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>The sales volume growth rate slowed down month by month in 2Q25.</li>
<li>The domestic sales volume was stagnant in 2Q25 and decreased YoY from March to June.</li>
<li>However, competitors expanded aggressively; therefore, we believe small ones may go bankrupt.</li>
</ul>


The sales volume growth rate slowed down month by month in 2Q25.
The domestic sales volume was stagnant in 2Q25 and decreased YoY from March to June.
However, competitors expanded aggressively; therefore, we believe small ones may go bankrupt.


BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <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> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>As reported by <a href="https://www.smartkarma.com/profiles/ming-lu" target="_blank" data-smartkarma-citation="accounts:2496" rel="noopener">Ming Lu</a>, Chinese regulators are pushing back against <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>’s dominance, which has strained smaller domestic EV competitors. Read his latest BYD insight for more details.</li>
<li>
<a href="https://www.smartkarma.com/insights/byd-1211-hk-outlook-near-term-upside-still-possible-but-rally-looks-stretched" target="_blank" rel="noopener">In a recent insight</a>we signaled <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD</a> was tactically overbought. The stock fell rapidly right after.
</li>
<li>The stock is currently mildly oversold according to our WEEKLY model: it could fall a bit more, but if this week closes in negative territory there could be a rebound.</li>
</ul>


As reported by Ming Lu, Chinese regulators are pushing back against BYD (1211 HK)’s dominance, which has strained smaller domestic EV competitors. Read his latest BYD insight for more details.

In a recent insightwe signaled BYD was tactically overbought. The stock fell rapidly right after.

The stock is currently mildly oversold according to our WEEKLY model: it could fall a bit more, but if this week closes in negative territory there could be a rebound.


BYD (1211 HK) Outlook Following Regulatory Pushback on Market Dominance

<ul>
<li>BYD announced that the company would provide price discounts for 22 models.</li>
<li>BYD has scale advantage over other NEV car makers and the NEV industry has bargaining power over suppliers and dealers.</li>
<li>The auto association and the Ministry of Industry are trying to protect small companies from bankruptcy.</li>
</ul>


BYD announced that the company would provide price discounts for 22 models.
BYD has scale advantage over other NEV car makers and the NEV industry has bargaining power over suppliers and dealers.
The auto association and the Ministry of Industry are trying to protect small companies from bankruptcy.


BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025.</li><li>We summarize some key takeaways as below.</li><li>Payable risks. BYD’s chairman confirmed that all the businesses in the Group are included in the listed entity.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025.We summarize some key takeaways as below.Payable risks. BYD’s chairman confirmed that all the businesses in the Group are included in the listed entity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK/002594 CH) - Key Takeaways from AGM

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.

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BYD (002594 CH)

BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress

The sales volume growth rate slowed down in 2Q25. The domestic sales volume was stagnant in 2Q25. However, we believe some small competitors will...

Ming Lu

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

BYD (1211 HK) Outlook Following Regulatory Pushback on Market Dominance

Chinese regulators are challenging BYD's dominance in the EV market, helping smaller competitors. The stock is mildly oversold according to our...

Nico Rosti

BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

BYD provideS price discounts for 22 models. BYD has cashflow advantage over competitors, suppliers, and dealers. Authorities are trying to prevent...

Ming Lu

BYD (1211 HK/002594 CH) - Key Takeaways from AGM

Maintain BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025. We summarize some key takeaways as below.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress

The sales volume growth rate slowed down in 2Q25. The domestic sales volume was stagnant in 2Q25. However, we believe some small competitors will...

Ming Lu

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

​BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

BYD (1211 HK) Outlook Following Regulatory Pushback on Market Dominance

​Chinese regulators are challenging BYD's dominance in the EV market, helping smaller competitors. The stock is mildly oversold according to our...

Nico Rosti

BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

BYD provideS price discounts for 22 models. BYD has cashflow advantage over competitors, suppliers, and dealers. Authorities are trying to prevent...

Ming Lu

BYD (1211 HK/002594 CH) - Key Takeaways from AGM

Maintain BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025. We summarize some key takeaways as below.

CMB International

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Chinese regulators are challenging BYD's dominance in the EV market, helping smaller competitors. The stock is mildly oversold according to our...