Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Discover sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, executed over the period from 5 June to 11 June on the Hong Kong exchange.</li>
<li>
Highlights: A range of strategies, spanning time-horizons from just a few days to several months. Including a low-cost call spread with the potential to return approximately 8x the invested premium.</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>



Discover sophisticated, live, multi-leg options strategies on Meituan (3690 HK), executed over the period from 5 June to 11 June on the Hong Kong exchange.

Highlights: A range of strategies, spanning time-horizons from just a few days to several months. Including a low-cost call spread with the potential to return approximately 8x the invested premium.

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,


Meituan (3690 HK) Options: Unpacking the Top Trades of the Week

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 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY.</li>
<li>The operating margin rose by 3.6 ppt YoY by cutting every cost in 1Q25.</li>
<li>We expect EPS will grow by 37% in 2025 and the stock has an upside of 48%.</li>
</ul>


In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY.
The operating margin rose by 3.6 ppt YoY by cutting every cost in 1Q25.
We expect EPS will grow by 37% in 2025 and the stock has an upside of 48%.


Meituan (3690 HK): 1Q25, Main Businesses Up by 20%

<ul>
<li>One-Month implied volatility for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> has decreased from recent highs to around its three-year median, while realized volatility, a lagging indicator, remains significantly higher at the 87th percentile.</li>
<li>The term structure is flat, with May and June implied volatilities nearly identical, indicating no significant impact from the upcoming earnings announcement in early June.</li>
<li>Open interest is spread over the next nine months, with April calls concentrated at strikes 145 to 150 and deep out of the money calls at strikes 180 to 200.</li>
</ul>


One-Month implied volatility for Meituan (3690 HK) has decreased from recent highs to around its three-year median, while realized volatility, a lagging indicator, remains significantly higher at the 87th percentile.
The term structure is flat, with May and June implied volatilities nearly identical, indicating no significant impact from the upcoming earnings announcement in early June.
Open interest is spread over the next nine months, with April calls concentrated at strikes 145 to 150 and deep out of the money calls at strikes 180 to 200.


Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

<ul>
<li>Over the past five trading days, <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>Long volatility strategies dominate, with the ratio of bearish vs. bullish positions approximately 2:1.</li>
<li>Diagonal Spreads account for 25% of all strategies and can make for near self-financing strategies. </li>
</ul>


Over the past five trading days, Meituan (3690 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Long volatility strategies dominate, with the ratio of bearish vs. bullish positions approximately 2:1.
Diagonal Spreads account for 25% of all strategies and can make for near self-financing strategies. 


Meituan (3690 HK): Top Trades and Strategic Insights from HKEX Options Trading

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Meituan, China Jinmao, Lenovo, AAC Technologies, China Hongqiao</li>
<li>US President Donald Trump has announced on Truth Social a 90-day pause on reciprocal tariffs for more than 75 countries, with these countries to be charged a “substantially lowered reciprocal tariff” of 10% during this transition.</li>
<li>That said, Mr Trump raised tariffs on China to 125% (from 104%), after China raised its own tariffs on US imports to 84% (from 34%) in a retaliatory move earlier yesterday.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Meituan, China Jinmao, Lenovo, AAC Technologies, China Hongqiao
US President Donald Trump has announced on Truth Social a 90-day pause on reciprocal tariffs for more than 75 countries, with these countries to be charged a “substantially lowered reciprocal tariff” of 10% during this transition.
That said, Mr Trump raised tariffs on China to 125% (from 104%), after China raised its own tariffs on US imports to 84% (from 34%) in a retaliatory move earlier yesterday.


China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Meituan (3690 HK) Options: Unpacking the Top Trades of the Week

Discover live, multi-leg options strategies on Meituan (3690 HK) executed on the Hong Kong exchange, offering insights into market sentiment and...

Gaudenz Schneider

Meituan (3690 HK): 1Q25, Main Businesses Up by 20%

In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY. The operating margin rose by 3.6 ppt YoY. We expect EPS will grow by...

Ming Lu

Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...

Gaudenz Schneider

Meituan (3690 HK): Top Trades and Strategic Insights from HKEX Options Trading

Meituan's multi-leg option strategies show dominance of long volatility and 25% use of Diagonal Spreads, providing a variety of approaches in the...

Gaudenz Schneider

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Meituan, China Jinmao, Lenovo, AAC...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meituan (3690 HK) Options: Unpacking the Top Trades of the Week

​Discover live, multi-leg options strategies on Meituan (3690 HK) executed on the Hong Kong exchange, offering insights into market sentiment and...

Gaudenz Schneider

Meituan (3690 HK): 1Q25, Main Businesses Up by 20%

In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY. The operating margin rose by 3.6 ppt YoY. We expect EPS will grow by...

Ming Lu

Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

​Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...

Gaudenz Schneider

Meituan (3690 HK): Top Trades and Strategic Insights from HKEX Options Trading

​Meituan's multi-leg option strategies show dominance of long volatility and 25% use of Diagonal Spreads, providing a variety of approaches in the...

Gaudenz Schneider

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Meituan, China Jinmao, Lenovo, AAC...

Lucror Analytics

Discover live, multi-leg options strategies on Meituan (3690 HK) executed on the Hong Kong exchange, offering insights into market sentiment and...

Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...

Meituan's multi-leg option strategies show dominance of long volatility and 25% use of Diagonal Spreads, providing a variety of approaches in the...