Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>When broker <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a> was suspended recently, one possibility was Chairman, Peter Yip Mow-lum, a 50.54% shareholder, cashing out. And that has now unfolded.</li>
<li>Yip has entered into a SPA with fintech giant Ant Group, the operator of Alipay. The agreement has been struck at HK$3.28/share, a 17.6% premium to undisturbed. </li>
<li>Should the SPA complete - the key condition is NDRC approval - an unconditional MGO is triggered, also at HK$3.28. The price is final.</li>
</ul>


When broker Bright Smart Securities (1428 HK) was suspended recently, one possibility was Chairman, Peter Yip Mow-lum, a 50.54% shareholder, cashing out. And that has now unfolded.
Yip has entered into a SPA with fintech giant Ant Group, the operator of Alipay. The agreement has been struck at HK$3.28/share, a 17.6% premium to undisturbed. 
Should the SPA complete - the key condition is NDRC approval - an unconditional MGO is triggered, also at HK$3.28. The price is final.


Ant Group Takes Out Yip's Controlling Stake In Bright Smart (1428 HK)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Crucial US "de minimis" imports exemption will end this Thursday night, May 1st</li>
<li>Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting </li>
<li>For US consumers, buying from SHEIN et al set to become more expensive, more onerous</li>
</ul>


Crucial US "de minimis" imports exemption will end this Thursday night, May 1st
Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting 
For US consumers, buying from SHEIN et al set to become more expensive, more onerous


May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Over the past five trading days, <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 Group Holding (9988 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>Diagonal Spreads account for nearly 30% of all strategies. Many of these strategies sell short term risk to finance longer term protection.</li>
<li>Several structures hedge against low probability tail events. One such strategy traded 100 contracts.</li>
</ul>


Over the past five trading days, Alibaba Group Holding (9988 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Diagonal Spreads account for nearly 30% of all strategies. Many of these strategies sell short term risk to finance longer term protection.
Several structures hedge against low probability tail events. One such strategy traded 100 contracts.


Alibaba (9988 HK): Top Trades and Strategic Insights from HKEX Options Trading

<ul>
<li>
<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 Group Holding (9988 HK)</a> one-month implied volatility has decreased from recent peaks but remains above the 70th percentile, while realized volatility exceeds 80% (96th percentile).</li>
<li>A relatively flat term structure and skew render Calendar and Diagonal Spreads interesting strategies.</li>
<li>Open interest extends to March 2026, with balanced call and put interest across all expiries.</li>
</ul>



Alibaba Group Holding (9988 HK) one-month implied volatility has decreased from recent peaks but remains above the 70th percentile, while realized volatility exceeds 80% (96th percentile).
A relatively flat term structure and skew render Calendar and Diagonal Spreads interesting strategies.
Open interest extends to March 2026, with balanced call and put interest across all expiries.


Alibaba (9988 HK): Volatility Surface Favoring Diagonal and Calendar Spreads

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.</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 Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.


HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

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.

Price Gauge
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Alibaba (9988 HK)

Ant Group Takes Out Yip's Controlling Stake In Bright Smart (1428 HK)

Looks clean. Just a question of timing. Payment is possible in four to five months. Assuming the top end of that range, pay up to HK$3.09/share, or...

David Blennerhassett

May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

US "de minimis" import rules that have enabled the growth of platforms like SHEIN and Temu will change dramatically this week. We believe the...

Tracking Traffic

Alibaba (9988 HK): Top Trades and Strategic Insights from HKEX Options Trading

Alibaba's recent live option strategies feature Diagonal Spreads and protection against low probability tail events, with one strategy trading 100...

Gaudenz Schneider

Alibaba (9988 HK): Volatility Surface Favoring Diagonal and Calendar Spreads

Alibaba's volatility remains high, making Calendar and Diagonal Spreads attractive strategies. Open interest extends to 2026 with balanced call...

Gaudenz Schneider

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ant Group Takes Out Yip's Controlling Stake In Bright Smart (1428 HK)

Looks clean. Just a question of timing. Payment is possible in four to five months. Assuming the top end of that range, pay up to HK$3.09/share, or...

David Blennerhassett

May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

US "de minimis" import rules that have enabled the growth of platforms like SHEIN and Temu will change dramatically this week. We believe the...

Tracking Traffic

Alibaba (9988 HK): Top Trades and Strategic Insights from HKEX Options Trading

​Alibaba's recent live option strategies feature Diagonal Spreads and protection against low probability tail events, with one strategy trading 100...

Gaudenz Schneider

Alibaba (9988 HK): Volatility Surface Favoring Diagonal and Calendar Spreads

​Alibaba's volatility remains high, making Calendar and Diagonal Spreads attractive strategies. Open interest extends to 2026 with balanced call...

Gaudenz Schneider

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

Alibaba's recent live option strategies feature Diagonal Spreads and protection against low probability tail events, with one strategy trading 100...

Alibaba's volatility remains high, making Calendar and Diagonal Spreads attractive strategies. Open interest extends to 2026 with balanced call...