Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.</li>
<li>China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.</li>
<li>AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.</li>
</ul>


OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.


This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Contemporary Amperex Technology / Equity Derivatives

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Option positioning shifted from bullish to neutral, while traded bull call spreads suggest option traders view HKD 800 as the upper end of CATL’s medium-term target range.</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, CATL (3750 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Option positioning shifted from bullish to neutral, while traded bull call spreads suggest option traders view HKD 800 as the upper end of CATL’s medium-term target range.

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.


CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

<ul>
<li>
Market dominance: CATL remains the dominant battery leader across PV, ESS, CV and exports, with premium-segment strength, early CV penetration growth, rising ESS share and robust RMB100mn+ NP/GWh unit economics.</li>
<li>
Technology: Sodium-ion and semi-solid / condensed batteries extend CATL into value and premium segments, while ESS systems and CV battery swap deepen customer relevance across new growth categories.</li>
<li>
Valuation: Our TP implies 100%+ on A-share and  40%+ on H-share - any consolidation is a strong buy opportunity. High-conviction long-term compounder. H-share vs A-share premium a key watch.</li>
</ul>



Market dominance: CATL remains the dominant battery leader across PV, ESS, CV and exports, with premium-segment strength, early CV penetration growth, rising ESS share and robust RMB100mn+ NP/GWh unit economics.

Technology: Sodium-ion and semi-solid / condensed batteries extend CATL into value and premium segments, while ESS systems and CV battery swap deepen customer relevance across new growth categories.

Valuation: Our TP implies 100%+ on A-share and  40%+ on H-share - any consolidation is a strong buy opportunity. High-conviction long-term compounder. H-share vs A-share premium a key watch.


CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> discounted H-share placement triggered a sharp drop, but the capital raise appears opportunistic rather than defensive, funding global expansion and zero-carbon initiatives.</li>
<li>CATL A-Share <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">(300750 CH)</a> resilience suggests the H-share weakness may be largely placement-specific rather than a broader reassessment of CATL’s long-term outlook, leaving scope for a rebound from depressed levels.</li>
<li>Elevated, but not excessive, implied volatility supports a potential put-underwriting strategy for investors who expect limited further downside in the H-Shares and possible volatility normalisation.</li>
</ul>



Contemporary Amperex Technology (CATL) (3750 HK) discounted H-share placement triggered a sharp drop, but the capital raise appears opportunistic rather than defensive, funding global expansion and zero-carbon initiatives.
CATL A-Share (300750 CH) resilience suggests the H-share weakness may be largely placement-specific rather than a broader reassessment of CATL’s long-term outlook, leaving scope for a rebound from depressed levels.
Elevated, but not excessive, implied volatility supports a potential put-underwriting strategy for investors who expect limited further downside in the H-Shares and possible volatility normalisation.


CATL H-Share (3750 HK) Placement Dip Opens Put-Underwriting Setup

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

After a 42% year-to-date rally, CATL's option positioning has shifted from bullish to neutral. Multi-leg option trades suggest HKD 800 as the upper...

Gaudenz Schneider

CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...

Raj S, CA, CFA

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

After a 42% year-to-date rally, CATL's option positioning has shifted from bullish to neutral. Multi-leg option trades suggest HKD 800 as the upper...

Gaudenz Schneider

CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

​CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...

Raj S, CA, CFA

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

CATL H-Share (3750 HK) Placement Dip Opens Put-Underwriting Setup

CATL H-shares (3750 HK) have rebounded from their post-placement lows but still trade below the pre-offering level. With IV still in the low 40s,...

Gaudenz Schneider

CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...