Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Change of mindset needed for HK/China as the bull markets broadens out</li>
<li>Signs of excess are rife in many global markets, but no top yet signalled.</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Change of mindset needed for HK/China as the bull markets broadens out
Signs of excess are rife in many global markets, but no top yet signalled.


Overview #34 – China Rocks On: Bull Market Rules

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>HSI broke out to fresh four-year highs, driven by Alibaba’s surge, with broad-based gains and rising single stock option activity.</li>
<li>Market breadth strengthened across both price action and single stock options flows.</li>
<li>Spot-Up/Vol-Up dynamics defined the week, as sectors with strong gains also posted the largest implied vol increases.</li>
</ul>


HSI broke out to fresh four-year highs, driven by Alibaba’s surge, with broad-based gains and rising single stock option activity.
Market breadth strengthened across both price action and single stock options flows.
Spot-Up/Vol-Up dynamics defined the week, as sectors with strong gains also posted the largest implied vol increases.


Hong Kong Single Stock Options Weekly (Sept 08 – 12): Alibaba Surge Helps Push HSI to Four-Year High

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

AAC Technologies Holdings / Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.</li>
<li>We expect one index change for the HSTECH index in December 2025 based on the latest available data.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
We expect one index change for the HSTECH index in December 2025 based on the latest available data.


Quiddity Leaderboard HSTECH Dec25: One Index Change Likely; US$650mn One-Way with Capping

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is looking to raise around US$1bn via a primary placement in Hong Kong and US.</li>
<li>The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US.
The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB's Yeo raises Food Empire target price to $2.72.                            </li>
<li>UOB Kay Hian maintains 'buy' on Prime US REIT due to low valuation.</li>
<li>RHB's Natarajan ups Suntec REIT target price to $1.48.</li>
</ul>


RHB's Yeo raises Food Empire target price to $2.72.                            
UOB Kay Hian maintains 'buy' on Prime US REIT due to low valuation.
RHB's Natarajan ups Suntec REIT target price to $1.48.


Singapore Market Roundup (10-Sep-2025): RHB's Yeo raises Food Empire target to $2.72

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)

Overview #34 – China Rocks On: Bull Market Rules

A review of recent events/data impacting our investment themes and outlook. We look at some new additions in Chinese tech as the bull market broadens

Rikki Malik

Hong Kong Single Stock Options Weekly (Sept 08 – 12): Alibaba Surge Helps Push HSI to Four-Year High

Alibaba’s rally fueled HSI’s breakout to four-year highs, with market breadth strengthening, option activity rising, and implied vols climbing...

John Ley

Quiddity Leaderboard HSTECH Dec25: One Index Change Likely; US$650mn One-Way with Capping

AAC Technologies could replace ASMPT in the HSTECH index in December 2025. This could trigger one-way flows of US$650mn including capping.

Janaghan Jeyakumar, CFA

NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US. In this note, we talk about the deal dynamics.

Sumeet Singh

Singapore Market Roundup (10-Sep-2025): RHB's Yeo raises Food Empire target to $2.72

RHB's Yeo raises Food Empire target to $2.72; UOB Kay Hian keeps 'buy' on Prime US REIT; Natarajan increases Suntec REIT target to $1.48.

Singapore Market Roundup

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