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

<ul>
<li>Top Ten most active contracts for the week all traded on Monday. Most of the active contracts were Calls with December expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> makes the Top Ten non-Tencent most active contracts with both Puts and Call active – likely stock replacement and hedges following torrid run higher.</li>
<li>Tencent implied vols trading at their lowest levels of the past year.</li>
</ul>


Top Ten most active contracts for the week all traded on Monday. Most of the active contracts were Calls with December expiries.

Xiaomi Corp (1810 HK) makes the Top Ten non-Tencent most active contracts with both Puts and Call active – likely stock replacement and hedges following torrid run higher.
Tencent implied vols trading at their lowest levels of the past year.


EQD | Hong Kong Single Stock Options Weekly December 09 – 13

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 December 13th.</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, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 13th.
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, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.


Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.</li>
<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> was again the top buy and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> the top two sells. Tech is having a mixed outing now.</li>
<li>Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.</li>
</ul>


SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.

Alibaba Group Holding (9988 HK) was again the top buy and Tencent (700 HK) and Meituan (3690 HK) the top two sells. Tech is having a mixed outing now.
Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.


HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

<ul>
<li>Strong price action across the market this week coupled with implied vols having caught down to historic vols has put a floor on implied vols.</li>
<li>Tencent sees strong call buying in December 410 and 420 Calls with month end 400 strike Put buying for December and January.</li>
<li>Cathay Pacific, +21% over past 3 weeks, HSBC, at 52-week high plus up 38% on the year and BABA, down 21% from Oct 02 high all active names.</li>
</ul>


Strong price action across the market this week coupled with implied vols having caught down to historic vols has put a floor on implied vols.
Tencent sees strong call buying in December 410 and 420 Calls with month end 400 strike Put buying for December and January.
Cathay Pacific, +21% over past 3 weeks, HSBC, at 52-week high plus up 38% on the year and BABA, down 21% from Oct 02 high all active names.


EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

<ul>
<li>SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.</li>
<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> was again the top buy and EV names <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <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> were bought, but tech as a whole was sold.</li>
<li>I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. </li>
</ul>


SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.

Alibaba Group Holding (9988 HK) was again the top buy and EV names XPeng (9868 HK) and BYD (1211 HK) were bought, but tech as a whole was sold.
I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. 


HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

Price Gauge
52-week Range	0.00 - 0.00
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China Construction Bank H (939 HK)

EQD | Hong Kong Single Stock Options Weekly December 09 – 13

Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...

John Ley

Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

SOUTHBOUND continues to buy, picking up what others don't want. Gross volumes higher, led by tech but tech flows are mixed. Financials continue to...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...

John Ley

HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Connect SOUTHBOUND volumes were +20%wow, Net buying continued though tech flows slower. Markets up. China first retaliation in trade is...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong Single Stock Options Weekly December 09 – 13

​Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...

John Ley

Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

SOUTHBOUND continues to buy, picking up what others don't want. Gross volumes higher, led by tech but tech flows are mixed. Financials continue to...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly Dec 02 - 06

​Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...

John Ley

HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Connect SOUTHBOUND volumes were +20%wow, Net buying continued though tech flows slower. Markets up. China first retaliation in trade is...

Travis Lundy

Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...

Market showing strong price action this week with implied vols stabilizing, Tencent sees call buying, Cathay Pacific, HSBC, and BABA all active...