Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Postal parcel volume bound for the US fell -81% after exemption ended Aug 29</li>
<li>In many cases, logistics providers unwilling to manage US Customs process</li>
<li>We believe the change undermines US model used by SHEIN, Temu, AliExpress</li>
</ul>


Postal parcel volume bound for the US fell -81% after exemption ended Aug 29
In many cases, logistics providers unwilling to manage US Customs process
We believe the change undermines US model used by SHEIN, Temu, AliExpress


SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Major stocks, including <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a>, and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.</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 clear framework to evaluate whether options are trading cheap or rich.

Highlights: Major stocks, including Tencent (700 HK), Xiaomi (1810 HK), and Meituan (3690 HK), trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.

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


Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> reported Q1 results on 29 Aug. Despite a revenue miss, strong cloud growth and its AI chip announcement drove the stock up double digits.</li>
<li>
Highlight: Implied volatility deflated sharply post-earnings, with the September contract down 8.5% and back months also lower, while skew shifted down in parallel.</li>
<li>
Why it matters: Put the current volatility surface into context. This insight can serve as a case study of how earnings-driven repricing can inform positioning ahead of future events.</li>
</ul>



Context:Alibaba (9988 HK) reported Q1 results on 29 Aug. Despite a revenue miss, strong cloud growth and its AI chip announcement drove the stock up double digits.

Highlight: Implied volatility deflated sharply post-earnings, with the September contract down 8.5% and back months also lower, while skew shifted down in parallel.

Why it matters: Put the current volatility surface into context. This insight can serve as a case study of how earnings-driven repricing can inform positioning ahead of future events.


Alibaba (9988 HK): Stock Surges Post-Earnings, Options Market Reprices

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Equity Bottom-Up

<ul>
<li>Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status</li>
<li>It's become clear that boosting eComm logistics simply isn't a priority for Alibaba</li>
<li>For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive</li>
</ul>


Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status
It's become clear that boosting eComm logistics simply isn't a priority for Alibaba
For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive


Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

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.

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JD.com (9618 HK)

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

The end of the US "de minimis" loophole has already decimated inbound parcel volume. It will also alter the business models used by SHEIN & Temu,...

Tracking Traffic

Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

Tencent, HSBC, Meituan, JD.com, Ping An, and Xiaomi trade below the 10th percentile for one-month implied volatility, highlighting potential...

Gaudenz Schneider

Alibaba (9988 HK): Stock Surges Post-Earnings, Options Market Reprices

Alibaba's Q1 results drive stock up 12% despite revenue miss. Implied volatility deflated post-earnings, offering insight for future positioning.

Gaudenz Schneider

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

As part of its June quarter earnings release last week, Alibaba effectively "demoted" logistics arm CaiNiao by pushing it into a new "Others"...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

The end of the US "de minimis" loophole has already decimated inbound parcel volume. It will also alter the business models used by SHEIN & Temu,...

Tracking Traffic

Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

Tencent, HSBC, Meituan, JD.com, Ping An, and Xiaomi trade below the 10th percentile for one-month implied volatility, highlighting potential...

Gaudenz Schneider

Alibaba (9988 HK): Stock Surges Post-Earnings, Options Market Reprices

​Alibaba's Q1 results drive stock up 12% despite revenue miss. Implied volatility deflated post-earnings, offering insight for future positioning.

Gaudenz Schneider

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

As part of its June quarter earnings release last week, Alibaba effectively "demoted" logistics arm CaiNiao by pushing it into a new "Others"...

Tracking Traffic

Alibaba's Q1 results drive stock up 12% despite revenue miss. Implied volatility deflated post-earnings, offering insight for future positioning.