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 F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.</li>
<li>It was successful that the company rebranded its food delivery business.</li>
<li>However, the rebranding brought significant sales and marketing expenses in F2Q26.</li>
</ul>


In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.
It was successful that the company rebranded its food delivery business.
However, the rebranding brought significant sales and marketing expenses in F2Q26.


Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> / <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (BABA US)</a> will announce quarterly results on Tuesday, November 25, 8:30 p.m. HKT (7:30 a.m. U.S. Eastern Time)</li>
<li>Options markets anticipate an above average move with a bearish bias in traders' expectations. Implied volatility is expected to drop significantly after the event.</li>
<li>Get ready for <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>'s earnings announcement. Potential above-average volatility in Alibaba has the potential to impact the wider market and Chinese benchmark indices.</li>
</ul>



Alibaba (9988 HK) / Alibaba (BABA US) will announce quarterly results on Tuesday, November 25, 8:30 p.m. HKT (7:30 a.m. U.S. Eastern Time)
Options markets anticipate an above average move with a bearish bias in traders' expectations. Implied volatility is expected to drop significantly after the event.
Get ready for Alibaba's earnings announcement. Potential above-average volatility in Alibaba has the potential to impact the wider market and Chinese benchmark indices.


Alibaba (9988 HK / BABA US): Brace for a Big Earnings Move

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>Alibaba will announce Q2 earnings on after the market close (HK time) November 25.</li>
<li>Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.</li>
<li>Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.</li>
</ul>


Alibaba will announce Q2 earnings on after the market close (HK time) November 25.
Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.
Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.


ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all markets were in full throttle mode going into the year end.</li>
<li>On the placements front, there were a number of deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.


ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> often see heightened volatility following Singles’ Day (11 November), though performance varies by year.</li>
<li>Alibaba’s post-event returns are mixed, averaging nearly twice its normal four-day move, while JD.com has shown stronger and more consistent gains.</li>
<li>Option markets imply elevated short-term volatility—especially for JD.com—with potential trading opportunities around the 14 November expiry.</li>
</ul>



Alibaba (9988 HK) and JD.com (9618 HK) often see heightened volatility following Singles’ Day (11 November), though performance varies by year.
Alibaba’s post-event returns are mixed, averaging nearly twice its normal four-day move, while JD.com has shown stronger and more consistent gains.
Option markets imply elevated short-term volatility—especially for JD.com—with potential trading opportunities around the 14 November expiry.


Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposal cases. The company successfully rebranded its food delivery business, the...

Ming Lu

Alibaba (9988 HK / BABA US): Brace for a Big Earnings Move

Alibaba (9988 HK // BABA US) to report today, Tuesday 25 Nov, after the HK market close and before the US market open. Option markets are pricing a...

Gaudenz Schneider

ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

Overall higher implied vols, a similar earnings move to last Q and a pattern of uneven Q2 results frame a cautious setup for Baba’s upcoming...

John Ley

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposal cases. The company successfully rebranded its food delivery business, the...

Ming Lu

Alibaba (9988 HK / BABA US): Brace for a Big Earnings Move

Alibaba (9988 HK // BABA US) to report today, Tuesday 25 Nov, after the HK market close and before the US market open. Option markets are pricing a...

Gaudenz Schneider

ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

Overall higher implied vols, a similar earnings move to last Q and a pattern of uneven Q2 results frame a cautious setup for Baba’s upcoming...

John Ley

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

​Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...

Gaudenz Schneider

Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...