External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.</li><li>Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.</li><li>Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - Business Model/Competitive Barrier Back in Focus

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.</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>



Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.

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,


Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

ZhongAn Online P&C Insurance C / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

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

Zhejiang Sanhua Intelligent Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</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 trading dynamics.</li>
</ul>



Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Zhejiang Sanhua Intelligent Controls A/H Trading - Strong Demand, Weakening Sentiment

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.


HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

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)

Internet - Business Model/Competitive Barrier Back in Focus

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due...

CMB International

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

Zhejiang Sanhua Intelligent Controls A/H Trading - Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around...

Sumeet Singh

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Internet - Business Model/Competitive Barrier Back in Focus

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due...

CMB International

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

​Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

Zhejiang Sanhua Intelligent Controls A/H Trading - Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around...

Sumeet Singh

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.