Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we talk about the not-so-positive aspects of the deal.


Chery Auto Pre-IPO - The Negatives - Small NEV Portfolio

Chery Automobile Co. Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we look at the company's past performance.


Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>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>
Popular Strategies: Call/Put Spreads account for 88% of all strategies, with a bias towards bearish views.</li>
<li>
Lottery Trades: a recent trend, observed in other stocks as well, manifests itself in <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>. A lotter trade bets on a low probability event with a high payout. </li>
</ul>


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

Popular Strategies: Call/Put Spreads account for 88% of all strategies, with a bias towards bearish views.

Lottery Trades: a recent trend, observed in other stocks as well, manifests itself in BYD (1211 HK). A lotter trade bets on a low probability event with a high payout. 


BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

<ul>
<li>
Implied Volatility Trends: One-month implied volatility for <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> has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.</li>
<li>
Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.</li>
<li>
Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.</li>
</ul>



Implied Volatility Trends: One-month implied volatility for BYD (1211 HK) has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.

Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.

Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.


BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>
<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> will release its Q1 2025 results on April 25. The company has issued a positive profit alert, projecting net income around RMB 8.5 - 10 billion.</li>
<li>Expected earnings per share ranging from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.</li>
<li>
Our model currently does not indicate the stock is overbought, but a surprise pullback is always possible around earnings releases, so we will discuss also support/buy zones.</li>
</ul>



BYD (1211 HK) will release its Q1 2025 results on April 25. The company has issued a positive profit alert, projecting net income around RMB 8.5 - 10 billion.
Expected earnings per share ranging from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.

Our model currently does not indicate the stock is overbought, but a surprise pullback is always possible around earnings releases, so we will discuss also support/buy zones.


BYD (1211 HK) Positioning Ahead of Q1 2025 Results

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Chery Auto Pre-IPO - The Negatives - Small NEV Portfolio

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Gaudenz Schneider

BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...

Gaudenz Schneider

BYD (1211 HK) Positioning Ahead of Q1 2025 Results

BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...

Nico Rosti

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Chery Auto Pre-IPO - The Negatives - Small NEV Portfolio

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

​BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Gaudenz Schneider

BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

​Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...

Gaudenz Schneider

BYD (1211 HK) Positioning Ahead of Q1 2025 Results

​BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...

Nico Rosti

BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...

BYD (1211 HK) is about to release Q1 2025 results on April 25. Expected results are projected to be good, the stock is not overbought according to...