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>Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.</li>
<li>Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.</li>
<li>HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.</li>
</ul>


Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.
Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.
HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.


Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>China's CXO sector is growing rapidly, with China's dominant companies providing critical services to global pharmaceutical companies.  New modalities, particularly GLP-1/TIDES, ADCs, and bispecific antibodies, are structural demand drivers.</li>
<li>The biggest overhang for the sector, the US BioSecure Act, is overblown due to the US pharma industry's substantial structural dependency on China's CXO sector.</li>
<li>Pharmaron's investment case rests on three interlocking pillars: an irreplaceable integrated platform, a landmark commercial anchor in the GLP-1 supercycle, and the structural impossibility of a rapid US-China CXO decoupling.</li>
</ul>


China's CXO sector is growing rapidly, with China's dominant companies providing critical services to global pharmaceutical companies.  New modalities, particularly GLP-1/TIDES, ADCs, and bispecific antibodies, are structural demand drivers.
The biggest overhang for the sector, the US BioSecure Act, is overblown due to the US pharma industry's substantial structural dependency on China's CXO sector.
Pharmaron's investment case rests on three interlocking pillars: an irreplaceable integrated platform, a landmark commercial anchor in the GLP-1 supercycle, and the structural impossibility of a rapid US-China CXO decoupling.


CHINA BIOTECH SECTOR: Pharmaron's One Stop Shop!

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.7% as of Aug 7th.</li>
<li>The average A-H premium changed by 0.8ppt week-on-week, led by communication services, health care, utilities and offset by consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict, Beone Medicines.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.7% as of Aug 7th.
The average A-H premium changed by 0.8ppt week-on-week, led by communication services, health care, utilities and offset by consumer staples, materials.
We highlight weekly changes in A-H premium for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict, Beone Medicines.


A-H Premium Weekly (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> announced 1H26 result, with revenue increasing 39% to RMB29B and net profit climbing 83% to RMB12B. 2Q26 revenue growth accelerated to 48% from 29% in 1Q26.</li>
<li>Driven by continued focus on core CRDMO strategy, backlog for continuing operations reached RMB63B as of June 30,2026, up 25% YoY, further enhancing business visibility.</li>
<li>The company is targeting 2026 total revenue of RMB58.5B– 60.5B (up from RMB51.3B–53.0B), with continuing operations revenue growing 35%–39% YoY (up from 18%–22%).</li>
</ul>



WuXi AppTec (2359 HK) announced 1H26 result, with revenue increasing 39% to RMB29B and net profit climbing 83% to RMB12B. 2Q26 revenue growth accelerated to 48% from 29% in 1Q26.
Driven by continued focus on core CRDMO strategy, backlog for continuing operations reached RMB63B as of June 30,2026, up 25% YoY, further enhancing business visibility.
The company is targeting 2026 total revenue of RMB58.5B– 60.5B (up from RMB51.3B–53.0B), with continuing operations revenue growing 35%–39% YoY (up from 18%–22%).


WuXi AppTec (2359 HK): Delivers Stellar 1H Result Amid US Crackdown; FY Guidance Raise

Healthcare Analyst

Wilfred Yuen

<ul>
<li>2Q26 topline (RMB16.5bn) growing at 32% QoQ driven by Wuxi Chemistry (+35% QoQ to RMB14.4bn) thanks to strong growth from oligo &amp; peptide business TIDES (+105% QoQ to RMB4.88bn). </li>
<li>While 2026 revenue guidance raised by c.14%, it implies 2H26 revenue of RMB30.6bn or a HoH growth of 6%, which we believe is still conservative considering the strong 2Q26 momentum</li>
<li>See inside for detailed quarterly financial analysis for 1Q26 and 2Q26; Wuxi Apptec will host results call tomorrow 8am Beijing time</li>
</ul>


2Q26 topline (RMB16.5bn) growing at 32% QoQ driven by Wuxi Chemistry (+35% QoQ to RMB14.4bn) thanks to strong growth from oligo &amp; peptide business TIDES (+105% QoQ to RMB4.88bn). 
While 2026 revenue guidance raised by c.14%, it implies 2H26 revenue of RMB30.6bn or a HoH growth of 6%, which we believe is still conservative considering the strong 2Q26 momentum
See inside for detailed quarterly financial analysis for 1Q26 and 2Q26; Wuxi Apptec will host results call tomorrow 8am Beijing time


Wuxi Apptec (2359.HK): 2Q Beat on Strong QoQ Growth in TIDES; 2026 Topline Guidance Raised by C.14%

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

WuXi AppTec (603259 CH)

Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

A weaker week for Hong Kong equities brought softer option activity and implied vols, while the recurring weakness later in the trading week...

John Ley

CHINA BIOTECH SECTOR: Pharmaron's One Stop Shop!

A US judge blocked the Defense Department from enforcing its designation of WuXi AppTec Co. as a Chinese military company, and granted...

David Mudd

A-H Premium Weekly (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict,...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Delivers Stellar 1H Result Amid US Crackdown; FY Guidance Raise

WuXi AppTec reports strong 1H26 results with revenue up 39% and net profit up 83%. Backlog surges 25%. The company raised 2026 continuing...

Tina Banerjee

Wuxi Apptec (2359.HK): 2Q Beat on Strong QoQ Growth in TIDES; 2026 Topline Guidance Raised by C.14%

2Q26 beat on strong TIDES revenue (+105% QoQ); 2026 revenue guidance raised by 14%, yet we believe is still conservative; see inside for detailed...

Wilfred Yuen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

A weaker week for Hong Kong equities brought softer option activity and implied vols, while the recurring weakness later in the trading week...

John Ley

CHINA BIOTECH SECTOR: Pharmaron's One Stop Shop!

A US judge blocked the Defense Department from enforcing its designation of WuXi AppTec Co. as a Chinese military company, and granted...

David Mudd

A-H Premium Weekly (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict,...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Delivers Stellar 1H Result Amid US Crackdown; FY Guidance Raise

​WuXi AppTec reports strong 1H26 results with revenue up 39% and net profit up 83%. Backlog surges 25%. The company raised 2026 continuing...

Tina Banerjee

Wuxi Apptec (2359.HK): 2Q Beat on Strong QoQ Growth in TIDES; 2026 Topline Guidance Raised by C.14%

2Q26 beat on strong TIDES revenue (+105% QoQ); 2026 revenue guidance raised by 14%, yet we believe is still conservative; see inside for detailed...

Wilfred Yuen

WuXi AppTec reports strong 1H26 results with revenue up 39% and net profit up 83%. Backlog surges 25%. The company raised 2026 continuing...