Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Today,<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> is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.</li>
<li>
Expected Price Movement: Option implied movement is above the historically recorded movement.</li>
<li>
Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.</li>
</ul>



Today,BYD (1211 HK) is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.

Expected Price Movement: Option implied movement is above the historically recorded movement.

Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.


BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.</li>
<li>
<a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a>, <a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group (9858 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a>, <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry (1818 HK)</a>, and <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> are possible candidates.</li>
<li>Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.</li>
</ul>


The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.

GDS Holdings (9698 HK), China Youran Dairy Group (9858 HK), Shandong Gold Mining (1787 HK), Zhaojin Mining Industry (1818 HK), and BYD Electronics (285 HK) are possible candidates.
Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.


China & HK Strategy: Assessing Placement Risks, Who Needs Money?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> is announcing 2024 Full Year Results on March 21, 2025, with historical data showing substantial price movement following earnings.</li>
<li>The options market is pricing a 5-6% post-announcement move (below historical average), with the March 28 ATM straddle priced at 15.4-15.6, implying a 9.0% break-even by expiration.</li>
<li>Three distinct option strategies are evaluated, considering an expected post-announcement drop in implied volatility.</li>
</ul>



Meituan (3690 HK) is announcing 2024 Full Year Results on March 21, 2025, with historical data showing substantial price movement following earnings.
The options market is pricing a 5-6% post-announcement move (below historical average), with the March 28 ATM straddle priced at 15.4-15.6, implying a 9.0% break-even by expiration.
Three distinct option strategies are evaluated, considering an expected post-announcement drop in implied volatility.


Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.</li>
<li>
Expected Price Movement: Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.</li>
<li>
Options Strategies: Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.</li>
</ul>



Kuaishou Technology (1024 HK) is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.

Expected Price Movement: Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.

Options Strategies: Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.


Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

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.

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>Kospi extended its gains after a strong start, maintaining its position as a relative outperformer.</li>
<li>We examine Kospi’s recent outperformance against comparable indices as well as SP500.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Kospi extended its gains after a strong start, maintaining its position as a relative outperformer.
We examine Kospi’s recent outperformance against comparable indices as well as SP500.


Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

Hong Kong

The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties. The index was developed with a base level of 100 as of July 31, 1964.

Hang Seng Index (HSI INDEX)

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

First post-earnings trading session for Meituan in Asia today. On Friday, after earnings, the stock lost 6.4% in Europe (9MDA.F, -) and 5.1% in the...

Gaudenz Schneider

Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

Gaudenz Schneider

Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.

John Ley

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

​BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

Meituan (3690 HK): Expected Move on Profit Announcement and Option Insights

First post-earnings trading session for Meituan in Asia today. On Friday, after earnings, the stock lost 6.4% in Europe (9MDA.F, -) and 5.1% in the...

Gaudenz Schneider

Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

​Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

Gaudenz Schneider

Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

​Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.

John Ley

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Kuaishou Technology to report financial results today with consistent price movement expectations and limited options trading opportunities.

Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.