Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Bearish fundamental views are strengthening: Recent Smartkarma Insights argue <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.</li>
<li>
Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.</li>
<li>
Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.</li>
</ul>



Bearish fundamental views are strengthening: Recent Smartkarma Insights argue BYD (1211 HK) is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.

Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.

Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.


BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.</li>
<li>Geely’s deliveries reached 90% of BYD’s in October of 2025.</li>
<li>We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.</li>
</ul>


Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.
Geely’s deliveries reached 90% of BYD’s in October of 2025.
We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.


Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

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 Nov 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in AIA, Wuxi Apptec, HSCEI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in AIA, Wuxi Apptec, HSCEI ETF.


HK Short Interest Weekly: AIA, Wuxi Apptec, HSCEI ETF

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Shenzhen Zhaowei Machinery / Equity Capital Markets

<ul>
<li>Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.</li>
<li>Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>


Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

AAC Technologies Holdings / Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.</li>
<li>We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.
We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.


Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

Price Gauge
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BYD (002594 CH)

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Amid bearish views, a targeted call-overwrite strategy delivers efficient yield through well-chosen strikes and expiries.

Gaudenz Schneider

Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25. In October 2025, Geely’s deliveries reached 90% of BYD’s. We conclude an upside...

Ming Lu

HK Short Interest Weekly: AIA, Wuxi Apptec, HSCEI ETF

We analyzed the latest HK SFC report for aggregate short position as of Nov 7th and highlight short interest changes in AIA, Wuxi Apptec, HSCEI ETF.

Ke Yan, CFA, FRM

Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

We continue to expect AAC Technologies Holdings (2018 HK) to outperform Sunny Optical Technology Group (2382 HK) over the next few week until the...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Amid bearish views, a targeted call-overwrite strategy delivers efficient yield through well-chosen strikes and expiries.

Gaudenz Schneider

Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25. In October 2025, Geely’s deliveries reached 90% of BYD’s. We conclude an upside...

Ming Lu

HK Short Interest Weekly: AIA, Wuxi Apptec, HSCEI ETF

We analyzed the latest HK SFC report for aggregate short position as of Nov 7th and highlight short interest changes in AIA, Wuxi Apptec, HSCEI ETF.

Ke Yan, CFA, FRM

Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

Shenzhen Zhaowei Machinery & Electronics (003021 CH), aims to raise around US$700m in its H-share listing. In this note, we look at the company's...

Sumeet Singh

Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

We continue to expect AAC Technologies Holdings (2018 HK) to outperform Sunny Optical Technology Group (2382 HK) over the next few week until the...

Janaghan Jeyakumar, CFA