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>Hong Kong equities extended their rally with broad participation and continued outperformance versus North American technology stocks.</li>
<li>Single stock option activity rebounded, with Call trading most active during the week’s strongest market session and Xiaomi seeing a large uptick in volume.</li>
<li>Consumer Staples and Consumer Discretionary stood out as the strongest sectors during another broadly positive week.</li>
</ul>


Hong Kong equities extended their rally with broad participation and continued outperformance versus North American technology stocks.
Single stock option activity rebounded, with Call trading most active during the week’s strongest market session and Xiaomi seeing a large uptick in volume.
Consumer Staples and Consumer Discretionary stood out as the strongest sectors during another broadly positive week.


Hong Kong Single Stock Options Weekly July 27–31: Rally Broadens While Xiaomi Option Volumes Surge

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.

Thematic (Sector/Industry)

<div><ul><li>Structural changes in China cloud market. There are three structural changes in China cloud market since the internet sector crackdown in 2021.</li><li>China cloud development roadmap is different compared to the US</li><li>Cloud supply chain turmoil amid rising geopolitical tension.</li></ul></div>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.

Structural changes in China cloud market. There are three structural changes in China cloud market since the internet sector crackdown in 2021.China cloud development roadmap is different compared to the USCloud supply chain turmoil amid rising geopolitical tension.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.

China Software & IT Services – A mixed outlook for China cloud amid rising China-US tension

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.</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 Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.


HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

Index Rebalance

<ul>
<li>HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.</li>
<li>Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.</li>
<li>The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.</li>
</ul>


HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.
Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.
The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.


HS TECH June 2026 Rebalance: Post-Implementation Review

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

EM Remains Global Leadership -- Remain Overweight

China

Kingdee International Software Group is a leading provider of cloud-based enterprise management SaaS solutions and enterprise resource planning (ERP) software. The company offers solutions for financial management, human resources, supply chain, and manufacturing, often powered by AI. It was established in 1993 and is headquartered in Shenzhen, China.

Kingdee International Software Group (268 HK)

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Kingdee International Software Group (268 HK)

Hong Kong Single Stock Options Weekly July 27–31: Rally Broadens While Xiaomi Option Volumes Surge

Hong Kong equities extended their rally with broad participation, while rebounding option activity, heavy Xiaomi trading and consumer-sector...

John Ley

China Software & IT Services – A mixed outlook for China cloud amid rising China-US tension

Structural changes in China cloud market. There are three structural changes in China cloud market since the internet sector crackdown in 2021.

CMB International

HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), Alibaba (9988 HK), Ntes (9999...

Ke Yan, CFA, FRM

HS TECH June 2026 Rebalance: Post-Implementation Review

HSTECH June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

EM Remains Global Leadership -- Remain Overweight

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight.

Vermilion Research

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