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>Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. </li>
<li>Tencent was far and away the volume leader, accounting for 37% of all option trading.</li>
<li>Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.</li>
</ul>


Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. 
Tencent was far and away the volume leader, accounting for 37% of all option trading.
Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.


EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity was not stronger per day than the previous two weeks. But SB Net Buying was HUGE. The biggest week since global index deletions in January 2021.</li>
<li>The story was similar. On Tuesday in the US, Tencent was put on a DoD list leading to a possible CMC list appearance (which would lead to index deletions).</li>
<li>Tencent saw US$4bn of SOUTHBOUND net buying. SMIC, Xiaomi, and China Mobile were another $1bn.</li>
</ul>


SOUTHBOUND gross trading activity was not stronger per day than the previous two weeks. But SB Net Buying was HUGE. The biggest week since global index deletions in January 2021.
The story was similar. On Tuesday in the US, Tencent was put on a DoD list leading to a possible CMC list appearance (which would lead to index deletions).
Tencent saw US$4bn of SOUTHBOUND net buying. SMIC, Xiaomi, and China Mobile were another $1bn.


HK Connect SOUTHBOUND Flows (To 10 Jan 2025); YUUUUGE Net Buying by SB, $4bn on Tencent

<ul>
<li>Big increase in single stock volumes particularly Puts which pushed the single stock put call ratio over 1 for the first time since early November.</li>
<li>Heavy Put trading in the Financial Sector especially with ICBC and CCB.</li>
<li>Health Care, Energy and Materials are the 3 sectors seeing higher Put trading vs Calls and are also the 3 sectors with the lowest 3M implied vol 1 year percentile.</li>
</ul>


Big increase in single stock volumes particularly Puts which pushed the single stock put call ratio over 1 for the first time since early November.
Heavy Put trading in the Financial Sector especially with ICBC and CCB.
Health Care, Energy and Materials are the 3 sectors seeing higher Put trading vs Calls and are also the 3 sectors with the lowest 3M implied vol 1 year percentile.


EQD | Hong Kong Single Stock Options Weekly Dec 30 – Jan 03

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 January 3rd.</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 SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan, Kuaishou Technology.


Hong Kong Connect Flows (Jan 3rd): SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 95.0% as of Jan 3rd.</li>
<li>The average A-H premium changed by -2.1ppt week-on-week, led by information technology, utilities, materials and offset by consumer staples, communication services.</li>
<li>We highlight weekly changes in A-H premium for TEC, CanSinoBIO, SD GOLD, CRRC.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 95.0% as of Jan 3rd.
The average A-H premium changed by -2.1ppt week-on-week, led by information technology, utilities, materials and offset by consumer staples, communication services.
We highlight weekly changes in A-H premium for TEC, CanSinoBIO, SD GOLD, CRRC.


A-H Premium Weekly (Jan 3rd):TEC, CanSinoBIO, SD GOLD, CRRC.

China

China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China.  The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

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

China Shenhua Energy Co H (1088 HK)

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

HK Connect SOUTHBOUND Flows (To 10 Jan 2025); YUUUUGE Net Buying by SB, $4bn on Tencent

Gross SOUTHBOUND flows were not larger this week on a daily basis than over the holiday weeks, but SOUTHBOUND bought Tencent with a vengeance as it...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly Dec 30 – Jan 03

Single stock put volumes are on the rise, pushing the put call ratio over 1 for the first time since November. Heavy put trading in financial...

John Ley

Hong Kong Connect Flows (Jan 3rd): SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 3rd):TEC, CanSinoBIO, SD GOLD, CRRC.

We analyzed A-H premium changes in the past week and highlight A-H premium changes for TEC (688187 CH/3898 HK), CanSinoBIO (688185 CH/6185 HK), SD...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

​Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

HK Connect SOUTHBOUND Flows (To 10 Jan 2025); YUUUUGE Net Buying by SB, $4bn on Tencent

Gross SOUTHBOUND flows were not larger this week on a daily basis than over the holiday weeks, but SOUTHBOUND bought Tencent with a vengeance as it...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly Dec 30 – Jan 03

​Single stock put volumes are on the rise, pushing the put call ratio over 1 for the first time since November. Heavy put trading in financial...

John Ley

Hong Kong Connect Flows (Jan 3rd): SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC, ICBC, China Mobile, Xiaomi, CNOOC, Meituan,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 3rd):TEC, CanSinoBIO, SD GOLD, CRRC.

We analyzed A-H premium changes in the past week and highlight A-H premium changes for TEC (688187 CH/3898 HK), CanSinoBIO (688185 CH/6185 HK), SD...

Ke Yan, CFA, FRM

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

Single stock put volumes are on the rise, pushing the put call ratio over 1 for the first time since November. Heavy put trading in financial...