Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review strategies to hedge <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> exposure, examine signficant Asian spin-offs, and explore engaging activist situations in Japan </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
In this cut, we review strategies to hedge Alibaba (9988 HK) exposure, examine signficant Asian spin-offs, and explore engaging activist situations in Japan 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: BABA Hedges, Substantive Spin-Offs & Japanese Activist Situations

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>"Beautiful Skew" showed up slightly as Hs underperformed their As across the board (every sector, every premium tranche), but more on narrow AH Premia. </li>
<li>Last week's short reco on <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> saw the H-share underperform its A by 2.54% and it outright fell 3.14%. OK week. </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/south-flow-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


"Beautiful Skew" showed up slightly as Hs underperformed their As across the board (every sector, every premium tranche), but more on narrow AH Premia. 
Last week's short reco on China Merchants Bank H (3968 HK) saw the H-share underperform its A by 2.54% and it outright fell 3.14%. OK week. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (To 26 Sep 2025):  AH Premia Rise Across the Board

<ul>
<li>Gross SOUTHBOUND volumes just over US$19bn a day this past 5-day week. Big. Quite decent net buying flows too though the market fell. </li>
<li>The recommended name last week was short <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> was +4.65% on the week despite HK being down across the board.</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 Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just over US$19bn a day this past 5-day week. Big. Quite decent net buying flows too though the market fell. 
The recommended name last week was short Alibaba (9988 HK) was +4.65% on the week despite HK being down across the board.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.


HK Connect SOUTHBOUND Flows (To 26 Sep 2025); BIG Single Stock Trading Again, Big Net, But Hs Fall

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Ping An Insurance (H) / Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks</li>
<li>
Highlights: <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>stands out with historically low implied volatility across the term structure. <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>is rich in November and December contracts.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks

Highlights: Ping An Insurance (H) (2318 HK)stands out with historically low implied volatility across the term structure. Alibaba (9988 HK)is rich in November and December contracts.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 19th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.


HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

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)

Curator's Cut: BABA Hedges, Substantive Spin-Offs & Japanese Activist Situations

In this cut, we look at different approaches to hedge BABA exposure, review large recent spin-offs in Asia, and get a download of interesting...

Pranav Rao

A/H Premium Tracker (To 26 Sep 2025): AH Premia Rise Across the Board

AH Premia rose this week despite sharp SOUTHBOUND net buying. Feels like narrow AH premia could widen further though it will be a stunted AH week...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 26 Sep 2025); BIG Single Stock Trading Again, Big Net, But Hs Fall

SOUTHBOUND saw continued large buying, especially on Alibaba. Net buying on that name has been huge the last few weeks. Was a big gainer this week...

Travis Lundy

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Sep 19th and highlight short interest changes in Pop Mart Intl, CSPC...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: BABA Hedges, Substantive Spin-Offs & Japanese Activist Situations

In this cut, we look at different approaches to hedge BABA exposure, review large recent spin-offs in Asia, and get a download of interesting...

Pranav Rao

A/H Premium Tracker (To 26 Sep 2025): AH Premia Rise Across the Board

AH Premia rose this week despite sharp SOUTHBOUND net buying. Feels like narrow AH premia could widen further though it will be a stunted AH week...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 26 Sep 2025); BIG Single Stock Trading Again, Big Net, But Hs Fall

SOUTHBOUND saw continued large buying, especially on Alibaba. Net buying on that name has been huge the last few weeks. Was a big gainer this week...

Travis Lundy

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

​Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Sep 19th and highlight short interest changes in Pop Mart Intl, CSPC...

Ke Yan, CFA, FRM

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...