in March 2026.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
We expect one index change in December 2025 translating to capping flows of US$530mn one-way.
We also expect seven index changes for the next semiannual index review which will take place in March 2026.


Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.</li>
<li>Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.</li>
</ul>


Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.
Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).

Xiaomi (1810 HK) is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.</li>
<li>Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.</li>
<li>Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.
Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.
Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.


This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

Xiaomi’s top multi-leg option strategies point to rising bullish conviction after the recent sell-off, offering actionable examples for traders...

Gaudenz Schneider

Xiaomi (1810 HK): 3Q25, Revenue Up by 22%

Xiaomi’s total revenue grew by 22% in 3Q25, which mainly came from vehicle. The company well controls the gross margin of the vehicle business. We...

Ming Lu

Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

We now see new listings Pony AI (2026 HK), Mininglamp Technology (2718 HK), and Deepexi Technology (1384 HK) to be expected ADDs in March 2026.

Janaghan Jeyakumar, CFA

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

The methodology update could result in 5 changes in Dec. Estimated one-way turnover is 12.8% resulting in a round-trip trade of US$1.25bn. There...

Brian Freitas

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

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