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

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

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>Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324</li>
<li>Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424</li>
<li>Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year</li>
</ul>


Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324
Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424
Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year


Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.</li>
<li>The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.</li>
<li>I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.</li>
</ul>


Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.


Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.</li>
<li>While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.</li>
<li>Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.</li>
</ul>


Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.


Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

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 analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.
The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.


A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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

BYD (1211 HK)

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

Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

Didi Global reported solid Q424 numbers last week, with most key metrics improving Y/Y. We believe the company could pursue an(other) IPO this year...

Tracking Traffic

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Hesai Group stock is a one of the most speculative stocks in the LiDAR industry, in my view. I believe investors should take profits on Hesai Group...

Andrei Zakharov

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

Didi Global reported solid Q424 numbers last week, with most key metrics improving Y/Y. We believe the company could pursue an(other) IPO this year...

Tracking Traffic

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Hesai Group stock is a one of the most speculative stocks in the LiDAR industry, in my view. I believe investors should take profits on Hesai Group...

Andrei Zakharov

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

​Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

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

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.