Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.</li>
<li>
Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.</li>
<li>
Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.</li>
</ul>



Context:Tencent (700 HK) has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.

Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.

Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.


Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported 2Q25 results last week, beating expectations and fueling a 5.5% move in the stock.</li>
<li>
Market Reaction: Shares rallied while front-end options saw a pronounced volatility crush, rotating the term structure back into contango.</li>
<li>
Why Read: This note unpacks Tencent’s price action and the evolving volatility setup.</li>
</ul>



Context:Tencent (700 HK) reported 2Q25 results last week, beating expectations and fueling a 5.5% move in the stock.

Market Reaction: Shares rallied while front-end options saw a pronounced volatility crush, rotating the term structure back into contango.

Why Read: This note unpacks Tencent’s price action and the evolving volatility setup.


Tencent (700 HK): Rally Before Results, Options Market Repricing After

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>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,  a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.</li>
<li>On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.</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,  a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.


ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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 Aug 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 8th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene.


HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.


HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

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)

Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

Tencent’s strong YTD rally meets a rare volatility skew. This note explores three protective collar strategies with full payoff charts, pricing,...

Gaudenz Schneider

Tencent (700 HK): Rally Before Results, Options Market Repricing After

Tencent’s 2Q25 earnings beat driving a 5.5% stock increase and a volatility reset after the event, offering fresh insights into valuation and...

Gaudenz Schneider

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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

HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Aug 8th and highlight short interest changes in BYD, Tencent, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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