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 analyzed the latest HK SFC report for aggregate short position as of Apr 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.


HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Popular Strategies: Call/Put Spreads account for 70% of all strategies. With a bias towards bullish views, Bull Call Spreads outnumber Bear Put Spreads by 2:1.</li>
<li>
Lottery Trades: following observations of such strategies in other stocks, a lotter trade bets on a low probability event with a high payout. Trade size tends to be sizable.</li>
</ul>


Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Popular Strategies: Call/Put Spreads account for 70% of all strategies. With a bias towards bullish views, Bull Call Spreads outnumber Bear Put Spreads by 2:1.

Lottery Trades: following observations of such strategies in other stocks, a lotter trade bets on a low probability event with a high payout. Trade size tends to be sizable.


Tencent (700 HK): Top Trades and Strategic Insights from HKEX Options Trading

<ul>
<li>
Implied Volatility Trends: One-month implied volatility for <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has declined from recent peaks, aligning near its 3-year median, indicating a potential stabilization in market expectations.</li>
<li>
Skew and Term Structure Dynamics: The term structure is largely flat with a slight uplift due to the upcoming earnings on 14 May 2025. A pronounced volatility smile favors spreads.</li>
<li>
Open Interest Distribution: Liquidity is concentrated in near-term (April, May) and quarterly expiries, with call open interest slightly outweighing puts (48-60%).</li>
</ul>



Implied Volatility Trends: One-month implied volatility for Tencent (700 HK) has declined from recent peaks, aligning near its 3-year median, indicating a potential stabilization in market expectations.

Skew and Term Structure Dynamics: The term structure is largely flat with a slight uplift due to the upcoming earnings on 14 May 2025. A pronounced volatility smile favors spreads.

Open Interest Distribution: Liquidity is concentrated in near-term (April, May) and quarterly expiries, with call open interest slightly outweighing puts (48-60%).


Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 25th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Swire Pacific (19 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 25th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Swire Pacific (19 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.


HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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

Kuaishou Technology (1024 HK)

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

Tencent (700 HK): Top Trades and Strategic Insights from HKEX Options Trading

Tencent's multi-leg option strategies show a bullish bias, with Call/Put Spreads dominating and Lottery Trades making an appearance.

Gaudenz Schneider

Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading

Implied volatility for Tencent stabilizes, term structure flat with upcoming earnings, call open interest slightly outweighs puts.

Gaudenz Schneider

Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

We analyzed the latest HK SFC report for aggregate short position as of Apr 11th and highlight short interest changes in China Mobile, Sinopec,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

Tencent (700 HK): Top Trades and Strategic Insights from HKEX Options Trading

​Tencent's multi-leg option strategies show a bullish bias, with Call/Put Spreads dominating and Lottery Trades making an appearance.

Gaudenz Schneider

Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading

​Implied volatility for Tencent stabilizes, term structure flat with upcoming earnings, call open interest slightly outweighs puts.

Gaudenz Schneider

Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

We analyzed the latest HK SFC report for aggregate short position as of Apr 11th and highlight short interest changes in China Mobile, Sinopec,...

Ke Yan, CFA, FRM

Tencent's multi-leg option strategies show a bullish bias, with Call/Put Spreads dominating and Lottery Trades making an appearance.

Implied volatility for Tencent stabilizes, term structure flat with upcoming earnings, call open interest slightly outweighs puts.