Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Commonwealth Bank of Australia / Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the S&amp;P/ASX 200 and ten prominent Australian stocks.</li>
<li>
Highlights: Implied volatility across Australia’s major banks remains rich ahead of earnings and the RBA decision.</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 the S&amp;P/ASX 200 and ten prominent Australian stocks.

Highlights: Implied volatility across Australia’s major banks remains rich ahead of earnings and the RBA decision.

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


CBA, ANZ, Westpac, NAB: Volatility Runs High Ahead of Imminent Catalysts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 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$1.7bn 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>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn 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.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Seres Group A/H IPO Pricing - Thoughts on Valuations

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Guangzhou Automobile Group / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just over US$21bn a day two weeks ago as markets fell sharply. About two-thirds that this past week as indices rebounded. High-div SOEs seeing buying demand.</li>
<li>The recommended name was short <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a>. The stock was -4.9% over two weeks, but the H outperformed its A by 0.55%.</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 - free - for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just over US$21bn a day two weeks ago as markets fell sharply. About two-thirds that this past week as indices rebounded. High-div SOEs seeing buying demand.
The recommended name was short Fuyao Glass Industry Group (3606 HK). The stock was -4.9% over two weeks, but the H outperformed its A by 0.55%.
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 - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2wks To 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

<ul>
<li>
Context: Several of Hong Kong’s largest companies will report in the coming days, representing 27% of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI)</a>.</li>
<li>
Highlight: This Insight identifies which stocks have option-implied swings deviating from historical averages.</li>
<li>
Why Read: Prepare for earnings season by understanding where single-stock and broader market volatility may be elevated.</li>
</ul>



Context: Several of Hong Kong’s largest companies will report in the coming days, representing 27% of the Hang Seng Index (HSI).

Highlight: This Insight identifies which stocks have option-implied swings deviating from historical averages.

Why Read: Prepare for earnings season by understanding where single-stock and broader market volatility may be elevated.


BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks</li>
<li>
Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.</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 the Hang Seng and eight prominent Hong Kong stocks

Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.

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


Selective Volatility Picks Emerge Across HSI Stocks

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Tencent (700 HK)

CBA, ANZ, Westpac, NAB: Volatility Runs High Ahead of Imminent Catalysts

Implied volatility analysis reveals rich options trading in Australian banks, offering insights for traders and investors.

Gaudenz Schneider

Seres Group A/H IPO Pricing - Thoughts on Valuations

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 IPO pricing.

Sumeet Singh

HK Connect SOUTHBOUND Flows (2wks To 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

SOUTHBOUND volumes remain high. Higher in the downdraft than this past week's rebound, but still generically high. Net flows remain consistent even...

Travis Lundy

BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End

Spot the Swing: Some of Hong Kong’s biggest names — HSBC, Ping An, Bank of China, ICBC, China Construction Bank, BYD, and AIA Group — report this...

Gaudenz Schneider

Selective Volatility Picks Emerge Across HSI Stocks

Rich vs. cheap volatility in Hong Kong’s top stocks: BYD trades rich, while Tencent and Xiaomi remain subdued, as options highlight growing...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CBA, ANZ, Westpac, NAB: Volatility Runs High Ahead of Imminent Catalysts

​Implied volatility analysis reveals rich options trading in Australian banks, offering insights for traders and investors.

Gaudenz Schneider

Seres Group A/H IPO Pricing - Thoughts on Valuations

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 IPO pricing.

Sumeet Singh

HK Connect SOUTHBOUND Flows (2wks To 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

SOUTHBOUND volumes remain high. Higher in the downdraft than this past week's rebound, but still generically high. Net flows remain consistent even...

Travis Lundy

BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End

Spot the Swing: Some of Hong Kong’s biggest names — HSBC, Ping An, Bank of China, ICBC, China Construction Bank, BYD, and AIA Group — report this...

Gaudenz Schneider

Selective Volatility Picks Emerge Across HSI Stocks

Rich vs. cheap volatility in Hong Kong’s top stocks: BYD trades rich, while Tencent and Xiaomi remain subdued, as options highlight growing...

Gaudenz Schneider

Implied volatility analysis reveals rich options trading in Australian banks, offering insights for traders and investors.