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>SOUTHBOUND gross trading activity was quite light the last two weeks of the year. Non-SB trading of HK was even lighter. Net buying was strong.</li>
<li>Net buying on tech was VERY big but not on <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group Holding (BABA US)</a> (small positive) or <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> (largest outflow). </li>
<li>Financials and High Div SOEs are back on the menu. SOUTHBOUND has been a Very Big Percentage of traded volume. </li>
</ul>


SOUTHBOUND gross trading activity was quite light the last two weeks of the year. Non-SB trading of HK was even lighter. Net buying was strong.
Net buying on tech was VERY big but not on Alibaba Group Holding (BABA US) (small positive) or Meituan (3690 HK) (largest outflow). 
Financials and High Div SOEs are back on the menu. SOUTHBOUND has been a Very Big Percentage of traded volume. 


HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

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

Industrial and Commercial Bank of China Limited provides banking services. The Company offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China provides its services to individuals, enterprises, and other clients.

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

ICBC (H) (1398 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

HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

Overall HK volumes the last two weeks of the year were low. SOUTHBOUND volumes were low but net buying continued strongly. High Div SOEs and SOE...

Travis Lundy

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

HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

Overall HK volumes the last two weeks of the year were low. SOUTHBOUND volumes were low but net buying continued strongly. High Div SOEs and SOE...

Travis Lundy

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...