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>Market weakness, poor breadth and renewed focus on lockup expiries created a fragile backdrop for Hong Kong equities.</li>
<li>Single stock implied vol remained elevated relative to index implied vol, extending a trend that has led to a widening divergence.</li>
<li>The recent outperformance in Financial stocks came to an end as sector breadth deteriorated sharply.</li>
</ul>


Market weakness, poor breadth and renewed focus on lockup expiries created a fragile backdrop for Hong Kong equities.
Single stock implied vol remained elevated relative to index implied vol, extending a trend that has led to a widening divergence.
The recent outperformance in Financial stocks came to an end as sector breadth deteriorated sharply.


Hong Kong Single Stock Options Weekly June 15–18: Lockups and Vol Divergence in Focus

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

DZT Research

DZT 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 analyzed the changes in margin trading positions of A-share stocks as of Jun 12th. The aggregated net margin trading position is USD391,810m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, EAST MONEY INFORMATION, BOE, FUJIAN TORCH ELECTRON TECHNOLOGY, LEADER HARMONIOUS DRIVE SYSTEMS.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jun 12th. The aggregated net margin trading position is USD391,810m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, EAST MONEY INFORMATION, BOE, FUJIAN TORCH ELECTRON TECHNOLOGY, LEADER HARMONIOUS DRIVE SYSTEMS.


A-Share Margin Trading Weekly (Jun 12th): GUOTAI HAITONG SECURITIES, EAST MONEY INFORMATION, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.


A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.


A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

China

CITIC Securities is a leading Chinese full-service investment bank providing a wide range of financial services including underwriting, brokerage, asset management, wealth management, and investment advisory. The company also offers services in securities, funds, futures, foreign exchange, and commodities. It was founded in October 1995 and is headquartered in Shenzhen, China.

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CITIC Securities (6030 HK)

Hong Kong Single Stock Options Weekly June 15–18: Lockups and Vol Divergence in Focus

Hong Kong stocks weakened in a holiday-shortened week as poor breadth, lockup concerns and widening implied vol divergence shaped the backdrop.

John Ley

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Hong Kong Single Stock Options Weekly June 15–18: Lockups and Vol Divergence in Focus

Hong Kong stocks weakened in a holiday-shortened week as poor breadth, lockup concerns and widening implied vol divergence shaped the backdrop.

John Ley

A-Share Margin Trading Weekly (Jun 12th): GUOTAI HAITONG SECURITIES, EAST MONEY INFORMATION, BOE

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES (601211 CH), EAST MONEY INFORMATION...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE,...

Ke Yan, CFA, FRM