Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past few trading days, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Strategies tend to have a short-term horizon, with approximately 40% of all strategies employing weekly options. Bearish views dominate with almost 70% of strategies being put spreads.</li>
<li>
Why read: This Insight breaks down complex option strategies and sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past few trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Strategies tend to have a short-term horizon, with approximately 40% of all strategies employing weekly options. Bearish views dominate with almost 70% of strategies being put spreads.

Why read: This Insight breaks down complex option strategies and sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks</li>
<li>
Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks

Highlight: With a dense earnings calendar ahead, volatility dispersion is widening — BYD trades rich into results, while Tencent and Xiaomi remain notably cheap relative to history.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Selective Volatility Picks Emerge Across HSI Stocks

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.</li><li>We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.</li><li>We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net profit of RMB4.4bn, down 67% YoY due to incremental investment in food delivery business, but better than consensus at RMB3.7bn.We are looking for 17% YoY growth in OP for JD Retail (JDR) in 3Q25E, and our OP forecast is 5% better than consensus, driven by solid revenue growth and OPM expansion aided by the scale effect and increase in revenue contribution from high-margin services revenue.We have baked in OP loss of RMB14.7bn for new businesses segment in 3Q25E (2Q25: loss of RMB14.8bn), among which we are looking for a slightly narrowed QoQ loss from food delivery (FD) business, aided by improvement in unit economics driven by optimization in user subsidies and improvement in operating efficiency, while offset by sequentially increased investment in other new businesses such as Jingxi. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation

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

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

<ul><li>JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.</li><li>Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.</li><li>Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and Bloomberg consensus, driven by better-than-expected JD Retail (JDR) revenue growth and incremental logistics revenue contributed from food delivery (FD) business.Non-GAAP NP was RMB7.4bn, down 49% YoY due to incremental investment in FD, but 38% ahead of consensus, driven by a 16% beat on JDR’s OP.Operating loss of RMB14.8bn for new businesses was wider than our previous expectation of RMB10.6bn, owing to more aggressive-than-expected investment in FD.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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

JD.com (ADR) (JD US)

JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...

Gaudenz Schneider

Selective Volatility Picks Emerge Across HSI Stocks

Rich vs. cheap volatility in Hong Kong’s top stocks: BYD trades rich, while Tencent and Xiaomi remain subdued, as options highlight growing...

Gaudenz Schneider

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net...

CMB International

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD.com (9618 HK / JD US): Top Option Trades Reveal Strong Bearish Sentiment

​JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...

Gaudenz Schneider

Selective Volatility Picks Emerge Across HSI Stocks

Rich vs. cheap volatility in Hong Kong’s top stocks: BYD trades rich, while Tencent and Xiaomi remain subdued, as options highlight growing...

Gaudenz Schneider

JD.com (JD US) - Core JD Retail Earnings Growth Likely Better than Expectation

For 3Q25E, we anticipate JD.com (JD) to ink total revenue of RMB295.0bn, up 13.3% YoY, inline with Bloomberg consensus, and to report non-GAAP net...

CMB International

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

JD.com (JD US) - Food Delivery Investment Weighed on Near-Term Earnings but Target Is Clear

JD.com (JD) reported (14 Aug) 2Q25 results: revenue was RMB356.7bn, up 22.4% YoY (2Q24: 1.2%；1Q25: 15.8%), 6% ahead of both our forecast and...

CMB International

JD.com (9618 HK) option strategies mostly bearish with put spreads and short-term focus. Trade inspiration through breakdown of complex strategies...