Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.</li>
<li>For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.</li>
<li>I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.</li>
</ul>


AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.
For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.
I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.


A/H Premium Tracker (To 11 Apr 2025):  Sharp AH Premia Widening

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> / <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-a" target="_blank" data-smartkarma-citation="entities:494:1" rel="noopener">ICBC (A) (601398 CH)</a> is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 
</li>
<li>
Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. </li>
<li>
Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.</li>
</ul>



ICBC (H) (1398 HK) / ICBC (A) (601398 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 


Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. 

Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.


ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

China Construction Bank H / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-construction-bank-h" target="_blank" data-smartkarma-citation="entities:45:1" rel="noopener">China Construction Bank H (939 HK)</a> / <a href="https://www.smartkarma.com/entities/china-construction-bank-corp" target="_blank" data-smartkarma-citation="entities:24567:1" rel="noopener">China Construction Bank (601939 CH)</a> is scheduled to report its annual 2024 financial results on 28 March 2025, 17:00-18:15, Beijing time. 
</li>
<li>
Expected Price Movement: Option implied movement and historically recorded movement both indicate muted price action after earnings.</li>
<li>
Dividend Outlook: CCB has switched to semi-annual dividends, with current yields at 6.4% for H shares and 4.7% for A shares. The bank has a history of dividend increases.</li>
</ul>



China Construction Bank H (939 HK) / China Construction Bank (601939 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:00-18:15, Beijing time. 


Expected Price Movement: Option implied movement and historically recorded movement both indicate muted price action after earnings.

Dividend Outlook: CCB has switched to semi-annual dividends, with current yields at 6.4% for H shares and 4.7% for A shares. The bank has a history of dividend increases.


China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

Bank Of China Ltd (H) / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:656:1" rel="noopener">Bank Of China Ltd (H) (3988 HK)</a> /<a href="https://www.smartkarma.com/entities/bank-of-china-ltd" target="_blank" data-smartkarma-citation="entities:24574:1" rel="noopener">Bank of China (601988 CH)</a> is scheduled to report its annual 2024 financial results on 26 March 2025, after market close.</li>
<li>
Expected Price Movement: Option implied movement is above the historically recorded movement.</li>
<li>
Implied Volatility, Options Strategies and Dividends: Discussion of implied volatility term structure and option strategies. Dividends are now semi-annual.</li>
</ul>



Bank Of China Ltd (H) (3988 HK) /Bank of China (601988 CH) is scheduled to report its annual 2024 financial results on 26 March 2025, after market close.

Expected Price Movement: Option implied movement is above the historically recorded movement.

Implied Volatility, Options Strategies and Dividends: Discussion of implied volatility term structure and option strategies. Dividends are now semi-annual.


Bank Of China (3988 HK/601988 CH) Earnings on 26/3: Anticipated Price Movements and Options Insights

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.

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.</li>
<li>Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.</li>
<li>Financials take center stage with several major earnings releases on deck this week.</li>
</ul>


Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.
Financials take center stage with several major earnings releases on deck this week.


Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

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

Agricultural Bank of China (601288 CH)

A/H Premium Tracker (To 11 Apr 2025): Sharp AH Premia Widening

Significant widening this week, even after a big rebound by Hs on Friday. Some of this may reverse next week, but I think the trade is still to see...

Travis Lundy

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...

Gaudenz Schneider

Bank Of China (3988 HK/601988 CH) Earnings on 26/3: Anticipated Price Movements and Options Insights

Bank of China Ltd set to report 2024 financial results on March 26, with option implied movement higher than historical levels. Discussion on...

Gaudenz Schneider

Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 11 Apr 2025): Sharp AH Premia Widening

Significant widening this week, even after a big rebound by Hs on Friday. Some of this may reverse next week, but I think the trade is still to see...

Travis Lundy

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

​ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

​China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...

Gaudenz Schneider

Bank Of China (3988 HK/601988 CH) Earnings on 26/3: Anticipated Price Movements and Options Insights

​Bank of China Ltd set to report 2024 financial results on March 26, with option implied movement higher than historical levels. Discussion on...

Gaudenz Schneider

Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

​Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...

John Ley

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...

Bank of China Ltd set to report 2024 financial results on March 26, with option implied movement higher than historical levels. Discussion on...

Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...